Monday, April 16, 2012

Niche master

The lawyers who have achieved elite status in some specialized niche of the legal world charge much higher rates than lawyers who handle more routine matters. The money flows to those who do something different. They're unique. They stand out in a profession of largely interchangeable parts.

Niche masters compete on expertise while the less capable try to do more of the same at a greater rate for less money. Expertise is scarce. Scarce resources are expensive.

The niche master finds their "unique contribution" and exploits that skill in any way possible. That unique contribution emerges from what you know, who you know, and how you can mix those things up with what you've done to create a unique proposition.

If you're the only person doing something, you're the best in the world at that one thing.

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