Law Firms

 
 

Law firms offer their services in different legal and paralegal realms. The professionally managed firms hold good skills and efficiency in offering solutions in the arena of intellectual property rights (IPR), Business laws & Regulatory compliances, Product Launch, Cyber Crimes, Real Estate and Property Laws, Employment Laws, Matrimonial Laws, Alimony, Anti-dumping Laws, Commercial Arbitration, Legal Process Management and many more.

A law firm, by the very nature, is a completely functional business entity that is formed under the Company Law, and wherein one or more attorneys/lawyers join hands to perform professional legal services. The attorneys/lawyers will either offer services in one particular area of law or different areas for that matter. Law firms provide legal services to the individuals, or corporations who consult them to seek legal guidance. A law firm can come into existence in different ways. These include:

Sole Proprietorship – Law firm made by only one attorney constitutes sole proprietorship. The single individual is responsible for profit and loss of the firm.

General Partnership – Two or more lawyers in the firm come together to share the profit and loss.

Professional Corporations – The nature of such corporations is similar to Business Corporation. Here, the lawyers issue the stocks.

Limited Liability Company (LLC) – Here the owners who are the lawyers are known as members. There’s no direct liability involved.

Professional Association – The structure of such law firms associations is similar to LLC or Professional Corporation.

Limited Liability Partnership (LLP) – Under this kind of owner-lawyers are the partners, but no partner is liable in any way to the third party’s creditor.

 
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