There’s a humorous meme going around social media that reflects how a lot of people are feeling about this year (so far). It’s a still photo of Doc Brown and Marty from the film Back to the Future, in front of the DeLorean-turned-time-machine, with the caption, “Whatever you do, Marty, DON’T SET IT TO 2020!”
Indeed, this year has seen more unprecedented challenges than at any other time in modern history. A serious pandemic that is still far from over. Economic shutdowns and reopenings, only to possibly shut down again. Millions thrown out of work. Civil unrest. If your law firm has taken a hit amid all this chaos, as many firms have, it’s time to start recognizing this time as more than just a temporary setback. No more just “waiting for this to all be over.” It’s likely to be a long wait, and most of us can’t afford for our businesses to be out of commission for that long.
Here’s the good news: You don’t have to wait for it to be “over.” With a bit of out-of-the-box thinking, you can find creative and even bold strategies to regrow your law firm right now, even amid the ongoing challenges. Let’s begin brainstorming some ideas to get you started.
Add a New Practice Area
I know, I know. All the business growth models (including mine!) say the key to growth is to develop a niche—to narrow your focus, not widen it. But these are unprecedented times, and with fewer dollars in the economy, there may not be as many sustainable “niche markets” available as there once were. If you’ve been interested in adopting a new area of concentration, now may be the time to develop it. For maximum impact, try looking for areas of law practice that are currently in greater need due to the COVID-19 crisis—for example, criminal defense law for domestic violence cases, personal injury, or even estate planning. (The fear of imminent mortality may prompt more people to get their affairs in order.)
Expand Your Current Service Offerings
If the idea of branching out into other practice areas really doesn’t appeal to you, a less pronounced approach might be to expand your service offerings to areas related to your current focus. If your corporate law practice focuses on certain types of industries, for example, you could extend your reach to other industries. If your focus is on elder law, you might start taking on disability cases, as well.
There are many more ways to retool your law business, of course, and we are available 100-percent remotely to provide more guidance, as needed. Give us a call at 888-375-2573.