Choosing a Law Practice Area: The Hedgehog Concept

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Did you read Martha’s newest article, yet? It’s a good’un.

And while the article and Martha’s success is certainly slanted towards Estate Planning, and you might not (yet) practice that…

Overall I think it’s important to consider the nature of selecting a practice area.

In Jim Collins’ book, “Good to Great”, he talks about The Hedgehog Concept, which you can learn more about on his website.

Basically, it defines your sweet spot in business as the overlap of 3 circles:

Let’s take a look at each one as it relates to finding the best area of law to practice for you.

1.) What are you passionate about?

You went to law school to make a difference. It’s easy to lose track of that with those hefty student loans breathing down your neck and a saturated legal market.

Not only are you passionate about your career and who you serve, you’re passionate about your family, and your life outside of work. So you have to consider all that and really find a practice area that will allow you to have it all. (Yes, it’s actually possible.)

2.) What drives your economic engine?

This is where a lot of lawyers get trapped. You are so committed to making a difference, you get into a practice area like consumer defense or litigation and end up broke. You’ve got to find a practice area that you can put your heart into, and also make a great living. Otherwise, this circle will always leave you hanging.

The reason we suggest estate and business planning is because these are areas where people have money, and they are happy to give you some in order to preserve and create more of it. These areas don’t require crazy hours and they can lead to very predictable revenue with the right business model. (Which you can learn.)

3.) What can you be the best in the world at?

This is tricky because you can’t be the best lawyer in the world… BUT, you can CAN be the best lawyer in your niche. For instance, you can be the best estate planning lawyer serving families and business owners with young children in your community.

Nobody can be the best “door lawyer”. You simply can’t get amazingly good at taking whatever walks in the door. You MUST go deep, not wide, to succeed.

So, with all that in mind, I’d like to recommend reading Martha’s article, and considering our Estate Planning Bootcamp as a prelude to a much larger conversation about how we can help you become THE go-to lawyer for families and small business owners in your community.

Interested in a law practice you love that loves you back?

>Watch 3 Training Videos (+get the worksheets) or use the coupon code you got in your email to take advantage of the $1000 discount (+ the bonuses) on the Estate Planning Bootcamp, now.

Topics:  Professional Development, Young Lawyers

Published In: Professional Practice Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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