How Young Law Professionals Can Capitalize Through Micro-Niche Practices
Specialising in a niche subject and targeting a small segment of clients from a much broader market will help young law professionals set themselves apart, laser-focus their marketing, and become thought leaders in their niche.
The 'new normal' has created many shifts in the legal industry, one of which is the rise of micro-niche practices. Micro-niche practices involve focusing on a specific subject deeply and providing clients with customized solutions. However, data suggests that clients prefer targeted services. According to a study by salesforce, 70 per cent of consumers say a company’s understanding of their personal needs influences their loyalty.
Micro-niche practices allow potential lawyers to appeal to clients with specific goals and needs. A deeper understanding of the client’s requirements, the industry they come from, their goals, and their pain points allows law firms to provide tailored services that truly add value in the eyes of the client.
Increasing complexities in certain industries also are creating the need for high-value legal expertise in particular areas. For this reason, micro-niche practices and demand for specialized legal services will likely increase in 2021.
Law firms and young legal professionals can capitalize greatly on this trend by becoming the go-to specialist within their area. Specialising in a niche subject and targeting a small segment of clients from a much broader market will help young law professionals set themselves apart, laser-focus their marketing, and become thought leaders in their niche.
Micro-niche practices permit firms to engage with customers on explicit objectives and requirements. A profound comprehension of the customer’s needs, requirements and problem areas allows firms to offer customized types of assistance that add esteem to the customer’s overall experience.
Here are a few ways through which potential legal professionals can capitalize through micro-niche practices.
Establish a legal niche that matters
While deciding which niche young lawyers wish to take, it is important to consider that the service they take should benefit them financially and personally. A niche practise can be both financially rewarding as well as personally rewarding.
Young law professionals must understand the sort of law they appreciate rehearsing, the customers they love overhauling, and most importantly what really gives them significance by the day's end.
Focus on a specific industry: Focusing on specific industries like Banking, Intellectual Property, Family Law, M&A, etc can help someone to gain more knowledge about those specific fields and will make potential lawyers experts in those fields.
Focus on the size of revenue: Decide what size of revenue return is expected in the area of niche. Accordingly, potential lawyers must target the organizations and the customers they wish to work for.
Look at what’s trending
There are different types of laws that are trending in the current times like Property law, Family Law, Cyber Law, Media Law, Labour law, Corporate Law, etc.
An abundance of legitimate issues has shown up with this turn of events. Innovation is opening up new roads for potential lawyers to investigate different niches at a quicker rate.
Test your niche
When young lawyers have recognized their lawful speciality, they ought to test how to implement it in the legal field.
Set up a speedy PPC crusade, do some online media advertising, and compose a couple of blog entries around speciality points to check whether they get any footing. For example, rather than redesigning the entire website, consider putting together some great content focusing on the newfound areas of expertise.
As the legal sphere is so enormous, the opportunities to work in micro-niche areas are endless for young lawyers. Capitalizing becomes even easier because clients get a customized solution for their legal issues from legal experts of that particular niche.
The competitive landscape is changing and potential lawyers will need to rethink the way they deliver legal services in order to create a sustainable, profitable practice in the coming years
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
Around The World