Here is a link to a post about creating a niche practice for yourself. Most of what the author says, I completely agree with and have nothing to add. However, this caught my attention:
“Look at an area of law, like Real Estate, Trust and Estate, Commercial or DWI, with an eye toward recurring elements. These recurring elements can benefit from targeted and highly responsive legal service.”
There are a couple benefits from creating a niche and then focusing your practice on the “recurring elements.” This is a benefit to you because much of what you already of done for one client can be used for the next one facing a similar issue. It can also be a benefit to the client because you can charge the client less than the going rate because you still make a good margin, because you can re-use much of the material.