If practice makes perfect, practice groups can be the perfect way for a law firm to repackage its existing skills and market them to new clients.
Law firms often see opportunities to drum up new business in current events, such as new legislation or an emerging business trend. After identifying a promising sector, firms that use the formation of practice groups as part of their growth strategy move fast. They form groups of lawyers with applicable experience and then market the group to potential clients.
Marketing is a "huge" factor when it comes to creating practice groups, said Lori Carpenter, president of Downtown recruitment firm Carpenter Legal Search. Labeling skill sets in a new way can translate to greater visibility, which in turn helps to generate new business. "Firms end up representing cases in a specific area, then they're recognized as being the experts in the field," she said.
Read More: Specialty practice: Local firms strategically build teams of lawyers to target hot issues, emerging trends - by Patty Tascarella, Pittsburgh Business Times