Before launching any type of business; you must conduct market research to find out if there is a demand for your practice areas and a need for your services. Some practice areas are primarily offered by large law firms and are rarely provided by sole practitioners, small law firms and in-house legal departments. Doing your due diligence can mean the difference between success and failure, and it doesn't have to cost you a penny.
- To begin your research, start by browsing attorney’s directories. This will give you an idea of the number of attorneys listed in your state, city or county that could use your services.
- In addition to attorney’s directories; job and salary websites are also great resources for researching your practice areas demand.
- The greater the job postings in your practice areas; the more likely your services are in demand.
- However, do not be discourage if your practice areas are not popular on job websites; this just means that you should work a little harder to find the attorneys and law firms who provide services in your niche areas. Also, in some cases, niched areas pay more than generalist because of the specialization and demand.
- The second part of your research should focus on your competitors. Do a competitive analysis.
- Do an online search of other virtual paralegals in your practice areas and evaluate their services then figure out how you can be different.
- The third part of your research is your target clients. Are you going to focus on solo practitioners, small law firms or in-house legal departments? What are the needs for your services that would benefit each group?
- Don’t kid yourself to think it will be a one-size fit all. Deal sizes can vary among your target clients in addition to language, geography and volume of work request.