A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service provided by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent their clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought.
If you have the injury in the work place or some other place and you want have the law firm, then you have to know what kind of law firm you will have. The following details will help you.
Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Common arrangements include:
* Sole proprietorship, in which the attorney is the law firm and is responsible for all profit, loss and liability.
* General partnership, in which all of the attorneys in the firm equally share ownership and liability.
* Professional corporations, which issue stock to the attorneys in a fashion similar to that of a business corporation.
* limited liability company, in which the attorney-owners are called "members" but are not directly liable to third party creditors of the law firm
* Professional association, which operates similarly to a professional corporation or a limited liability company;
* Limited liability partnership (LLP), in which the attorney-owners are partners with one another, but no partner is liable to any creditor of the law firm or is any partner liable for any negligence on the part of any other partner.
The LLP is taxed as a partnership while enjoying the liability protection of a corporation.
Law firms range widely in size.
The smallest law firms are sole practitioners (lawyers practicing alone), who form the vast majority of lawyers in nearly all countries.
Smaller firms tend to focus on particular specialties of the law (e.g. patent law, labor law, tax law, criminal defense, personal injury); larger firms may be composed of several specialized practice groups, allowing the firm to diversify their client base and market, and to offer a variety of services to their clients.
Large law firms usually have separate litigation and transactional departments. The transactional department advises clients and handles transactional legal work, such as drafting contracts, handling necessary legal applications and filings, and evaluating and ensuring compliance with relevant law; while the litigation department represents clients in court and handles necessary matters (such as discovery and motions filed with the court) throughout the process of litigation.
As legal practice is adversarial, law firm rankings are widely relied on by prospective associates, lateral hires and legal clients. Substantive rankings typically cover practice areas such as The American Lawyer's Corporate Scorecard and Top IP Firms. Work place rankings are directed toward lawyers or law students, and cover such topics as quality of life, hours, family friendliness and salaries. Finally, statistical rankings generally cover profit-related data such as profits per partner and revenue per lawyer
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