Law firms or rather a law firm is a business entity that is often formed by a lawyer or a group of lawyers to practice or see law being practiced. The law firms are often good and offer an array of function, or rather a number of functions, the primary function that they tend to offer to their clients is offering them advice about their legal rights or their legal responsibilities, in addition to this the law firms offer their clients with lawyers or rather they offer lawyers that represent the individual or corporation in cases any time they are called upon to do so. Nevertheless the law firms often offer representation to their clients in a number of cases category, this may include the civil or the criminal cases, business transaction cases and other matters that legal advice and assistance is sought.
In many countries there are restriction that stipulates that it is only lawyers that should have interest or rather should be managers of law firms. Therefore the law firms cannot be a quick source of capital through the initial public offering on the stock market like it is the case in many corporations. They thus must raise capital through additional capital contribution from additional or the existing equity partners or either take debts usually in the form of line of credit. Some countries or rather in some states this complete hindrance non-lawyers ownership or management of the law firms has been codified with or rather by their bar association. In ranking the law firms performance there are three consideration that are often made, this may include the.
The pillars may include the law firms profit per partner, this is the net profit that is divided among the equity partners. Potential partners will only wish to venture where there returns will be equal to their efforts, this is evident as they will only be attracted the firms that only make good return. Revenue per lawyer is also another standard measure of the performance of a law firm, it uses the revenue divided by the number of lawyers to keep track of the law firm’s performance, this approach generally shows the revenue generating ability and capabilities of the firms’ lawyers’ in general, but it does not venture in the firms’ expense such as the office overhead. The average compensation is the third statistic that is used to rate the firms performance.
This is may arise based on the defendant ownership of the premises.