developing or deepening your law practice niche

© 2013 SuccessTrack, LLC

Discovering the Power and Profitability of

Focus

Developing or Deepening Your Niche

1

NJSBA - July 16, 2015

Thursday, August 13, 15


Program Outline

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Program OutlineA word about the handouts

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Program OutlineA word about the handoutsPart One: Understanding Niches

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Program OutlineA word about the handoutsPart One: Understanding NichesI. Definition

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Program OutlineA word about the handoutsPart One: Understanding NichesI. DefinitionII. Why Niche?

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Program OutlineA word about the handoutsPart One: Understanding NichesI. DefinitionII. Why Niche?III. Myths, Challenges, and Mistakes

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Program OutlineA word about the handoutsPart One: Understanding NichesI. DefinitionII. Why Niche?III. Myths, Challenges, and MistakesIV. Examples

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Program Outline

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Program Outline

Part Two: Hands-On Process

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Program Outline

Part Two: Hands-On ProcessI. Analysis Tool, Part 1

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Program Outline

Part Two: Hands-On ProcessI. Analysis Tool, Part 1II. Analysis Tool, Part 2

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Program Outline

Part Two: Hands-On ProcessI. Analysis Tool, Part 1II. Analysis Tool, Part 2III. Trend Research

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Program Outline

Part Two: Hands-On ProcessI. Analysis Tool, Part 1II. Analysis Tool, Part 2III. Trend ResearchIV. Competitive Intelligence

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Program Outline

Part Two: Hands-On ProcessI. Analysis Tool, Part 1II. Analysis Tool, Part 2III. Trend ResearchIV. Competitive IntelligenceV. More Examples

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Program Outline

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Program Outline

Part Three: Marketing a Niche

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Program Outline

Part Three: Marketing a NicheI. Identity Message and Value

Proposition

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Program Outline


PropositionII. Client Centricity

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Program Outline


PropositionII. Client CentricityIII. Multiple Channels of Communication

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Program Outline


PropositionII. Client CentricityIII. Multiple Channels of CommunicationIV. Networking

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Program Outline


PropositionII. Client CentricityIII. Multiple Channels of CommunicationIV. NetworkingV. Online Presence

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Follow Up Resources

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Follow Up Resources • Email w/ requests for specific info:

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Follow Up Resources • Email w/ requests for specific info:[email protected]

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• Copy of this slide deck

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• Copy of this slide deck• 90-day Niche Development Program

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• Copy of this slide deck• 90-day Niche Development Program

• Marketing Jumpstart 5



Niche Success for Lawyers

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Part One:Understanding

Niches6



Definition

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DefinitionAn approach to marketing and managing your practice

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that clearly differentiates you from other attorneys, and identifies you as a go-to expert




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that clearly differentiates you from other attorneys, and identifies you as a go-to expert for specific legal needs in the minds of both targeted clients and referral networks, and the broader public.



Levels of a NicheTarget Condition

Relevance

Differen

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n / Fo

cus P

yramid



Levels of a Niche

933,903 of 1.2MM in PP

Target Condition Relevance

Differen

tiatio

n / Fo

cus P

yramid



Levels of a Niche

933,903 of 1.2MM in PP

1 of 465,000 Lit or Trans


Differen

tiatio

n / Fo

cus P

yramid



Levels of a Niche

933,903 of 1.2MM in PP


1 of 80,000 Prac Area/Sector


Differen

tiatio

n / Fo

cus P

yramid



Levels of a Niche

933,903 of 1.2MM in PP



1 of 6,000 Slice


Differen

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n / Fo

cus P

yramid



Levels of a Niche

933,903 of 1.2MM in PP



1 of 6,000 Slice

1 of500<


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Levels of a NicheTarget Condition

Relevance



Levels of a Niche

933,903 of 1.2MM in PP

Target Condition Relevance Acute Care Facilities



Levels of a Niche

933,903 of 1.2MM in PP



Hospitals

Healthcare



Levels of a Niche

933,903 of 1.2MM in PP




Hospitals

Healthcare

Business



Levels of a Niche

933,903 of 1.2MM in PP



1 of 6,000 Slice


Hospitals

Healthcare

Business Lawyer



Levels of a Niche

933,903 of 1.2MM in PP



1 of 6,000 Slice

1 of500<


Hospitals

Healthcare

Business Lawyer Lawyer



The Bulls Eye

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The Bulls Eye

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Skills

MarketPassion



The Bulls Eye

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Skills

MarketPassion

Your Niche



Niche Parameters

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Niche Parameters• By practice area

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Niche Parameters• By practice area• Type of problem, opportunity, industry/sector

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Niche Parameters• By practice area• Type of problem, opportunity, industry/sector• Business / demographic characteristic

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Niche Parameters• By practice area• Type of problem, opportunity, industry/sector• Business / demographic characteristic• An entire firm

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Niche Parameters• By practice area• Type of problem, opportunity, industry/sector• Business / demographic characteristic• An entire firm• A practice group within a larger firm

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Niche Parameters• By practice area• Type of problem, opportunity, industry/sector• Business / demographic characteristic• An entire firm• A practice group within a larger firm• A practice -- within a firm or as a solo

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IP - Chemical

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DilworthIP.com



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The “Specialist” Issue



Rule 7.4 (a), Communication of Fields of Practice & Specialization: A lawyer may communicate the fact that the lawyer does or does not practice in particular fields of law.

