010: A Narrow Niche Will Pay Off in Dividends. Tim Anderson, Esq.

Tim Anderson, Esq.

Tim is a white collar criminal defense attorney in New Jersey. He is the guy you call when the IRS or FBI comes knocking on your door at 6 in the morning, because he can make them go away…

After moving from Minnesota to New Jersey about 5 years ago, Tim practically rebuilt his business from the ground up. In this interview he shares the story of transforming his law practice into a law business.

When it comes to choosing clients, Tim is an advocate of a focused niche. Even though many small and solo practitioners are afraid to choose a focused target market, Tim argues that doing so will pay off in dividends in the long run. A niche is not only a marketing technique, but also helps to build efficiency in the business and converts otherwise competing lawyers into referral partners.

Building a business can hardly be done in a vacuum, this is why Tim has reached out to law business coaches and joined networking groups of like-minded solo law business owners. In this interview he talks about the benefits he received from being in such networking groups.

Getting clarity about financial management has also played a big role in building his business. Creating a budget and tracking financial metrics helped Tim shift his focus from the day-to-day tasks towards longer term goals.

Having an active lifestyle and family time are also important to Tim. He does not claim to have “the secret” to work-life balance, but he certainly puts life ahead of work. He believes it is not only good health wise, but mentally as well.

Business tip: Do not be afraid to narrow your niche, in the long run it will pay off in dividends. Any given area of legal practice is right for finding some kind of niche.

Recommended tools: Clio and QuickBooks Online.

Tim’s website: http://timandersondefense.com/