Starting a Firm? Pick a Practice and Find Your Niche.
Recently I wrote an article for Texas Lawyer, which published on September 28, entitled "Starting a Firm? Pick a Practice and Find Your Niche". I hope that it will be helpful to all young firms just starting out. A PDF of the article is available by clicking here.
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Since college, I have been fascinated by how businesses work. I studied Engineering which is governed by math and science, but creating and managing a new business involves hard work, creativity, and some luck. Since starting my attorney directory, I have experienced the challenges of building a brand from scratch. New law firms will face the same challenges. Angel advised to “choose a niche� and “market the firm and its practice areas everyday.� I have spoken to some sole practitioners and was surprised that they did not have a website. A new firm is missing out on a huge opportunity if it is not proactive in web marketing. I have advised my clients to first purchase a domain name and then create a basic website which can cost as low as $4.00/month. As revenues increase, one could hire a web design company to build a custom website with features such as blogs and podcasts. In general, advertising can get expensive. Leveraging free sites such as Facebook, LinkedIn, Twitter, and YouTube can be a cost effective way to market your firm.
Finally, attorneys starting their own firm need to think as Entrepreneurs even though they may not have a business background. The Harvard Business School uses the case study method to teach MBA students and you can follow the same practice. Study successful attorneys from different backgrounds and see how they manage and promote their law firms. Learning from firms that failed is equally as important so you don’t make the same mistakes.