Wealth Counsel has published an article on things to consider, when looking at adding a new practice area to your law firm. Their article begins as follows:
There are many reasons why an attorney should think about adding additional practice areas to their law firm offerings—it helps improve your client experience, having multiple streams of income protects your business from market volatility, and it increases your bottom line! However, adding another practice area can be a big ask for you, your office staff, and your budget. Whether or not you should seriously contemplate adding another practice area to your law firm depends heavily on a few factors such as your resources and the level of need among prospective clients and in your community. Ask yourself: Am I referring clients to outside counsel more often than I would like to? Is there a need in the market (are there any attorneys offering this service in my community)? Do I have any untapped, in-office talent (like my paralegal, John, who previously worked for an estate planning attorney)? Do I have current clients who would benefit from additional legal services? Am I experiencing professional dissatisfaction or wanting a better work-life balance?If you’ve answered “yes” to any of these questions then it might be time to consider adding another practice area to your law firm. Below are a few additional practice areas to consider:
To see full article, click Adding A New Practice Area To Your Law Firm
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.