Web Definition: Law Firms
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 about their legal rights & responsibilities & to represent their clients in civil or criminal cases. Smaller firms tend to focus on particular specialties of the law ; larger firms may be composed of several specialized practice groups, allowing the firm to diversify their client base & market & to offer a variety of services to their clients. Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Sole proprietorship, in which the attorney is the law firm & is responsible for all profit, loss & liability;. General partnership, in which all of the attorneys in the firm equally share ownership & 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;.
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