Sunday 1 April 2012

A guide to understanding Law firms



Wondering what are law firms?


A law firm is the one, where a group of lawyers, practicing law work collectively. There are different types of law firms, such as, Limited Liability Partnership (LLP), General Proprietorship, Sole Proprietorship etc. Each is different and unique. In case of sole proprietorship, a single person will be enjoying all profits and he will be responsible to bear all losses, too. As far as general proprietorship is concerned, profits and losses are divided among the partners. The ratio is predetermined. As far as LLP is concerned, no partner is liable to the creditor of the firm. No partner is liable for the negligence of the other partner. This type is slowly gaining popularity in India. Even though it is taxed as a partnership, it is protected as a corporation when it comes to liability.

Need and functions of law firms:

Due to increasing complexity, a law firm is must for every business today. When a company is working on a limited level, legal work is not that much. But when the business expands, more and more laws have to be adhered to. Hence a law firm is must. The main function of their job is to advise clients on question of law. Law firms are appointed to represent corporations and people in criminal and civil cases. Certain business transactions demand legal advice, which can be sought with the help of law firms. Different nations have laid down laws, which govern law firms in their nations. Law covers various aspects relating to amalgamation and mergers between law firms, admission, retirement, death of partner etc.

Goodwill and reputation of law firms:

The reputation of firms is dependent upon many factors, which include, how efficiently and skillfully the provide service to their clients, their expertise in the field of law etc. When a firm is established newly, it becomes a bit difficult for it to fetch clients. With continuous efforts, it makes a name and goodwill for it. There is a fierce competition from old and established firms that these new firms have to face to survive. The secret to survive in the market is working hard using full diligence. Winning and retaining faith of customers should be the only motto.

Selecting a right law firm:

The question is how to select a good law firm. The selection of law firm has to be wise. The one chosen by you should be competent enough to represent you. Journals and newspapers have advertisements of these firms. Most of the law firms have their website. They prefer to advertise using this technology. Due to this, now-a-days it is possible to find a good law firm online. Only a credible firm should be selected among all. The most important factor to be taken into account is the cost factor. The amount to be paid and the mode of payment should be decided well in advance. For that, a meeting must be set up. Only after proper discussion, these things can be determined.

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Law Firm Reno

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