Ever found yourself thinking: "What am I doing in this place? I would be much happier running my own specialist ship." For those who successfully live the dream, the rewards are spectacular – financial, professional and personal. "But," you wonder, "could I do it?"

Let me share some of the lessons we have learned at Sackers in developing our niche pensions practice – even though I would stress we are a long way from perfection.

The key is to find the right niche. Ideally, it should be an area that is growing in order for you to grow with it. Mature areas, such as company/commercial or property, are so fully developed that it will be hard for you to compete with the big boys with any credibility if you want the big-ticket work.

We were lucky as we got into pensions as a niche firm at the ground floor and grew with it. It would be hard for a pensions law firm setting up now to compete with the more established players for the top-quality work. They simply would not cut the mustard with the clients.

The niche should also be an area of law where specialist advice can add value. Specialists sell their experience and judgement in situations where it matters to the client. Trying to compete in commoditised areas with their economies of scale is just not a runner if you want to charge a premium.

Clients like the idea of specialists – they all buy into the Harley Street concept – but they still expect the service to be at a high standard. This means hitting the right level in terms of timely advice, resource and added-value programmes. They demand these minimum standards but are often keen to buy them from a specialist platform. So don't fall into the trap of thinking it can be run on a shoestring.

More importantly, your practice has got to have critical mass. They do not want a sole practitioner with all the availability issues that can bring. There will need to be at least a few of you to make the client feel they are not too exposed to just one person.

What about if it starts to work? Once you start to take work from full-service firms, they will notice you quickly. Because you will be different – and a lot of clients and prospects will like that – the full-service firms will seek to undermine you in formal tenders and elsewhere.

The message delivered by them – and to their credit, many believe – is that only a full-service firm can deliver an exceptional service in all areas. You will need to put your chivalrous instincts to one side. You will also need to respond and play the specialist card for all it is worth. I will email you the script if you want.

But if you can find your niche, as well as the right colleagues, your life will be light years better than your previous existence as a minor cog in a giant wheel. It will be your business. You can implement your good ideas and run the firm as you wish it to be run. The professional satisfaction of winning and developing grateful, happy clients is why you went into the law in the first place. And being in partnership with people you like and respect is great fun too. I won't dwell on the money – but get things right and it ain't too bad.

So if you have that inkling to break free, think it through carefully. Analyse your niche. Sound out like-minded colleagues. And if it feels right, go for it – you will not regret it for a minute.

Ian Pittaway is senior partner at Sacker & Partners.