Business of Law
Law Firms Launch New Practice Groups in Effort to Roll with Roiling Economy
Posted Jul 6, 2010 12:59 PM CDT
By Martha Neil
Arent Fox has launched a new insurance and reinsurance practice in New York, making it one among a number of law firms that are looking to refocus its practice areas to deal with the difficult economy.
Others doing so include Howrey, which established a 25-lawyer energy technology group earlier in the year, and Womble Carlyle Sandridge & Rice, which introduced a defense group last month to help corporate clients facing potential state and federal government probes, according to the Washington Post.
"It's always prudent business to move your pieces around in response to fluctuating demand and to focus on growing practices with the most immediate potential," says legal consultant Eric Seeger of Altman Weil.
Related earlier coverage:
ABAJournal.com (Sept. 2009): "Arent Fox Revokes Offers to 12 Incoming 1st-Years, Will Pay $20K"
ABAJournal.com (May 2010): "Howrey Chairman Explains Drop in Revenue, Partner Exits"
ABAJournal.com (April 2009): "BigLaw ‘Has Changed Forever,’ Says Womble Carlyle, Cutting Pay 10 Percent"