The law is an essential part of civilized life. It allows every person to live with dignity, express their opinion, and follow their dreams without fear of reprisal. It gives everyone the same rights, helping us to form a civilized and lasting society.
Of course, there are always some who don’t believe the law applies to them. These people are generally found and processed through the courts. Lawyers are an essential part of that process, ensuring everyone has an opportunity to share their truth.
Becoming a lawyer means deciding on a niche. There are seven primary areas of law:
· Criminal
Criminal law covers anyone or anything that breaks the established laws. Both a nursing home abuse lawyer and a homicide lawyer operate within the criminal niche. Those are just two of the many niches in this field. Clients generally use a lawyer who has experience in a specific niche.
· Civil
If it’s not criminal but there are disputes between people or businesses, it’s covered by civil law.
· Constitutional
These are the laws that cover how the country is run and how much power individuals and departments have.
· Statutory
Any law passed by a government body becomes a statutory law.
· Common
Common law specializes in making decisions based on what has happened before.
· Equity
This is the area of law invoked when existing legal rules result in an unjust outcome for someone.
· Administrative
This area of law is devoted to how administrative agencies, specifically government-based ones, behave.
Law firms can decide to occupy one niche or several. In general, the larger the law firm the easier it is for them to operate in multiple niches.
Advantages Of Niche Law
The economic downturn that followed the global pandemic led to many law firms downsizing. To continue operating costs were cut and many firms focused on specific niches. This approach also helped smaller firms distinguish themselves from the competition. There are several advantages to this approach:
· Less competition which means it’s easier to attract new clients
· Promotion is easier and you’re more likely to be recognized when you specialize in one type of law. You just need the right marketing strategy.
· Niches allow your firm to stand out from others, and give you a conversation starter
· Once you’ve established a reputation you’re likely to be in demand. Clients generally feel they are in better hands with dedicated specialists
· Specializing means you can charge higher rates for your skills, increasing the profit potential
· Niche lawyers only deal with the area of the law they love. This approach boosts employee satisfaction and, therefore, productivity
Of course, the big disadvantage is that you are effectively putting all your eggs in one basket. A downturn in the industry can have serious ramifications for your law firm.
Advantages Of Diversification
Diversification is an attractive option. There are several advantages for most law firms:
· Better protection from economic downturns. When one area isn’t in demand, another is likely to be
· Easier to grow your firm and your reputation because you only need one lawyer in each niche and you can potentially double the size of your firm
· Higher client retention rates because they can get all the services they need in one place
· Offering multiple services can help you stand out from the crowd. The more competitive the market the more important this is
· You may find it easier to recruit new talent. Diversified firms can offer more opportunities, especially to newly qualified lawyers
Of course, the biggest disadvantage of diversification is that clients may see you as a jack of all trades and master of none. It takes time and great results to overcome this perspective.
Deciding Between The Two
This isn’t a case of a right or wrong decision. You need to consider what your goals are. If you wish to enjoy your work and are passionate about a specific area of law, adopting the niche approach is probably the best option.
However, if you’re looking to grow your law firm, the simplest way to do this is to diversify and offer more services. You’ll attract more clients and boost the size and profits of your firm.
It’s worth considering how digital law will evolve and how common remote working will become. This can make it easier to expand but much more difficult to attract the best lawyers and the best clients.
Summing Up
The uncertain economic climate of recent years has made things difficult for many people. Law firms that saw a pandemic dip are now seeing an increase in client numbers.
As more clients seek out your firm, you’ll realize that you have to make a decision; to diversify or not. This decision can be postponed if you’re just starting out. This will depend on whether you have specialized in a niche yourself or not.
The final decision is yours.
Source: Nursing Home Law Center LLC
