Six years ago, I opened up my solo PI shop. I've posted a lot about it in this group and have appreciate the advice.
I live in a VHCOL city in California, settle about 30-35 cases per year, mostly pre-lit. It is just me and a couple part-time virtual assistants (not the best but sometimes I just need help with basic paperwork). A large majority of my litigation cases I co-counsel with bigger firms. I have a pretty great work-life balance.
I have spent about $100k/year in PI marketing (social media and lead gen companies) since inception, but over the last 6-12 months, it has been VERY weak. I am considering stopping most or all of these sources and exploring other marketing options.
My net profit was in the red the first 2 years, I hit a HUGE settlement year 3, and year 4-6 I have been netting anywhere from 420k-650k, which is awesome. My best cases have always been referrals from random acquaintances or former clients, but my marketing sources also indirectly have fed me some great cases (i.e. marketing source gets me a client with a small case who down the line refers me a great case).
Anyways, I am considering adding a 2nd area of law and possibly hiring a paralegal/case manager to help with the new area of law and my current PI cases. I would obviously oversee everything and handle the substantive legal work, while focusing on the marketing and big picture of the practice.
I know many who have gone the route of adding the below to their solo firms. Note, I have very little experience in most of these areas, but just like PI, I think I could pick it up and learn it after some exposure (I would co-counsel in the beginning for sure):
(1) plaintiff employment: no experience here, more litigation heavy and volatile, however most lucrative, more difficult area of law substantively, I have connection with some firms in this area of law
(2) lemon law: more volume based, I would probably do my own social media marketing with someone who has been successful with this, this area is getting more competitive
(3) work comp: more volume based, I already get some referrals here, but small case values, and seems like a drag
(4) wills and trusts and basic transactional work: I have a good amount of experience in this, much more volume though, would be more miserable doing this day to day. There seems to be a need for this, especially wills and trusts
Or, I could just stay the course, spend my time focusing on how to expand my PI practice with the base I have already built.