Definition of law firm : a group of lawyers who work together as a business.
PartnersThe Law Firm Hierarchy: Attorneys Partners: Firm owners, also referred to as "partners," may sometimes be called "shareholders" or "members." Since they are owners, they command the highest billable rate, as well as offering the greatest financial benefits to the firm.
What is another word for law firm?barrister's chamberschamberslaw officelegal firmoffice of law
Members and Partners are generally owners of the law firm. Generally, the term members are used if the firm is a corporation, partners are used in a partnership or LLP. They generally receive a draw or salary, depending upon structure. More.
The managing partner sits at the top of the law firm hierarchy. A senior-level or founding lawyer of the firm, she manages day-to-day operations. She often heads an executive committee comprised of other senior partners, and she helps to establish and guide the firm's strategic vision.
A legal associate, often known as an associate within a law firm, is an entry-level to mid-level attorney. Associates typically specialize in one field of law and work their way up to partner status at their firm.
A law firm is generally the name of a group of lawyers who have come together to work in a partnership to extend their area of expertise and practice by working for clients. But before entering a law firm, you do have to know which of them are of the highest stature and offer a great working environment.
Because of the risk of not getting paid at all, lawyers tend to collect between 30%-50% of whatever the client gets. In most cases, out-of-pocket expenses such as filing fees, travel expenses, printing etc., are excluded from such arrangements.
The title "Of Counsel" is used to describe a number of different attorney relationships to a law firm. "Of Counsel" attorneys are not partners or associates, but rather lawyers who have a "close and continuing relationship" with the firm.