06/02/2026
There is a meaningful difference between a firm that does concentrated work in an industry and a firm that has built a defensible position in it.
A genuine specialty practice has documented systems designed around the niche, staff trained in it with bench depth that is not dependent on a single partner, a referral network mapped to the specific vertical, and a market presence that makes the expertise visible before a prospect initiates contact. Firms that have claimed a specialty without building that infrastructure tend to discover the distinction quickly when a sophisticated client or referral source examines it closely.
According to https://hubs.ly/Q04jrrXz0's State of the Profession data, firms with clearly defined target markets grow 23 percent faster than generalists. That differential compounds. The practical question worth putting to your leadership team: where is your firm already billing above its average rate, and what does that reveal about where the real specialty lives?
We wrote about what it takes to formalize that position and build the platform around it.
https://hubs.ly/Q04jrplM0"