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Profitable Niche Markets for Old and New Firms

Profitable Niche Markets for Old and New Firms

The days of the country lawyer who knew a little about everything are behind us.  21st century legal problems tend to require specialists, and because of that, you need a profitable niche market to succeed.  With over 50,000 new bar passers every year, it's more important than ever to research profitable niche markets and become a market leader in your niche soon.  Keep reading to find out how to get access to a profitable niche market whether you're part of an established practice or are just hanging your shingle.

Do Profitable Niche Markets Still Really Exist?

Because niche marketing has become something of a buzz word among attorneys, you may be skeptical as to whether you can still take advantage of the craze.  The good news is that it's still totally possible to find a profitable niche market in your area.  The bad news is, it's no longer as easy as it was even a decade ago.

It's important to remember that profitable niche markets for most types of attorneys are strongly dependent on regional demographics.  What would be a profitable niche market for an attorney in Chicago won't necessarily work for lawyers at a small firm on the Oregon coast.  

In a few areas of the country (like Washington DC), the oversaturation of lawyers is so bad that it can be almost impossible to find profitable niche markets unless you've already made a big name for yourself.  If this is the situation that you find yourself in, you may want to consider a strategic move to another area.  Not every region presents great opportunities for attorneys, and you want to give yourself the best possible chance of developing a profitable niche market.

The Niche Market Advantage for Recent Law School Grads

Ten years ago, the idea of new law school graduates starting their own practices immediately after finishing law school was considered laughable.  Today, an increasing number of recent bar passers are hanging a shingle as a sluggish hiring climate reduces opportunities for traditional firm associate employment.

If you're considering becoming a solo practitioner or starting a law firm with some classmates or friends, you need a profitable niche market more than just about anyone.  Why?  Because profitable niche markets are the best way to advertise on the cheap.  No brand new firm of young, hungry lawyers can afford to advertise for expensive, high prestige keywords.  Instead, you'll want to find a profitable niche market that hasn't been tapped into by too many other lawyers in your area.

To find the most profitable niche markets in your area, consider the demographics that you're working with.  Who employs people in your town?  What are their problems?  Are there any aspects of your area that make particular legal problems more likely?  Take all of these things into account and you'll probably be able to brainstorm some profitable niche market ideas within a few hours or days.

Niche Marketing For Existing Practices

Niche marketing isn't just for young lawyers.  Even if your practice has been going strong, finding a profitable niche market and designing advertising around that niche market can be a great way to expand your reach.

Let's say that you're a family lawyer and have been successful at negotiating child custody agreements between parents.  Instead of just continuing to have a general family law practice, consider specializing in just child custody law, or even in custody law disputes of a particular type.  For instance, depending on your area, there may be a profitable niche market in father's rights types of cases.

You should also consider whether any particular demographics in your area are being underserved.  For instance, if you live in a state with gay marriage, are any family attorneys in your area specializing in gay and lesbian divorce, adoption, and custody issues?  Making yourself an expert in these areas can give you a profitable niche market that will only grow as more states adopt similar gay marriage laws.

Computer Software For Finding Profitable Niche Markets

If you're unable to find a profitable niche market on your own, some software already exists that can help you find the right market to sell to.  Since much of this software has only been developed in the last two or three years, it's very likely that significant advances will be made in niche market finding software in the near future—perhaps we can even expect to see a law firm oriented piece of niche marketing software soon.

Now, don't get the wrong idea about the computer software.  While it can help you find some niche marketing ideas based on your keywords, it's no substitute for your own brain.  You're the one who knows your community best, and law firm niche marketing is heavily regionally dependent.  Don't let the verdict of the software overrule your common sense about what will and won't work in your city.

Microtargeting for Niche Markets

Even if your firm handles a huge variety of cases, you can still take advantage of profitable niche markets.  Once you know about a profitable niche market in your area, if you already have attorneys who understand that area of law, make a website about it.  Specialized websites can help draw in much more overall traffic than just having one website with vague mentions of many different areas of law.

If your budget doesn't call for making whole new websites for each and every field that your firm works in, consider tapping into profitable niche markets with your landing pages.  By associating each landing page with microtargeted keywords, you'll be able to target exactly the right clients with relatively inexpensive click bids.

One of the advantages of using this strategy is that if one market you're experimenting with turns out not to be a profitable niche market, you can just delete the landing page with no harm done.  You can then focus your energy on profitable niche markets that are bringing in great returns according to your analytics software.