Background of the LAW FIRMS The most attractive and viable career option for any fresh law graduate is getting associated with a reputed law firm. As India is fast developing into an economic superpower the remuneration and job opportunities in law firms have increased by leaps and bounds. A business entity formed by one or more lawyers to provide legal service to corporate or any individual is known as a Law Firm . The primary service rendered by a law firm is to advise clients about their legal rights or liabilities , and to represent clients in courts whenever it requires. They are authorized to be part of business transactions, and other matters in which legal advice and other assistance are sought. Edufoster the best coaching provider for CLAT encourages fresh law graduates to be part of a renowned law firm.
In this digital world where most of the duties and responsibilities of a lawyer can be executed without venturing out in the field a huge number of young law graduate prefer working for law firms. In a law firm setting, you'll likely serve various clients that might range from Fortune 500 companies to individuals. In a law firm, typical duties include meeting with clients, drafting contracts, negotiating settlements and supervising paralegals and other legal professionals. You may even find yourself representing a single client for a portion of your career as many large companies have in-house counsel whose duties might include reviewing business contracts or helping the company create employee handbooks that comply with federal and state employment. Other paths you can take include working for a government agency such as the Internal Revenue Service, where you might draft legal documents and develop litigation strategies against taxpayers; working for a non-profit agency that serves the public.
Few years after rigorously working as a lawyer one who has the capability of starting his own firm can start the business and once it’s established, he employs a legal staff. The legal staff purpose is to undertake the responsibilities of the law firm by representing the firm’s client in court, advising them about their legal rights and carrying out legal duties for these clients. The law firm might have varying legal staff depending on the ownership or management structure. This could be as a result of the law firm structure. A partnership is a typical structure of a law firm. They share revenue from their services as a team through the law firm they have set up. A law firm can also be a sole proprietorship. A lawyer can set up a firm and employ a set of lawyers. These are the various ownership structures of law firms.
Like most of other business establishment law firms too irrespective of its nature are faced with increasing pressure to do business faster and more effectively. And as these pressures intensify further in the current economic climate, the temptation for many law firm partners will be to focus on client facing work rather than on the more challenging aspects of leading their practices as owners, managers and producers.
A certain system called an arrangement determines the type of law firms one can be classified into .It can be one among the followings.
Sole proprietorship; as name suggests this is wherein the attorney is the owner and he is overall in the liability, loss and profit of the firm. General partnership is whereby all the attorneys in the firm are entitled to an equal share of the firm’s loss, liability and profits. Corporations that address attorneys like a corporation. These corporations mainly deal with very high profile cases and may represent government officials.
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