It is very tempting to take whatever legal business comes over the transom in a down economy. Heck, if the firm’s normal business is slow, some lawyers might be tempted to take whatever work comes along. Wrong!
It is the worst time to start diluting your brand. Better to crank up the marketing to get more visibility in the industry or practice area you are known for. Otherwise, it will take longer and cost more to restore your niche when things start turning around.
Sara Holtz agrees in her post “Don’t be tempted to abandon your niche” on her Women Rainmakers bLAWg. According to Sara, if you broaden your marketing efforts because times are tough, it will hurt you in several ways:
- Diffuses your message
- Spreads your resources thinner, and
- Just creates more competition in the broader marketplace.
It is smarter to stick with your niche strategy, rather than diluting it just because the economy is down.