Law firms or rather a law firm is a legal business entity that is formed by a lawyer or a group of lawyers irrespective of the numbers to practice law or even better they are formed by the lawyers to overlook or oversee law being practiced. The law firms are often good and offer an array of function, or rather a number of functions, the primary function that they tend to offer to their clients is offering them advice about their legal rights or their legal responsibilities, in addition to this the law firms offer their clients with lawyers or rather they offer lawyers that represent the individual or corporation in cases any time they are called upon to do so. Nevertheless the law firms often offer representation to their clients in a number of cases category, this may include the civil or the criminal cases, business transaction cases and other matters that legal advice and assistance is sought.
In many countries there are restriction that stipulates that it is only lawyers that should have interest or rather should be managers of law firms. Therefore the law firms cannot be a quick source of capital through the initial public offering on the stock market like it is the case in many corporations. Therefore they are forced to raise capital through the additional capital contribution for additional or the existing equity partners, or rather they can raise their capital from taking debts that are often in the form of line of credit. In some states this complete bar to non-lawyers ownership has been codified by their bar association. There are three financial statistics that are used to measure and rank the law firms performance, they include.
The law firms profit per partner which is often abbreviated as the PPP, this is the net operating income that is often shared or divided among the equity partners that have contributed to it either directly or indirectly, this is often good as the profit is shared among the partners without paying any respect to their efforts. Potential partners will only wish to venture where there returns will be equal to their efforts, this is evident as they will only be attracted the firms that only make good return. Revenue per lawyer is the second pillar, it is often abbreviated as the RPL, it often uses the gross revenue per equity partner to rate or group the law firms’ performance. Thirdly there is the average compensation which is also used in the performance evaluation.
Slip and fall injuries can also be referred to as the trip and fall injuries, they are premises liability claim or rather a type of personal injury claim based on a person going on the premises of another and as a result getting injured, The liabilities for slip and fall injuries may arise based on the defendant ownership of the premise.