building a niche legal practice chris wendelbo bw law group, llc 6320 brookside plaza, ste. 182...
TRANSCRIPT
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S
BUILDING A NICHE LEGAL
PRACTICE Chris Wendelbo
BW Law Group, LLC 6320 Brookside Plaza, Ste.
182Kansas City, MO 64331
(913) [email protected]
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BUILDING A NICHE LEGAL PRACTICE
STEP RIGHT UP!
Learn how attorneys are carving out specialty practices that go where they
have never gone before or just complement their primary area of
practice!
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BUILDING A NICHE LEGAL PRACTICE
See
Death defying strategies to become the subject matter
expert in any group of lawyers!
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BUILDING A NICHE LEGAL PRACTICE
EXPERIENCE
The thrill of learning new skills in a period clearly outside the hangover window, but before
the cocktail parties!
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BUILDING A NICHE LEGAL PRACTICE
BECOME
Integrated in your client’s business as inside /outside counsel without violating
the Rules of Professional Conduct!
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TO NICHE OR NOT TO NICHE – THAT IS THE QUESTION
ADOPTION OF GENERAL BUSINESS PRACTICES / PRINCIPLES
The “Business of Law” is a very good thing.
Profession v. Business – Does it really matter?
If Profession v. Business does matter to you – think long and hard!
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TO NICHE OR NOT TO NICHE – THAT IS THE QUESTION
YOU MEAN A LAWYER CAN LEARN SOMETHING FROM OTHER BUSINESSES? I MEAN, OTHER THAN HOW TO MAKE A GOOD LIVING, HAVE SOME FREE TIME AND ENJOY WHAT THEY ARE DOING, OF COURSE.
YOU KNOW, JUST YOUR RUN-OF-THE-MILL NICHE BUSINESSES –- EXAMPLES OF HIGHLY SUCCESSFUL NICHE BUSINESSES
IS IT RIGHT FOR YOU?
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STARTING A SPECIALTY / NICHE PRACTICE
EVERYBODY DOES IT. ADMIT IT – YOU DO IT TOO!
You’re already a niche player – you’re a Solo or Small Firm lawyer! This is about refinement and business opportunities.
Are you a closet niche player?
Deciding what your niche should be
Business Criteria Legal Criteria
Geographic Criteria
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STARTING A SPECIALTY / NICHE
PRACTICE
REFINEMENT Selection criteria
Personality; Skill-set; Prior experience/expertise; Life demands; Quality of life; “Over the horizon” analysis / trends; Virtual v. traditional; and/or Other factors too stupendous and numerous to name
here.
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STARTING A SPECIALTY / NICHE
PRACTICE Organizational considerations Oh, I forgot about the money part! How much does it cost?
Business evaluation metrics and adjustment
Business skills (or kill unprofitable business practices
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GO MAKE IT WORK!
You have your niche – now what?
Client Selection;
Structure;
Become the subject matter expert in a group;
Evaluation of effectiveness / adjust fire;
Relationships with referring attorneys;
Marketing /Networking;
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GO MAKE IT WORK!
Evaluation of effectiveness / adjust fire;
Think outside the “box”;
Adjust your marketing to lawyers (give them a financial reason / client service reason to refer to you);
Evaluation of effectiveness / adjust fire;
Get a Good Website – no I mean a Gooood website;
Get in the right “air space” and stop hanging out with just lawyers or just clients. Identify people who might need your services and join that group;
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GO MAKE IT WORK!
Actually use Linked-in, Avvo or other social media to reach those who might not know a specialist;
Don’t violate ethical rules with your website or social media;
Track the Money. If you can’t show yourself the money -- you need to evaluate your marketing effectiveness and adjust fire!
Write Articles / Present.
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GO MAKE IT WORK!
Remember the Golden Rule of Niche Lawyers --- Don’t steal clients! Represent them in your specialty and send them skipping happily home to the referring attorney if applicable. This practice -- and the use of opposable thumbs -- are what separate Solo & Small Firm lawyers from the large law firms! You will only do it once.
All together now -- any other suggestions?
While I didn’t technically use the entire portion of another well-known phrase, I might need the help of a specialist to make sure – maybe a lawyer with a niche practice perhaps?
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INSIDE / OUTSIDE COUNSEL
?