Grow your small law firm with new law practice service offerings
When you first launched your independent law practice, you likely focused on a niche practice area. As you begin to grow, adding new law practice service offerings can help you adapt to the market and attract new business.
Expand on existing services
The simplest way to grow your practice is to expand on what you already do. An intellectual property lawyer who focuses on trademarks could expand her services into patent law. An estate lawyer who works with mostly older clients could also serve families who need to set up trusts and guardian documents for children with special needs.
As you review your current service offerings, consider if you can extend your services to additional types of clients. In addition, you can broaden your reach by offering services to clients in additional geographic areas.
Identify new services that complement your current niche
Next, you can begin to think creatively about your law firm’s niche. An environmental law practice could grow to include energy or property rights services.
In order to create a complementary offering, you might need to consider additional training. You can collaborate with other independent lawyers, or you can add partners and associates to your practice who can round out the necessary skill sets.
While focusing on a distinct niche helps differentiate your practice, it can also limit the types of clients you can serve. Collaboration can solve some of that problem. According to The American Lawyer:
“Clients need outside counsel that can collaborate to solve their problems, but law firms’ increased specialization creates an unfortunate conflict, and many are leaving big money on the table as a result.”
At LawBank, we have seen independent lawyers forge successful collaborations several times. A coworking environment like ours can lead to creative business development between distinct practices.
When you approach client service with a growth mindset, you see opportunity that others can easily miss.
Adding entirely new services
As technology, business and the law change, clients also have evolving needs. In Colorado, legalization of marijuana created a golden opportunity for many lawyers.
Other changes and trends have created additional need for legal services, including:
- Aging population
- Health care technology
- Data streaming
- Telecommunication advancements
- Privacy laws
- Self-driving cars
- The gig economy
According to Corporate Counsel, the gig economy creates a number of legal issues for businesses:
“…many companies don’t even know how many gig workers they have. That fact alone creates risks for the company, ranging from labor and tax law compliance to security, cybersecurity and liability concerns.”
Savvy independent lawyers will look for opportunities to add new legal services that meet society’s changing needs. If a developing trend fits your existing practice niche, then work to reach those clients immediately. If not, consider collaborating with other lawyers or developing new skills to create an up-and-coming practice area.
As you move into 2019, think strategically about what growth should look like for your small law firm in the coming year. Create a plan that fits your personal and business goals and that complements your firm culture.
To learn more about growing a small law firm in Denver, contact us. We offer three collaborative work environments to lawyers in Denver with coworking space and private offices.