We often hear about law firm and existence in the legal matter or consultation, but not all of us really understand their main functionality or role in the society. However, when there are lots of legal problems or issue, people will consult the firm in order to ask for help or suggestions. The law firm itself is basically a business that is providing service to individuals or corporate. The firm may be formed by one lawyer or by several lawyers that are practicing their expertise in law. The main function of the firm is to provide assistance and advice for their clients concerning their legal responsibilities or rights, as well as representing their clients in criminal or civil cases, business transactions, or other legal matters.
The Minnesota law firm has different ways of organization. The organization depends greatly on the firm’s field of practice. The common type will include:
- General partnership. In this arrangement, all the members of attorneys share their profits, ownership, and liabilities.
- Sole proprietorship. In this arrangement, the attorney is the one setting up the firm; thus, making him responsible for the liability, profit, and also the loss.
- Professional corporation. The attorneys’ stocks are the same to the ones of business corporation.
Limited liability company. The attorneys become members of the company, but they aren’t liable to the firm creditor - which is usually in the form of third party
- Professional association. The company is similar to the limited liability company or professional corporate
- Limited liability partnership. The attorneys who become the members of the company make partners with one another, but they aren’t liable to the firm third party creditor
The organization of the Minnesota law firm is usually about the partners, the associates, and other staff employees. The partners are the joint owners that are usually also the business directors of all the legal operation of the company. The associates are usually the firm’s employees that has bright prospect to become the partners. The staff employees are usually the staffs that provide clerical, paralegal, and other legal support service. When an associate has the possibility of becoming a partner, he may have to wait for as long as 11 years before the previous partners finally decide whether he is worthy enough to become the next partner. According to the up or out policy that was set in 1900s by Paul Cravath, an associate who doesn’t make partner needs to resign. He can join another firm, have further career as solo practitioner, change profession, or work in house of corporate legal department.
I also recommend other related article: Steps for Law Firm Marketing Techniques