A Law Firm provides advisory services and representation to individuals regarding their legal issues. A Law Firm is actually a business entity which is established by one or a group of lawyers having specialization in one or different areas of law.
Law firm – definition and meaning
A law firm is established in a number of ways according to their practice. For example, if there is one attorney who is responsible for all profits, losses and liabilities, then the Law Firm is registered and established under sole proprietorship. However, where there are a number of members in a Law Firm and all the members equally share the ownership, then the firm will be established under general partnership. Similarly there is a limited liability company. In this type of law firm member attorneys are not directly liable to third party creditors of the firm. Another type of law firm is a professional corporations which functions just like a business corporation.
As a law firm is a business as discussed above, like any other businesses it also needs certain necessary steps to make it prominent among masses and earn goodwill. These steps may include building trust with clients and prospects. It is said that one satisfied client brings ten more clients. According to this saying, it is necessary to maintain goodwill of any law firm. This is only possible when we develop client confidence in our services. Client survey is another important tool to maintain good reputation of a law firm.