Whether it's the business models being developed [thanks mostly to technology] or the laser-like ability to target niches [think Hispanics or Eastern Europeans], some players in the SmallLaw sandbox are doing well. Those range from the lawyers themselves to the vendors who serve the legal sector.
Recently, small business has been taking it on the chin. For example, BLOOMBERG BUSINESS WEEK has just published a major article debunking the image of small business as America's job-creation machine. For example, a survey by Hurst and Pugsley revealed that most entrepreneurs set up shop not to grow into the next Apple but simply to earn a living on their own terms.
However, SmallLaw has the possibility to grow significantly. Unlike the prevailing model of BigLaw, that growth will probably through using contract help and maintaining a non-trophy presence on the fringes of metro areas. For vendors who know how to do business with small business this is proving to be a decent-paying, steady source of assignments.
The key here is: understanding the mindset of SmallLaw. Those who run small shops are raw entrepreneurs. That means they listen. They don't have formulas they bet the range on as does BigLaw with, for example, its premier branding. They also are willing to pay a fair fee for what gets results for them and maybe even is a source of new value at their small or solo operation.
It takes trial and error to learn to market and sell to SmallLaw. For me, the learning curve was about 18 months. The template I used to operate from had been providing services to the Fortune 500. Forget that. Also, currently it's very difficult to penetrate the Fortune 500 for those vendors not already in. On the other hand, small business is usually open for a complimentary consultation.
Given the potential in SmallLaw, lawyers and law students might want to check out this option for practicing law. In Manhattan, the New York City Bar Association is hosting a day of workshops on how to start a small firm or fly solo. The date is November 10. The fee is peanuts: $25 for members of the NYC Bar Association as well as law students. That also covers all meals and attending a music event. For non-members, the fee is $50. Here are details and a link for registration.