Law firm

law firmsfirmlaw officepartnerlawlegal firmpracticefirmslaw partnershiplawfirm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law.wikipedia
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Baker McKenzie

Baker & McKenzieBaker & McKenzie LLPBaker and McKenzie
One structure largely unique to large multinational law firms is the Swiss Verein, pioneered by Baker & McKenzie in 2004 or as GRATA International, in which multiple national or regional partnerships form an association in which they share branding, administrative functions and various operating costs, but maintain separate revenue pools and often separate partner compensation structures.
Baker McKenzie, founded as Baker & McKenzie in 1949, is a multinational law firm.

Paralegal

legal assistantparalegalslegal clerk
Law firms are typically organized around partners, who are joint owners and business directors of the legal operation; associates, who are employees of the firm with the prospect of becoming partners; and a variety of staff employees, providing paralegal, clerical, and other support services.
A paralegal is not a lawyer but is typically employed by a law office or internal legal department of a company.

Conflict of interest

conflicts of interestconflict-of-interestconflict of interests
It is justified by many in the legal profession, notably the American Bar Association which rejected a proposal to change the rule in its Ethics 20/20 reforms, as necessary to prevent conflicts of interest.
In the practice of law, the duty of loyalty owed to a client prohibits an attorney (or a law firm) from representing any other party with interests adverse to those of a current client.

Lawyer

attorneylawyersattorneys
A law firm is a business entity formed by one or more lawyers to engage in the practice of law.
Lawyers in private practice generally work in specialized businesses known as law firms, with the exception of English barristers.

Cravath, Swaine & Moore

Cravath Swaine & MooreCravath, Swaine and MooreCravath, Swaine & Moore LLP
Many law firms have an "up or out policy", integral to the Cravath System, which had been pioneered during the early 20th century by partner Paul Cravath of Cravath, Swaine & Moore), and became widely adopted by, particularly, white-shoe firms; associates who do not make partner are required to resign, and may join another firm, become a solo practitioner, work in-house for a corporate legal department, or change professions.
Cravath, Swaine & Moore LLP (known as Cravath) is an American law firm with its headquarters in New York City, and an additional office in London.

Associate attorney

associatesummer associateassociates
Law firms are typically organized around partners, who are joint owners and business directors of the legal operation; associates, who are employees of the firm with the prospect of becoming partners; and a variety of staff employees, providing paralegal, clerical, and other support services.
An associate attorney is a lawyer and an employee of a law firm who does not hold an ownership interest as a partner.

Paul Drennan Cravath

Paul CravathPaul D. Cravath
Many law firms have an "up or out policy", integral to the Cravath System, which had been pioneered during the early 20th century by partner Paul Cravath of Cravath, Swaine & Moore), and became widely adopted by, particularly, white-shoe firms; associates who do not make partner are required to resign, and may join another firm, become a solo practitioner, work in-house for a corporate legal department, or change professions.
Paul Drennan Cravath (July 14, 1861 – July 1, 1940) was a prominent Manhattan lawyer and a partner of the law firm today known as Cravath, Swaine & Moore.

Cadwalader, Wickersham & Taft

CadwaladerCadwalader, Wickersham and TaftStrong & Cadwalader
The oldest continuing partnership in the United States is that of Cadwalader, Wickersham & Taft, founded in 1792, in New York City.
Cadwalader, Wickersham & Taft LLP, (known as Cadwalader), is New York City's oldest law firm and one of the oldest continuously operating legal practices in the United States.

Initial public offering

IPOwent publicpublic
Thus, law firms cannot quickly raise capital through initial public offerings on the stock market, like most corporations.
Because of the wide array of legal requirements and because it is an expensive process, IPOs also typically involve one or more law firms with major practices in securities law, such as the Magic Circle firms of London and the white-shoe firms of New York City.

Up or out

up-or-outeither awarded tenure, or dismissed from the universityeither tenured or dismissed from the university
Many law firms have an "up or out policy", integral to the Cravath System, which had been pioneered during the early 20th century by partner Paul Cravath of Cravath, Swaine & Moore), and became widely adopted by, particularly, white-shoe firms; associates who do not make partner are required to resign, and may join another firm, become a solo practitioner, work in-house for a corporate legal department, or change professions.
Among many other law firms, Cravath, Swaine & Moore's so-called "Cravath System" historically expected associate lawyers to achieve partner status within ten years of being hired or to leave the firm.

