I found that my 1L group was helpful for doing practice exams and talking over them. Maybe you can find some people to do that with. I don't think study groups are neccessary to success, but I do think talking to other people can help you soldify your own understanding of concepts and hopefully they will bring up things you didn't think of and vice versa. That's especially helpful on issue spotting exams.
I still study with one girl from my group last year because we have several classes together and she and I work very well together. I really like having only one other person, instead of a big group, because we stay on topic better.
I second all of this, and agree that a smaller group is better. I also found a study group helpful in motivating myself to do work. Even if we didn't stay on task 100% of the time, I had done the work before hand (did the practice question/hypos, reviewed concepts, etc). When you're studying 24/7, I also found I didn't mind getting off-track now and then.
Studying day and night quickly becomes counter-productive! With that being said, whether or not you get into a study group, make sure you take breaks and do somethings for yourself over the next few weeks. You really need it!
Good luck on your first exams!