I’ve presented and written about the benefits of niche practice for solos on numerous occasions. It’s not a particularly original concept -many, many, many, others have covered this topic as well. In fact, the value of niche practice seems to be one lesson of solo practice where there’s general agreement.
Not only that, but there’s always new evidence offering further corroboration. Exhibit A – this article about a pair of young solos in Ontario, Canada who decided to focus their generic small business practices on serving dentists. Given that there are only 9200 dentists in Ontario, that particular niche may have seemed risky but it’s paying off. Year two into the specialty, Michael Carabash and David Mayzel have a client roster of around 100, with enough work to necessitate a hiring an associate.
Even though dentists are a small group, they’re a smart niche for a couple of reasons. First, dentists understand the importance of legal services and have enough revenue to pay for them. Second – and while I don’t know for sure, my guess is that dentists are somewhat of an underserved markets, with most lawyers more focused on doctors. Third, legal issues related to dentists are highly specialized so once you gain expertise, there’s little competition.
Notwithstanding the benefits of the niche, realize that they don’t happen overnight. It took Carabash and Mayzel two full years to build their dental practice up to capacity. In my own practice, my landowners’ rights practice didn’t really become known for two or three years, but now, based on the number of phone calls I field, I’m pretty sure that I’m one of the few lawyers who do this kind of work.
I’ll be hosting a webinar in the next few weeks on starting a niche practice so if you want to get a jump start on getting your niche to market, stay tuned….