A large number of the law aspirants might have adored Harvey Specter from Suits or Bobby Donnell from the Practice, and thought about becoming an associate or a partner at one of the law firms in London. However, for a candidate working at a law firm, there might be a difference in the involvement they get to know from the T.V series or films as to what they experience in real. Also, working at a law firm varies in terms of experiences accumulated from working under a litigation professional or for a law firm. So let us now learn in detail about various law firms in London, what they are, what they do and many other relevant facts.
A law firm refers to a business entity, created by an association of lawyers who are involved in legal practice. In general, the members of a law firm share a variety of clients, and the incomes are thereby amassed by offering legal services to those clients.
There could be different types of law firms in London including:
Sole Proprietorship
This law firm consists of only one lawyer who is answerable for all profits, loss, and liabilities emerging out of such firm.
General Partnership
In this kind of law firm, all the lawyers who are members in the firm cooperatively share the profits, losses, and liabilities accrued therein.
Professional Association
This type of law firm works in a manner similar to a business entity and issues stocks to the lawyers or advocates.
Limited Liability Company
Here the advocate-owners are termed as members but are not directly liable to third party creditors of the law firm.
Limited Liability Partnership
In this type of law firm, there exists a partnership among the advocate-owners with each other. However, there is neither any liability of a lawyer member towards the creditor of the law firm nor any accountability for any neglect caused on part of another member. The LLP is taxed as a partnership firm while being a beneficiary of the liability protection of a business.
The second elementary trait of a good law firm relies upon the leadership. This leadership can be attained by a sole person or a core member group, and not essentially arrive from the formal management structure of the firm.
This leadership attitude includes:
· Development and authorization of people.
· Ability to impact others.
· Encouragement of team play.
· Introspecting multiple options.
· Taking calculated and intelligent risks.
· Feeling fervent towards work.
· Being a clear and strong visionary.
Leadership makes things happen and throws a firm forward, eases new directions and helps in meeting new goals, and introduces flexibility to manage the dynamic competitive climate of the current environment.
Successful law firms in London which deliver exemplary client service not only focus on the prospects of their clients but also on surpassing those expectations.
Delivering outstanding client service is extremely crucial in today’s scenario. While the rising number of lawyers and law firms are competing for fewer clients with drop in the client faithfulness. It is inadequate in the present day legal setting to just be competent or an expert in the legal sector. A successful law firm is determined through a client’s work experience with that firm and not exclusively upon the quality of work done by such firm.
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