In Colorado, Nevada and beyond, top legal industry trends 2021
Many law firms in Colorado and Nevada fall into the small law category. Whether you operate an independent law practice or employ a small staff, these legal industry trends 2021 hold promise for you.
Small law firms finding a foothold
While the pandemic forced many small law firms to reassess how they operate, many have discovered financial freedom in the process. Technology and modern approaches to office space options have helped these law business owners increase their income. Above the Law explains:
“By year’s end, many of the solo practitioners showed a higher disposable income than ever…solos quickly learned that by shedding their brick and mortar overhead and embracing intuitive technology they can actually have a higher net income. “
Independent attorneys and small law firms have adapted well to remote work in the past year. They have realized how running a nimble practice allows them to reach more clients. They can also maintain a high level of service along the way.
In addition, new office space concepts can mean low overhead costs without sacrificing all the benefits of a professional office space.
Opportunities created by retirees
An aging population creates opportunities on two fronts for younger lawyers.
First, retiring lawyers could leave some contracts and clients available. Part of a retiring lawyer’s succession plan could include passing on these contracts to a small law firm well poised to carry the torch. Forging relationships with seasoned attorneys could help you benefit from this rich referral source.
Second, baby boomers will need a variety of niche legal services as they move into their retirement years. This writer calls that the “baby boomer impact,” writing:
“Like other fields, the seventy-five million members of this cohort will have a massive impact on the legal industry. Lawyers can expect increased demand for help with areas of the law, such as retirement planning and handing on one’s assets to the next generation. They can also expect increased demand for areas of the law that pertain to the legal field. Adult children want to make sure their parents are protected no matter where they live and what they do as they age. A lawyer can provide assistance with help navigating the nursing home field. They can also help by making sure the grandparent’s assets remain intact even as they age.”
Colorado and Nevada are prime retirement destinations, so savvy small law firms could take advantage of this chance to develop a strong niche practice.
Niches and micro-niches
Continuing on that topic, there’s a strong case for developing a particular focus within your small law firm. American Legal Magazine recommends going beyond a broad practice area and creating a micro-niche:
“…data suggests that clients prefer targeted services. Further, increasing complexities in certain industries are creating the need for high-value legal expertise in particular areas. For this reason, micro-niches and demand for specialized legal services will likely increase in 2021.
Micro-niches allow firms to appeal to clients with specific goals and needs. A deep understanding of the client, their industry, their goals and their pain points allow firms to provide tailored services that truly add value in the eyes of the client.”
This hyper-focus on a small segment of the population sets you up as the go-to player in that specialty.
A culture of support
One huge silver lining to come out of the pandemic: Professionals are realizing the deep importance of stress management and self-care.
In a field notorious for creating high levels of stress and burnout, that epiphany is more than welcome. In our work supporting independent lawyers and small firms for the past several years, we know that seeking real work-life balance is a top priority. Modern lawyers don’t want to go-go-go at all costs. They want to create careers with meaning and purpose, and they want the same for their personal lives.
As the Bloomberg Law writer states:
“Through connection and collaboration, we can turn the pandemic into an opportunity to lift each other up — not just now, but going forward. The technological tools are in place to allow us to share the burden more effectively among team members, so colleagues are able to meditate, exercise, rest, recover, or celebrate. But this requires everyone to put the effort in. It requires asking not just “How are you?”, but also “How can I help?”
In my experience, asking “how can I help?” leads to incredible transformation. As independent lawyers and small law firm owners, we have the power to work together for the greater good. That applies to our field and the community at large.
We can create collaborations that ease the burden for fellow lawyers, as well as increase the quality of service our clients experience. We can develop a culture of support that will shape the future of law and the legal industry.
While that sounds a little lofty, we have seen it happen in our shared office spaces for years. Motivated independent lawyers have created lasting and meaningful business relationships here. These relationships are starting to change what it means to practice law and to run a law business.
Are you embracing 2021 as your personal year of change and growth? Reach out to us to learn how we can help you grow your law business in Denver or Las Vegas.
