Learn how to solve a client’s problems. Acquire specific technical skills which the market needs

Market needs are evolving rapidly and legal work is increasing in complexity.

The legal industry is evolving very fast - a client frequently approaches a small law firm owner or an independent practitioner for services straddling a combination of practice areas.

For example, advice on a fintech contract may require knowledge of technology laws, banking regulations, data protection, contract drafting, negotiation and dispute resolution all together.

This is just one example - in reality, client problems pertain to many other practice area combinations.

The challenge for a small law firm owner or an independent practitioner in these situations is to inspire the client’s confidence in his ability to handle such complex work.

The best strategy is to choose a few niches like this (perhaps even just one) and build up a reputation as the go to lawyer for such work.

This kind of work can be very high margin, but several small law firms and independent lawyers fail to get such work. They stick to routine low-margin work, which is often the root of their problems.

You cannot wait to acquire prior experience or have years of expertise in these areas - you have to acquire the competence rapidly through your own resources.

Otherwise, by the time you learn enough about an area of work, it may fall out of favour or may become already too overcrowded to start out or the trend itself may alter in a way that it makes no sense to focus on it.

Take the example of insolvency and bankruptcy work. For all of 2019, it was one of the most important areas of work for commercial litigators. As of 2020 after the COVID crisis, suddenly there is a moratorium on filing cases in the NCLT under IBC for insolvency and bankruptcy. However, right now the work that these lawyers should focus on is the restructuring of loans. There is a lot of work in this area and few lawyers who can do it.

After a year, this could very well change again. Lawyers who do not rapidly respond to the market situation are likely to struggle.

Speed and ability to adapt to changes in the market, therefore, is key to the success of the lawyers of the new generation. And this speed and adaptability comes from the ability to learn the trade rapidly rather than slowly through trial and error and observation.

The way lawyers used to learn a skill, and practice the same thing over their entire life, looks like a luxury today. Sometimes available, but we need to learn to live without it.

What is important to inspire a client’s confidence

In a client meeting, you need to demonstrate the capability to handle the work in question, and the depth of your knowledge about not only the law but the commercial aspects and business practices has to be displayed in order to win the confidence of the client.

When you do not have a track record of handling such matters, you need to have at least a track record of writing insightful articles on such matters so that the clients can trust your claims of expertise in the area.

More about building track records on another day.

Most lawyers are unable to obtain high-margin career-defining important work because they lack the confidence to perform such work successfully.

Lack of confidence stems from many factors, such as lack of access to training, guidance and knowledge resources. However, the biggest reason is lack of preparation and in the long term, failure to build any demonstrable track record.

How can I tell the client with a straight face, authentically, that I am the right person to take up this matter when I have done nothing to become the right person?

On the other hand, if we keep producing success story after success story for our clients, we are buoyed by enthusiasm, authenticity and power that only comes from producing remarkable results and success for your clients.

And this can only come from long term practice, investment in your craft, and a lot of effort to be the best in your business.

Have you been making those investments in long term success? If yes, you must be reaping the rewards of the same. If not, you need to understand that dreaming of success while not investing in it is merely a pipe dream.

Success in high demand, high margin niche legal practice areas requires you to have:

Access to systematic training on technical legal issues as and when you need it

Access to templates, how-to guides, access to mentors and experts you can consult, resources that enable rapid learning

Rapid upskilling through practice in safe environments - simulation exercises, feedback and one-on-one coaching

You cannot expect to beat a lawyer who comes prepared with all these resources merely with - “hard work”!

Nor with just intelligence.

A good system and high-quality, consistent training beat sheer intelligence hands down, almost every time.

The greatest mistake a lot of smart lawyers make is that they think that having knowledge and legal smarts are the be-all and end-all of becoming a successful lawyer. This is absolutely not correct.

Having legal smarts is not even step 1. Step 1 is to continuously upgrade your knowledge and skills.

Remember, if you do not have sufficient technical skills, your work on all the other steps will fail.

For example, even if you market yourself well, you may be able to generate a few clients, but you will not be able to deliver high-quality services and a top-notch experience, leading to a negative feedback loop that stops further growth.

And then there are several more steps. I will tell them about them in upcoming post.

Do not be overwhelmed though. Over the years most of these will become second nature to you.

Getting started and overcoming inertia is the hardest part. The rest falls into place over time if you just don’t give up.