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Rule 7.4 (a), Communication of Fields of Practice & Specialization: A lawyer may communicate the fact that the lawyer does or does not practice in particular fields of law. Advisory Opinion: “A lawyer may indicate that the lawyer ‘concentrates in,’ ‘focuses on,’ or that the practice is ‘limited to’ particular fields of practice as long as the statements are not false or misleading in violation of Rule 7.1”

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Rule 7.4 (a), Communication of Fields of Practice & Specialization: A lawyer may communicate the fact that the lawyer does or does not practice in particular fields of law. Advisory Opinion: “A lawyer may indicate that the lawyer ‘concentrates in,’ ‘focuses on,’ or that the practice is ‘limited to’ particular fields of practice as long as the statements are not false or misleading in violation of Rule 7.1”Rule 7.1, Communications Concerning a Lawyer’s Services “A lawyer shall not make a false or misleading communication about the lawyer or the lawyer's services. . . . ”

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Sample Phrases

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”“We represent only. . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”“We represent only. . . .”“I work with . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”“We represent only. . . .”“I work with . . . .”“We limit our practice to . . . .”

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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”“We represent only. . . .”“I work with . . . .”“We limit our practice to . . . .”“One of the main areas I focus on is. . . .”

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Acute Care Hospitals

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“ . . . focuses exclusively on representation of healthcare providers . . .”

“ . . . With a particular emphasis on representation of acute care hospitals . . .”

babc.comThursday, August 13, 15


Why Niche?

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Why Niche?

1. Segmentation/specialization is everywhere

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Why Niche?


2. Create a unique identity

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Why Niche?


2. Create a unique identity3. Be thought of by prospects and

referral sources in a specific context

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Why Niche?


2. Create a unique identity3. Be thought of by prospects and

referral sources in a specific context4. Builds experience, confidence and

reputation faster

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Veterans Disability

17VeteransDisabilityInfo.com



Why Niche?

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Why Niche?

5. Creates efficiency and increased profitability

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Why Niche?


6. Easier to market

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Why Niche?


6. Easier to market 7. Easier to cross-sell

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Why Niche?


6. Easier to market 7. Easier to cross-sell 8. Allows for greater selectivity of

clients

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Why Niche?


6. Easier to market 7. Easier to cross-sell 8. Allows for greater selectivity of

clients9. Can charge higher prices

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Myths

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Myths1. It’s only successful for solos & small firms

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys4. You’ll be bored

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys4. You’ll be bored5. There won’t be enough work

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys4. You’ll be bored5. There won’t be enough work6. Someone else already fills the niche

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Myths1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys4. You’ll be bored5. There won’t be enough work6. Someone else already fills the niche7. You have to have only one niche

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Challenges

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Challenges1. Finding the 1-3 niches

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Challenges1. Finding the 1-3 niches2. Making the transition from your

current practice

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current practice3. Growing it before you are truly

expert

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current practice3. Growing it before you are truly

expert4. Spending consistent time

working on it

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Faith Community

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ChurchLawGroup.com



Mistakes

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Mistakes1. Not doing enough research and

planning

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planning2. Being too broad and thinking it’s

a niche

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a niche3. Not sticking with it long enough

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a niche3. Not sticking with it long enough4. Not nailing down a compelling

narrative

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Sports

23SALawUS.comThursday, August 13, 15


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Example: Student Defense

DCStudentDefense.com



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Example: Discovery

RedgraveLLP.com




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Part Two:The Process

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NAT Part 1: Your Experience

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1. % of matter types in the last 5 years




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2. Your unique experience, qualifications, abilities




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2. Your unique experience, qualifications, abilities

3. Patterns found in the work from # 1




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4. Ideal client’s business and/or personal or characteristics




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5. Personal values, interests, causes, motivators




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5. Personal values, interests, causes, motivators

6. Relative profitability of matter types from # 1



Example: Landlords Only

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LandlordLawFirm.com



E-Transactions

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BertraLaw.com



Trend Research

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Trend Research • Major Legal Trends

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Trend Research • Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)

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Trend Research • Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)• Google the phrase “trends in [target phrase]”

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Trend Research • Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)• Google the phrase “trends in [target phrase]”• Set up Google Alerts

