Boutique Law Firms

The Best Of The Best (Part II)

How do you build a network? Keep track of everyone you meet in your industry and then interact with that network positively.

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Power Niche

(Photo via Amazon)

My previous article was sobering — with me predicting that somewhere between five to 10 years from now:

  • Top lawyers will bill at $5,000 to $10,000 per hour
  • Other lawyers will find their billing rates the same as today or even lower
  • There will be very few top lawyers and very many other lawyers

In the article, I defined the top lawyers as the Best Known, and here are my thoughts about how to be the Best Known lawyer for the job:

First — you should read and learn about my concept of the “Power Niche.” I have written on it extensively, through my column on Above the Law and in my book, “If You Want to Get Rich Build a Power Niche” (which I encourage you to read). I can assure you the single best way to become Best Known — and have a super career (one that is fulfilling and economically successful) — is through the Power Niche.

The Power Niche is incredibly easy to do, and anyone — I mean anyone — including those with more of an introverted personality — can do it just fine. Trust me.

Second — build a network. Network effects are astonishing. I mean way beyond astonishing. The theory is that the path to becoming Best Known is an infinite number of imponderable and unpredictable variables that you cannot, well, predict. Faced with randomness, the most logical plan then becomes:

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  • Take as many shots as possible
  • Spend as little time on each shot as possible

How do you build a network? Keep track of everyone you meet in your industry and then interact with that network positively.

Your network outreach should concentrate on the narrow Power Niche you develop and be respectful to the people on that network by ensuring that you always provide valuable and useful information to that network about this Power Niche. Before long, you are the world’s top authority, and your network grows — you are certainly Best Known in your network. Then the game becomes expanding that network and tending it gingerly and respectfully.

By the way, my personal mantra is just four words, “It’s the Network Stupid,” and I remind myself of it every day.

Third — try not to do things that are a waste of time under the marketing rubric. Most of them don’t work. These include:

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  • Competing on price — which really is the essence of this article
  • Publishing deeply researched articles that take a long time to prepare
  • Misuse/overuse of social media
  • Spamming people
  • Throwing big parties

A much better plan is to meet with people in your industry one-on-one, learn what they are trying to accomplish, and see how you can help.

Fourth — take the time you saved from the last paragraph and do what I suggest in the first two paragraphs. This stuff really works.

Fifth — and lastly — if you are at a law firm where you cannot do the foregoing, or you otherwise find your career isn’t moving you to a place where you can become a Best Known lawyer, consider a job change. And — dare I say — when you are interviewing for a new job, consider asking them about the above. You might get some very interesting answers.

Good luck!!!

Bruce Stachenfeld is the chairman of Duval & Stachenfeld LLP, an approximately 50-lawyer law firm based in midtown Manhattan. The firm is known as “The Pure Play in Real Estate Law” because all of its practice areas are focused around real estate. With almost 50 full-time real estate lawyers, the firm is one of the largest real estate law practices in New York City. You can contact Bruce by email at bstachenfeld@dsllp.com. Bruce also writes The Real Estate Philosopher™, which contains applications of Bruce’s eclectic, insightful, and outside-the-box thinking to the real estate world. If you would like to read previous articles or subscribe, please click here.

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