Archive for the ‘Corporation’ Category
Law firm is a company created by one or more than lawyers to run their practice of law. The main goal of such body is to provide important advices to the clients either individual or corporations about any the legal rights and responsibilities. In general, the clients are able to hire the lawyers in pursuit of dealing with civil or criminal cases, business transaction wherein legal works are needed.
The forms of law firm management vary in accordance to the practiced jurisdiction. Some of the ways are like sole proprietorship, general partnership, professional corporations, Limited Liability Company, professional association, and limited liability partnership. Each mode of arrangement has different focus and concern in specific, but shares the common similarities in the function of legal assistance.
Sole proprietorship is a type of law firm wherein a single attorney owns and run the management on behalf of individual ownership. Meanwhile, general proprietorship involves collective ownership and liabilities among a group of attorneys. Other forms run each arrangement in a different way. The similar ground where those different models of law firms are playing the same is the service upon in-need individual or corporate clientele of legal aid and advices.
Referring to the national provision of the US and the UK, law firms can only be owned by lawyers. Public offering of law firm shares in order to raise additional amount of capital is not allowed due to the reason of preventing potential conflict of interest in the accusatorial process of justice and legal assistance.