You know this firm, and perhaps you know someone that has done business with a law firm. So what exactly is a law firm? This is firm formed by one or more lawyers so that they can engage in the practice of law. Your law firm is there in order to guide and advice clients and consumers like you about the many legal rights and responsibilities and they are there in order to represent you in any civil or criminal case, or they can represent you as well in your business dealings and other matters that may need legal inputs or have some legal implications.
A law firm that you may know may come in different sizes; you may get the biggest star in the block or you can gain the services of the small and the start-up services in the area. The traditionally small law firms that you can encounter are usually those groups of lawyers that tend to specialize in one aspect of the law. For example a law firm may get solely into patent law, labor law or immigration law. The larger ones on the other hand may practice and may cover more than one of these specialties. This will allow the larger firms to diversify their services, their base and the market.
Law firms are also organized in many different ways. Around six popular arrangements are popular and commonly adopted by law firms. The first arrangement is perhaps the most common. This is the sole proprietorship in which one lawyer is responsible for his law firm. For that, he will be responsible for all profits and of course for all liabilities. Next in line is the general partnership where attorneys involved share the profits and the liabilities. The other types are the larger ones and the list includes the corporations, Limited Liability Company, professional association and the limited liability partnership.