STAKE YOUR CLAIM: Like the business pioneers before them, lawyers can benefit from finding new ground of their own.

• Author: Knapp, Amy

If you are particularly interested in this issue's theme, it is likely because you are responsible for helping attorneys with their business development and marketing initiatives. You are continually looking for fresh ideas, best practices and other tips that will give you an edge and propel your ever-busy attorneys to new heights. Given the competition for attorneys' time and attention, wouldn't you love to find a way to help them direct and sustain their business development efforts amid pressures to bill 1,800+ hours a year, meet complex client demands, serve on firm committees and have a bit of personal time?

There is a way, and it's by helping busy lawyers focus the time they spend on business development through the art and science of building a niche law practice.

What Is a Niche Practice?

A niche practice comes about from building expertise in a distinct area of law or industry segment. A good definition of the word niche is "a place to stand," and that is a good way to think of a niche law practice. When an attorney chooses to narrow their focus, they stake out a place of their own to grow into, be known for, and deeply explore and master. The key is to select a niche practice with strong economic potential in an area that is trending upward, then plant a flag and become the leading expert in that field. Done right, a niche practice is a way to capitalize on trends in society or business that affect attorneys' clients and offer the opportunity to grow new business.

The Importance of Trends

Trends are a critical part of the niche practice discussion and are key to successfully focusing marketing and business development activities. Throughout history, trends have presented both the greatest opportunities and greatest risk for businesses and professionals. Miss a trend, and it could mean losing market share, or worse. For example:

* Kodak, once the world's undisputed leader in photographic technology, missed the digital trend and filed for bankruptcy.

* The music industry has been gutted by the trend toward digitization that it first ignored and then resisted.

* Believe it or not, Blockbuster, the once-ubiquitous video store chain, had the opportunity to buy Netflix 16 years ago. But it stuck with brick and mortar, due dates and late fees instead.

On the flip side, anticipating a trend and getting in front of competitors can produce untold rewards. For example:

* At a time when few had heard of microcomputers, Bill Gates and Paul...