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Page 9 of 12 |
What is a ‘law firm’? |
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A law firm typically consists of from two to several hundred lawyers who practice together as a formal entity. In the past law firms were all organized as general partnerships, but now they may also be Professional Corporations, Limited Liability Partnerships, or Limited Liability Companies.
A law firm may have as few as one "principal" and from one to dozens of salaried attorneys, known as "associates" although most law firms have two to dozens (some have hundreds) of "partners", "principals" or "shareholders" plus many salaried associates. There may also be "Of Counsel", lawyers who typically have some on-going relationship with the law firm, but are neither traditional partners or associates, sometimes on a part-time basis. |
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