Yesterday, I did a consultation with a lawyer who has a high-volume/low-fee practice. I asked him, “Would you rather have 50 new $1,000 clients each month or two $25,000 clients?”
I wanted him to upgrade his practice towards the higher end of the client spectrum. You have less overhead, less stress, and less work to do to produce the same income. And you don’t have to compete with everyone and his brother because there is no competition at the top.
I pointed out that he already had a suitable niche market, a certain group of business owners who could provide him with referrals and introductions to other professionals who serve that market.
He said he would need to take CLE classes before he could do this. I suggested that until he was proficient, he could associate with another lawyer who has the experience.
He also said he would need to hire another attorney to handle some of his current caseload, and he’s willing to do that.
So he has a plan.
Sounds good, doesn’t it?
Niche marketing is smart. Here’s how to do it