What Is a Divorce Law Firm
A law firm is a business enterprise that offers legal services and advice to individuals, businesses, and organizations. The primary services offered by a law firm are legal advice and representation in civil or criminal litigation, corporate transactions, and other matters in which legal advice or assistance is sought. Law firms may be privately owned, managed by attorneys, or may be part of a larger organization such as a corporation or government entity.
In addition to providing legal advice and services, Chagrin Falls Business Lawyer also sell and market a variety of products and services that can help clients manage their legal affairs. These can include software, publications, and electronic research tools that are designed to save time and money for clients by automating some of the processes of researching and preparing documents and reducing the need to hire outside counsel. Law firms also offer services such as e-discovery, document management and storage, and archiving.
The most common form of a law firm is the partnership, in which lawyers own and share the profits and losses of the firm. There are various types of partnerships, including general partnerships and limited liability partnerships (LLPs). In a general partnership, all partners are jointly and severally liable for the debts and liabilities of the firm. In an LLP, the owners are shielded from personal liability by the limitations on the transferability of ownership shares.
Some large, international law firms have adopted a two-tiered partnership model in which there are equity partners and non-equity partners. Equity partners receive a percentage of the firm’s revenue and share in firm decision making, while non-equity partners receive a fixed salary and are given limited voting rights on some decisions. In some cases, senior attorneys are allowed to retain the title of “of counsel” even after leaving a partner position, as this can be beneficial for their reputation and gives them a continuing relationship with the firm.
Because law firms are in the business of selling their professional services, they must invest heavily in technology to stay competitive. In addition to computers, servers and software, law firms also need specialized printers, scanners, and document management systems to process the volumes of paperwork they generate. Additionally, some firms use bus-sized mobile offices to interview injured personal injury plaintiffs in their neighborhoods because it is more convenient than having them travel to an office for an interview.
Divorce Lawyer Business Lawyer
In divorces involving private practices, an experienced business law attorney is critical to protecting the value of a client’s business interests. Valuing a law practice is often complicated, and it requires a strong understanding of valuation theory, taxation, compensation, accounting, and relevant legal statutes and case law.
At Minyard Morris, we understand the nuances of valuing law firms and have the expertise needed to handle this complex aspect of high net worth divorces. Our Orange County business law attorneys can provide the legal representation you need to ensure that your personal and professional interests are protected in your divorce proceedings.