I coach lawyers and am often asked how a lawyer with several
practice specialty areas should decide which specialty area they should focus
on for marketing and business development purposes. Most lawyers know that a
specialty practice area can do marketing wonders. And many have multiple areas
that they could legitimately claim experience and expertise. But your knowledge
and experience isn’t all you should consider. Demand, work sources and competitive
rivalry are also factors which will influence whether or not you can get
traction in the specialty area.
For instance, I recently coached a securities litigation
lawyer who had particularly strong experience in five areas. He wanted to
figure out the two or three that he should focus on and asked my advice on how
to narrow the selection- without giving up potential work in any one of the areas.
I suggest attorneys rank each area on four different
factors: Experience and Expertise; Demand; Referral Source Flow; and Competitive
Rivalry.
Experience and
expertise. This is easy. How many matters have you handled in the area,
what were the results, what was unique about each and what expertise did you gain
in each case. You should be able to demonstrate experience and expertise through
case studies, client names, client comments (testimonials) and the content, the
articles and thought leadership you can post related to each specialty area. If
you can align lots of objective evidence of your experience and expertise, give
it a high ranking.
Demand: Probably
one of the most important criteria is demand. If the demand is soft, it shouldn’t
be an area of focus. Look at the current and your projections for demand in the
area. Identify the reasons for the future demand by listing the emerging issues
that will lead to work in the area or by citing the specific forces (economics;
competition; legislation; etc.) that will cause the future demand. Also name
the sources of that demand. List the lawyers or sources of referrals for that
work. Give demand a high rank is you see both strong current demand and strong
future demand.
Referral Source Flow:
Next, look at who in your network are in positions in which they will likely come
across cases of this type to refer to you. These are other attorneys, referral
or affiliate networks or people who are in positions which may have visibility
in matters developing in the area. Rank it high if you get regular and
consistent referrals from these sources and you feel educational efforts
directed at these sources would continue to feed opportunities.
Competitive Rivalry:
Lastly, look at the other lawyers who do work in the specialty practice subject
area both in your geographic area, who you know in affected industries and the
firms with strong reputations or internet presence in the area. Rank the
competitive rivalry high if there are numerous respectable competitors in the specialty
area.
Use your judgment. The ranking system is meant simply as a
guide to help you think through which specialty practice area has the most
potential.
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ReplyDeleteChoosing a specialty practice can be a daunting task for healthcare professionals. Factors to consider include personal interests and passions, job availability, and the potential for career growth and advancement. Lets check https://magicalkatrina.com/ and gain things about magic. It is also important to research the different specialties, including their education and training requirements, scope of practice, and work-life balance. Networking with other professionals and seeking guidance from mentors can also be helpful in making a decision. Ultimately, choosing a specialty practice should be a thoughtful and informed decision that aligns with one's career goals and personal values.
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