The legal industry is highly competitive and becoming more so every da

The legal industry is highly competitive and becoming more so every day - you dont need us to tell you that.

There are more lawyers practicing than ever before, and also lawyers willing to work for low flat rates, theres tremendous pressure to lower prices and conform to the demands of the market.

If youre hoping to build a profitable, sustainable practice that provides a great living for yourself and your family, this is obviously a cause for concern.

But heres the good news theres an opportunity created by these legal market forces that you can exploit.

You just have to do things differently than most of the other solosmall firms out there who are responding to these legal market forces by cutting rates, offering poor client-service, cutting costs, and generally racing for the bottom.

Prospering in these conditions requires a mindset shift. It requires you to accept the fact that there are many consumers and businesses out there perhaps even a majority who will choose the low-cost provider every time.

If they have to hire a lawyer, theyll hire the cheapest lawyer they can possibly find.

Dont chase those clients. You dont have to.

Instead, focus your marketing efforts on a market segment who can and will pay premium rates because they recognize the superior value you are providing.

In every industry, there are hugely profitable businesses that charge premium rates and still win business despite the availability of free alternatives or cheaper prices.

Heres our favourite exampleThink about one of the most common available commodity- Water. Youll likely find several places selling water near you.

Lets take Bottle water, the average price you can get the minimum bottle water is 100, but there are some that are selling this same bottle water more than 1,000 naira, and some people still prefer to buy from them.

This is an extreme example but I hope you can see the point.
If some people can thrive by selling a bottle water at high prices, theres no reason for you to panic when you hear about low-cost competitors. You just need a strategy to attract the right clientele people who have the means to pay your rates and who see the value in doing so.



The first step is shifting your mindset, as discussed above. Accept that many people out there are not good clients for you. Dont target clients who cant afford to pay you premium rates. If it means shifting your focus and maybe getting into some new practice areas, so be it. Its much harder to build a profitable business when you have a low-profit margin. Target clients who can afford premium rates and provide sufficient value to justify those rates.

The key to differentiating yourself from the low-cost options at the same time making yourself more attractive to the premium clients youre targeting is to narrow your focus and build a brand as a leading expert in that area. We strongly recommend focusing on a single practice area or a group of related practice areas. Then, work to build your reputation as the go-to lawyer in your market for that specific area of practice.

Referrals are one of the very best ways to fill your pipeline with prospective clients who are willing and able to pay premium rates. When you build a network of referral sources who trust your expertise, believe in your work, and understand the value you provide, they act as the best kind of gatekeeper. Theyll send you good clients who are happy to pay your rates, and they wont waste your time with clients who arent a good fit. A major focus of this should be maintaining relationships with your referral network and continually reminding them of what you do, why they can trust you, and what makes a good referral.

Not by taking action against them, but by transforming yourself. If theres too much competition in your legal service segment, create a new segment for yourself. If you can accomplish this, youre selling in a vacuum theres nobody your potential clients can price-shop you against. This requires innovation and an open mind. How can you enhance, combine, or structure your services to create something that nobody else offers? If you havent thought about this before, its worth blocking off a few hours to consider. What resources do you have what relationships can you leverage what unique value can you create how can you mix, match, and restructure your current offerings? What can you do to place yourself in a category of one and make the competition irrelevant because nobody else can offer what you offer?

If you like what you just read on how to Grow your law practice with high paying clients, then you would also like our ULTIMATE CLIENT ACQUISITION BLUEPRINT that teaches you how to build your Law Practice with Consistent downpour of Clients, without Going Against the Rules of Professional Conduct.
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