92,009,000 Americans aren’t working. That’s a lot of people who can’t afford to hire you.
What can you do to protect yourself? How can you profit (there, I said it) from everyone else’s misfortune?
I jotted down a few ideas. They may be obvious, but just because people know something doesn’t mean they’re doing it. And let’s face it, lawyers are very slow to change (anything), so there’s a good chance you may not be doing the obvious, or if you are, not doing it enough.
- You might be tempted to target lower “income” clients. Don’t do it. Do the opposite. Re-focus your efforts on higher income clients. Yes, there are fewer of them. But they can afford to hire you. What good is having millions of people who need you if they can’t hire you?
- Target industries and market sectors that are growing. For example, companies that sell to the Feds, and the people who work for them. And the companies that sell to these companies. And the professionals who advise these companies and the people who work for them.
- Consider adding or switching practice areas. I read one report that said half of the country is having trouble paying their mortgage and rent. Does this mean you should take up bankruptcy, foreclosure, unlawful detainer, and the like? It means you should take a look at them.
- Get set up to accept credit cards, PayPal, and other payment systems. Give clients alternative ways to pay you. (Bitcoin? Barter? Tulips? No comment.)
- Put more resources into marketing. I’ll bet you were expecting me to say that. But hey, with a glut of lawyers competing for fewer clients, you’ve got to step up your game. Review your website. Consider more “reaching out” methods than you usually use. Work on your interpersonal skills. Do some joint venture marketing. Learn how to sell.
I guess I could add, “considering moving”. Some parts of the country are doing much better than others. This may seem extreme, but in view of where we are today, nothing should be ruled out.
Review (or create) your marketing plan. This will help.
