Concept of law firms: Law firm, in simple words is an entity formed by lawyers who practice law. There are different types of law firms, such as, Limited Liability Partnership (LLP), General Proprietorship, Sole Proprietorship etc. Each is different and unique. In sole proprietorship, a single person can avail benefits of his work and will be burdened with losses. Whereas, in general proprietorship, profits and losses are divided among partners in the ratio decided. LLP is slowly getting popularity in India. In this type, no partner is liable to the creditor of the firm or the negligence of the other partner. As far as a liability is concerned, it is protected like a corporation, but taxed as a partnership.
What are functions of law firms?
Due to increasing complexity, a law firm is must for every business today. As the business expands, more and more laws and legislations are applicable to it. If a company has expanded it's business overseas, laws of other nations must be adhered to by corporates to survive in other countries. Their basic function involves advising clients on questions of laws. 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. Various provisions regarding managing these firms, amalagamations and mergers between two firms etc are prevalent in the law.
Goodwill of law firms
The repute of firms is based on many factors, which inter alia include, their efficiency and skill in providing service to their clients, their expertise in handling matters of law etc. It is difficult to fetch clients, if a firm is newly established. 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. There is no replacement for hardwork. Also, with the diligence, firms have to win and retain faith of customers.
Wondering how to select a right law firm?
The question is how to select a good law firm. A law firm must be selected wisely. The one chosen by you should be competent enough to represent you. The best way to seek these is journals, newspapers etc. Today technological development is high. Many of the firms have their own website. Hence, an option of finding a good law firm online is available to clients. Even though there are many advertisements, only credible should be selected among them. 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.
What are functions of law firms?
Due to increasing complexity, a law firm is must for every business today. As the business expands, more and more laws and legislations are applicable to it. If a company has expanded it's business overseas, laws of other nations must be adhered to by corporates to survive in other countries. Their basic function involves advising clients on questions of laws. 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. Various provisions regarding managing these firms, amalagamations and mergers between two firms etc are prevalent in the law.
Goodwill of law firms
The repute of firms is based on many factors, which inter alia include, their efficiency and skill in providing service to their clients, their expertise in handling matters of law etc. It is difficult to fetch clients, if a firm is newly established. 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. There is no replacement for hardwork. Also, with the diligence, firms have to win and retain faith of customers.
Wondering how to select a right law firm?
The question is how to select a good law firm. A law firm must be selected wisely. The one chosen by you should be competent enough to represent you. The best way to seek these is journals, newspapers etc. Today technological development is high. Many of the firms have their own website. Hence, an option of finding a good law firm online is available to clients. Even though there are many advertisements, only credible should be selected among them. 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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