Law firms are entities that practice the law and can be formed by a single lawyer or a group of lawyers. The primary functions of all law firms are advising their customers about their rights and responsibilities that are stated by the law. They can also present clients in courts as well as oversee business transactions and any other matters that involve the law and where legal advice is needed.
Law firms exist in different sizes and dimensions depending on the type of service provided and the number of lawyers employed in a law firm. Explained below are some of the basic arrangements of law firms that exist.
- Sole Proprietorship
These are law firms owned by a single attorney who oversees all operations. There can be a single secretary or the attorney can exist alone. He is in charge and responsible for any profits or losses incurred and responsible for liability
- General Partnership.
In this kind of arrangements, all employed attorneys have a certain share in the ownership and profits and liabilities are distributed to all attorneys.
- Professional Corporations.
This kind of arrangements operates by issuing the attorneys available stock as in a business corporation.
- Limited Liability Company
In this kind of arrangement, attorney-Owners are referred to ‘Members’ but are not held liable to any creditors of the law firm.
- Limited Liability Partnership
In this type of arrangement, the attorney-owners exist as partners to each other but in a platform where each partner is liable to his actions. Any negligence by a partner does not affect the other partners.
Since law firms specialize in different fields explained below are some of the common types of Law firms depending on the specialty and variety.
- Wall Street law firms- These are some of the biggest and titled most notorious law firms. They deal with matters involving finance and any banking matters. They are distributed all over the world and only accommodate experienced and well-trained lawyers making it hard for young lawyers to get absorbed.
- Small and regional Law firms- These kind of law firms are smaller than Wall Street law firms and are based on a country or a certain region. They operate with clients from their area or from their regions. Example of such a firm is the Quirk Law Firm. They are a group of lawyers who offer to drivers, motorcyclists or pedestrians the advice they need in case of an accident. They ensure that the victims are compensated. They are based in Southern California.
- ● Solo Law firms-These Kind of law firms are owned and run by a solo lawyer. They are designed to provide services to certain geological areas and the services provided depend on the area of expertise of the Lawyer. This kind of law firms are associated with excellent services since the Lawyer gives first-hand help and to is likely to deliver more in the attempt to gain more customers or clients.
- Criminal Law firms- This kind of law firms are specialized to represent criminals in courts to help reduce the kind of sentence or punishment.