Virtually every law practice, big and small, has considered expanding their practice to include new practice areas at one point or another. For example, you may be considering a practice expansion that would help you better serve the needs of your current clients. Indeed, as you grow more familiar with your clients, you may become aware of other areas in which you could offer them your legal services. Similarly, as you learn more about them, you may be able to anticipate their future legal needs.
Alternatively, you may find your current practice less rewarding or engaging than it had once been. For that reason, the allure of other practice areas may be incredibly tempting. And, in my experience, it’s true that by building your practice to coincide with your “extracurricular” interests and hobbies you can discover a more rewarding career.
But, whatever your reasons for considering practice expansion, you’ll discover a number of benefits to expanding your practice.
You’ll Have More Opportunities to Generate Revenue
It probably goes without saying, but when you expand your practice to include new practice areas, you are opening up your firm to the possibility of new business and new sources of revenue. Indeed, accepting work outside of your traditional practice areas not only allows you to offer new services and legal work to your existing clients, but it also allows you to expand the pool of potential clients available to you.
You’ll Stay Invigorated
Even though each case is unique, I think we can all agree that it can get boring performing the same work day after day. Expanding your practice confronts this issue in a number of ways. Learning a new area of law will mean having to wrestle with the unfamiliar. You’ll research novel issues and tackle new tasks. In some ways, it can be like starting over again. While that may sound either scary or exhilarating depending on your personality, you definitely won’t be bored. Not only that, even once you get familiar with the new practice area, working in multiple practice areas will still mean having a greater variety to your daily case load.
Your Practice Will Be More Secure
Another benefit that a varied book of business can offer your practice is additional security and stability. Indeed, some practice groups are incredibly vulnerable to changes in the political landscape. By embracing additional practice areas you can help ensure that your entire practice isn’t threatened by new legislation or judicial decisions.
Ultimately, whether expanding your practice is a good idea or not will come down to whether or not you have the time and resources available to devote to learning a new area of law. However, once you do take on additional practice areas, you’ll discover a number of benefits including a more prosperous practice, a greater variety in your workload, and increased career stability. If you’re ready to take on the responsibility, it could mean making 2013 the best year yet for your firm.
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