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Trend Research • Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)• Google the phrase “trends in [target phrase]”• Set up Google Alerts • Talk with colleagues and clients

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Trend Research • Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)• Google the phrase “trends in [target phrase]”• Set up Google Alerts • Talk with colleagues and clients• Legal research/docket search

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A Mega-Trend

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A Mega-TrendAging Society (Shock of Gray, Ted Fishman)

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• Undue influence

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• Undue influence• Employment

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• Undue influence• Employment • Nursing home & hospital finance, M&A

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• Undue influence• Employment • Nursing home & hospital finance, M&A• Fraud

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• Undue influence• Employment • Nursing home & hospital finance, M&A• Fraud • Changes in provider partnership

agreements

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• Undue influence• Employment • Nursing home & hospital finance, M&A• Fraud • Changes in provider partnership

agreements• Affordable Care Act accountability

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Example: T&E in the Arts

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PVACounsel.com



NAT Part 2: The Marketplace

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1. Nature of the legal or business issue




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2. Situation or event that triggers expenditure of time and $




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2. Situation or event that triggers expenditure of time and $

3. Main challenges to client posed by #2




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4. Specific solutions and services you provide to meet the needs of #s 2 and 3




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5. Measures of success/value from clients POV




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5. Measures of success/value from clients POV

6. Market indicators: volume, trends, tiers, competitors



Competitive Intelligence

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Competitive Intelligence• Ask contacts who else focuses on X

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• Google well (synonyms, advanced search strings, geography)

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• Bar Association section groups

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• Bar Association section groups• Study competitors’ websites

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Green Tech

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GrahamDunn.com



Restaurants

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ShefskyLaw.com



Immigration

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Wolfsdorf.com



Franchising

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FranchiseLawSource.com



Example: T&E – Military

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NostrandLaw.com



Environment

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BDLaw.com



Water

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WaterLaw.com



Telecom

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FHHLaw.com



Bike Accidents

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CyclistAtLaw.com



Example: Karate

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KarateLaw.com



Marijuana

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LASDopestAttorney.com



NFA Trusts

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CTGunLawyer.com




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Part Three:Marketing

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Business Development Outline

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1. Set your course




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1. Set your course2. Target specific work/audiences




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1. Set your course2. Target specific work/audiences3. Chart universe of contacts




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1. Set your course2. Target specific work/audiences3. Chart universe of contacts4. Convey effective messages




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1. Set your course2. Target specific work/audiences3. Chart universe of contacts4. Convey effective messages5. Use multiple channels




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6. Build/expand online presence




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7. Activate referral sources




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7. Activate referral sources8. Nurture existing clients




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7. Activate referral sources8. Nurture existing clients9. Strengthen client

development habits



Promoting Your Niche

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1. Effective messages




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1. Effective messages2. Multiple channels




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1. Effective messages2. Multiple channels3. Referral sources




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1. Effective messages2. Multiple channels3. Referral sources4. Online presence



Marketing Language Shift

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FROM




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FROM Lawyer-centric




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FROM Lawyer-centricPractice area




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FROM Lawyer-centricPractice area

TO




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FROM Lawyer-centricPractice area Process

TO




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FROM Lawyer-centricPractice area Process

TOClient-centric




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FROM Lawyer-centricPractice area Process Features

TOClient-centric




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TOClient-centricProblem/Opp




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TOClient-centricProblem/OppResults




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TOClient-centricProblem/OppResultsBenefits



Value Proposition

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Value PropositionKey word = VALUE from client’s POV

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Value PropositionKey word = VALUE from client’s POVThe Formula: We help [specific target]

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[verb + problem/opportunity]




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[verb + problem/opportunity] so they can

[result/outcome].Thursday, August 13, 15


PAR Stories

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PAR Stories• A structure to create a catalog of stories that illustrate your value

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• P = Problem/Pain

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• P = Problem/Pain• A = Action/Activity

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• P = Problem/Pain• A = Action/Activity• R = Results (from client-centric POV)

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Multiple Channels

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Multiple Channels

• Personal networking

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Multiple Channels

• Personal networking• Speaking

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Multiple Channels

• Personal networking• Speaking• Writing

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Multiple Channels

• Personal networking• Speaking• Writing • Site and blog

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Online Presence

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Online Presence• LinkedIn, Facebook biz page

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Online Presence• LinkedIn, Facebook biz page• Site & bio page

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Online Presence• LinkedIn, Facebook biz page• Site & bio page• Directories (Avvo, Lawyers.com, Super Lawyers, JD Supra)

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Online Presence• LinkedIn, Facebook biz page• Site & bio page• Directories (Avvo, Lawyers.com, Super Lawyers, JD Supra)

• Blogs; article submission sites (eHow, Technorati)

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Follow Up Resources

58



Follow Up Resources Email w/ requests for specific info:

58



Follow Up Resources Email w/ requests for specific info:[email protected]

58
