August 5, 2005
Launching a New Law Practice Area
Yesterday I posted on the subject of “hot practice areas” and last night I picked up the July/August issue of LawFirmInc. It includes an article by Tom Clay that answers the question, “What do you need to know to launch a new legal specialty?” Tom is a principal at Altman Weil and he is one sharp guy—always worth listening to. Reprints are available by e-mailing reprints@alm.com. However, if you don’t subscribe to this new periodical, I recommend it as a helpful tool for those involved in managing the business aspect of the law firm.
As you might expect, Clay starts with the usual mantra—“Practice careful planning”:
× Have a clear sense of direction.
× Know your competition.
× How will you differentiate the new group from the competition?
× Understand fully and be prepared to adequately fund the investment needed.
Clay points out that to venture into a new area, the firm needs more than just a strong practice leader. It must tap a circle of existing leaders from within the firm—those partners who will make a significant investment in the group’s success. Clay says, “If the group does not have at least three or four partners who are willing to invest significant time and effort in the development of the group, then it is unlikely to be effective.” Likewise, the new venture must complement the overall strategy and objective of the firm. Does it fit? It can’t conflict or just be neutral and still be effective for the firm as a whole.
To subscribe to LawFirmInc go to http://lawfirminc.law.com/subscribe04.html. Tom Clay’s e-mail address is tsclay@altmanweil.com
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