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

• Jurisdiction: United States
• Date: 01 July 2016
• 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...