Diversify your practice

Diversify your practice

Should you diversify your practice? With a stroke of a pen the legislature can wipe out your practice. I advise every firm I consult for to have at least two areas of specialty.

In some states caps have been put on malpractice claims that have virtually destroyed that area of practice. In others the caps on pain and suffering have greatly reduced the value of many accident practices. What if Congress decided that fees could no longer be withheld in Social Security practices? Representatives would then have to collect the fees from their clients.

What areas of law compliment what you are already doing? Add these areas to the mix of your practice; increase your income and protect your practice from the whim of a legislative onslaught.

If you are doing workers’ compensation think about adding Social Security or Veteran’s Disability. If you are doing one of those areas, add the other. Very few firms practice Federal Worker’s Compensation but those that do are very successful.

Your imagination and creativity are the only limits you have in what you can do to enhance your practice. That is the only protection you and your clients have in these times from a legislature that may not care about you or your clients.

Don’t be caught unprepared. Open your eyes now to the possibility that your area of practice could be wiped out and be ready to change. It is your future that you must protect!