My friend has an agency and considered broadening his practice and serving less successful clients– because he thought clients are getting cheaper and it’s harder to stand out.
Here’s what I said to him– about why that path is wrong:
Expertise and word of mouth will never go out of style. Clients (your law firms and the clients they serve) will always pay a premium for who they perceive to be best.
So call it “thought leadership” or whatever, still continue to tell stories via one minute videos and share expertise via blog posts you distribute.
Don’t make the fatal mistake of serving a smaller business, going more broad, or lowering your prices.
The best can always command a premium.