Law firms are businesses that are formed by either one or more lawyers who have an intention of engaging in law related practices. Legal rights and responsibilities of clients are informed by law firms when you contact them in need of their services. All your civil representation and in criminal cases are handled by lawyers since that is their obligation. Customers are legally represented in their business transactions and any other matter that involve them in need of any assistance or legal advices. There are various types of categories from lawyers which is based on various jurisdiction that they represent.
There are lawyers in the category of sole proprietor who enjoys all the credits, profits, liabilities and responsibilities enjoyed by their law firm. In partnership law firms the attorneys have the right to share all profits and liabilities equally. The educated members of law firms maintains, controls and checks on legitimate occupation to protect the interests of their body. Lawyers educate customers to ensure they understand their rights by safeguarding their interests accordingly. One thing that maybe you never knew is that the lawyers acts so that they can maintain a powerful position in a specific country.
Globally, most countries have the right to engage in ownership interests without any regulations. When setting up law firm’s lawyers are not supposed to raise any funds in public offerings through stock market. Law firms are supposed to therefore either raise capital through contributions from partners or take loans in credits that are secured by their accounts. Clients are represented by lawyers and should never be overcharged in paying their fees.
Remember, lawyers should always be honest anytime they are filling cases and raising defense against the interests of their clients. It is the purpose of law firms to ensure that despite the fact that they offer quality services, they should never be too expensive such that clients cannot afford and should make sure all the interests are protected.
Ranking of law firms is identified in various financial statistical measures. Net profit which is incurred per partner is one of the common identifier. Potential partners with more profit are identified to have prestige and the ability to attract more customers.
When it comes to matters of legal representation, law firms identified with law profits are found to have served few number of clients when it comes to representation. Gross revenue is divided among the number of partners who own law firms. Compensation and expenses incurred by various law firms are excluded when it comes to ranking the general performance of various entities. Net operating capital of all equity and non-equity partners is used to tell on their ranking.