A law firm is a company consisting of one ore more attorneys, who engage in legal practice. They have a number of clients who provide cases, which the professionals are supposed to help counsel, or fight for, in the courts.
A law firm is a type of business formed by one or more lawyers in order to engage in the practice of law. The primary service these businesses provide is advisement to clients regarding legal right and responsibilities.
They also act to represent clients in criminal or civil cases,
and help with business transactions and additional matters in which legal assistance is required.
Firms can be organized in a number of ways, depending on the jurisdiction in which it practices. Some common arrangements are:
1. Limited Liability Partnership – (LLP), This type is one in which the owners are partners with one another, but in which no partner is liable to any creditor or for any negligence on the behalf of any other partner. The partnership is taxed as such while enjoying the liability protection that is afforded to corporations.
2. Professional Corporations – One in which lawyers are issued stocks in a way that is similar to that of a corporation.
3. Limited Liability – One where owners are referred to as “members” but are not directly liable to third party creditors of the firm.
4. Professional Association – One which operates very similarly to that of a limited liability company or professional corporation.
5. General Partnership – That in which each attorney shares equal liability and ownership.
6. Sole Proprietorship – That in which the attorney is the firm and is solely responsible for any and all profit, loss, and liability.
Partnership
In many cases, firms are organized around partners, who own them jointly; associates, or employees of the firm; and a variety of staff members who provide clerical, paralegal, and other support services.
Although associates have the prospect of becoming a partner, it may take as long as nine years before such a promotion is given. In fact, many firms have a policy in which any associate who does not make partner within a certain time frame are required to resign.
Becoming a partner is a very prestigious feat for any associate. In some instances, firms may even take out advertisements in order to announce the decision. Typically, partners share in the profits of the firm, and thus is why becoming one is ideal for many practicing attorneys.
Rank
Because legal practice is adversarial, rankings are typically relied on by prospective associates, potential clients, and lateral hires. Substantive rankings generally cover practice areas like Top IP Firms.
Work place rankings are more directed toward students or lawyers, and cover such topics as quality of life, family friendliness, hours, and salaries. Statistical rankings cover more of the profit-related data such as revenue per lawyer and profits per partner.
