Niche Down & Thrive: The Power of Micro-Specialization for Attorney Bookkeepers

This week we're going to talk about micro-specializing your firm or micro-niching, however you wanna put it, micro-nitching. It, it doesn't matter how you describe it. It's, it's something you might be considering or thinking about. It is probably a really good idea to do. So if you're like us, you have a law, law firm, you have an accounting firm or a bookkeeping firm that works just with attorneys. You might maybe know in your heart which attorney, that practice area you work the most with, or maybe the one that you like to work the best in, or maybe you've developed an awesome work workflow for, and you're probably sitting back thinking to yourself, like I've been, should I just ultra-specialize? So really specialize in one particular practice area. Is it going to be beneficial? So I think in the long run it's very beneficial. I think that it's just the niche advantage, right? So if you think of it in the way that you've specialized, you brought yourself down to a place where your, your, all your staff knows how to work with lawyers. They know the software. Can you imagine even going down another level deeper? What would that look like? So this is something that could actually happen. You could maybe push your list of clients out into a Google Sheet and kind of sort it by practice area, or you could find a way, or maybe pluses and minuses, even on a piece of paper, just to see what would work for you. So I want you to think about this for a moment. If you are like us, you've got multiple practice areas, and you're thinking about maybe getting down to the nitty-gritty and even dropping into a deeper level. How How or what practice area could you go into? So you can kind of look at the different ones. You could even micro, micro niche down into maybe just working with small firms. We like to sit with the midsize, but you could just go right down to maybe not a practice area, but just specific to small firms. What would the challenges be there? How could you help the attorneys? They wear many hats. What could you do to help them? Is that a practice area that you would enjoy? for our firm. So would it be something that you'd want to consider that I only work with small firms? Imagine how the doors would open up for you being that go-to guru that knows specifically about working with small firms. There's plenty of coaching programs out there that do that now. Why can't the accounting firm do it? Another thing you could think about is maybe personal injury. Maybe you've developed this amazing practice where you really fine-tune and finesse the advanced client cost category. You've got it nailed down. Why not specialize in it? Put it out there that you have— maybe you've made some workflows with the settlement sheets. There's plenty of ways to really automate that system. Real estate. I'm thinking about real estate law firms. It's another practice area. It's a very— it always lives in a sense of urgency when there's a closing. How could you develop workflows for that particular practice area type? And you think about it, that could be multiple. That could be working with landlords. It could be working specifically with people who house flip, or lots of different areas. How can you specialize down into that? What are the challenges that you'll face? Um, are you gonna find that there's ways that you've worked around this that you could really be that go-to for a real estate attorney? So you can kind of see where I'm going with this. Um, we like working with immigration firms. So immigration firms for us, the pluses are every single owner that we work with is so warm and loving and giving. They're empathetic. They're kind. They're busy. So they're really busy. How can we help them? I think the opportunity to help them is there, and that's why we really like working with immigration firms. Those are one of our— I think one of our most common practice areas that we work with. Maybe you want to work with an estate planning lawyer, and that particular law firm type has longer matters. They last for a long time. You got to deal with D accounts and designated accounts and when the court releases the money. Those are different. They're different, a different animal than another type of law firm. Maybe a family law firm. That's a good one where there's a lot of transactions flowing through, a lot of small transactions. So you can see that if you really start to think about it, and I just wanna plant the seed in this blog post and in this video, uh, there's a blog post attached. We're going into more detail about each one. Plant a seed that maybe think about that, because we have to start thinking about how we're going to succeed in the future as technology kind of nips our heels? What can we do to make ourselves stand above everybody else? You've already made that step maybe from generalist to working with an attorney. Maybe you haven't and that's something you want to go to. But if you have, maybe think about maybe going one step deeper, one step further, and Mike Bernice in your firm. And then let me know in the comments if you have done this already. I'd love to know how you manage that and, you know, maybe some tips and tricks of the trade. If you'd like to join us in the Accountant's Law Lab, we'd love to have you and have a discussion about this. Until next week. Bye, everybody.