Most law firms have too many practice areas. That’s the 10% or 20% of the caseload that most law firms maintain, that usually gives them the most trouble, and generates the least income. That’s the 80-20 rule, you know.
If you eliminate those practice areas, and instead focus on the 80 to 90% of your practice that gets you the most revenue anyway, and try to leverage that, you’ll likely end up making more money, and reducing your stress, to boot.
Why?
Because the more niched your practice is, the quicker you can get through the work, because you do more of it, and know it inside out; and, that means more money, as you work through cases at a more rapid rate than your competitors.
Because, by niching down, and focusing on what you do best, instead of what you do ‘just okay’, your professional reputation will become more refined, and you’ll get more clients who will deliver high-value cases into your practice.
Because you’ll have your substantive work process down-pat, you’ll make fewer errors, and so will your staff. That means that you will effectively reduce your malpractice risk.
More money, less stress.
Now, that’s the dream.
And, all it takes is reducing down the commitments you dislike or try to ignore anyway.
Sounds like a win-win.