American Bar Association

ABAStanding Committee on the Federal JudiciaryABA-accredited
In the United States this complete bar to nonlawyer ownership has been codified by the American Bar Association as paragraph (d) of Rule 5.4 of the Model Rules of Professional Conduct and has been adopted in one form or another in all U.S. jurisdictions, except the District of Columbia.
In private practice law firms, women make up less than 22 percent of partners, a 4.2 percent increase over the last 10 years.

King & Wood Mallesons

Mallesons Stephen JaquesKing & Wood PRC LawyersStephen Jaques & Stephen
A notable exception is King & Wood Mallesons, a multinational law firm that is the result of a merger between an Australian law firm and a Chinese law firm.
King & Wood Mallesons (KWM, ) is a multinational law firm headquartered in Hong Kong.

Rawle & Henderson LLP

Rawle & Henderson
The oldest law firm in continuous practice in the United States is Rawle & Henderson LLP, founded in 1783, in Philadelphia.
Rawle & Henderson LLP is a law firm headquartered in Philadelphia, Pennsylvania.

Cravath System

up or out
Many law firms have an "up or out policy", integral to the Cravath System, which had been pioneered during the early 20th century by partner Paul Cravath of Cravath, Swaine & Moore), and became widely adopted by, particularly, white-shoe firms; associates who do not make partner are required to resign, and may join another firm, become a solo practitioner, work in-house for a corporate legal department, or change professions.
John Oller, author of White Shoe, credits Paul Drennan Cravath with creating the model adopted by virtually all white-shoe law firms, 50 years before the term came into use; The Cravath System has been partially adapted by most large law firms and consulting agencies.

Book of business (law)

book of businessportable business
Partners in a limited liability partnership can largely operate autonomously with regard to cultivating new business and servicing existing clients within their book of business.
Since most U.S. law firms are organized as limited liability partnerships or professional corporations, each partner is usually responsible for acquiring their own clients in that partner's specific area of specialty.

Professional corporation

P.C.PCProfessional corporations
Professional corporations may exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations.

Revenue

turnoverrevenuesgross revenue
Service businesses such as law firms and barber shops receive most of their revenue from rendering services.

Legal outsourcing

Legal process outsourcinglawlegal process outsourcing or LPO
Related innovations include alternative legal services provider (ALSP), legal outsourcing and what is sometimes called "NewLaw".
Legal outsourcing, also known as legal process outsourcing (LPO), refers to the practice of a law firm or corporation obtaining legal support services from an outside law firm or legal support services company (LPO provider).

Law library

law librarieslaw librarianlibrary
Traditionally, partners shared directly in the profits of the firm, after paying salaried employees, the landlord, and the usual costs of furniture, office supplies, and books for the law library (or a database subscription).
Law libraries may be found in courts, legislatures (e.g. the Law Library of Congress), prison libraries, government departments, private law firms, and barristers chambers.

Clifford Chance

Clifford Chance LLPClifford Chance Rogers & WellsClifford Chance, LLP
In 2008, the largest law firm in the world was the British firm Clifford Chance, which had revenue of over US$2 billion.
Clifford Chance LLP is a multinational law firm headquartered in London, United Kingdom, and a member of the "Magic Circle".

Partnership

partnerpartnershipssilent partner
Law firms are typically organized around partners, who are joint owners and business directors of the legal operation; associates, who are employees of the firm with the prospect of becoming partners; and a variety of staff employees, providing paralegal, clerical, and other support services.

Heller Ehrman

Heller Ehrman White & McAuliffeHeller, Ehrman, White & McAuliffeHeller Ehrman LLP
Among the firms closed included Heller Ehrman, a San Francisco-based firm established in 1890 and Halliwells of the UK.
Heller Ehrman LLP was an international law firm of more than 730 attorneys in 15 offices in the United States, Europe, and Asia.

Goodwin Procter

Goodwin Procter LLPGoodwin, Procter & HoarGoodwin, Procter and Hoar
Some prominent law firms, like Goodwin Procter and Paul Hastings, give generous signing bonuses (e.g., $20k) to incoming first-year associates who hold JD/MBA degrees.
Goodwin Procter LLP (known as Goodwin) is a Global 50 law firm consisting of more than 1000 lawyers with offices in Boston, Cambridge, Frankfurt, Hong Kong, London, Los Angeles, Luxembourg, New York City, Paris, Santa Monica, Silicon Valley, San Francisco, and Washington, D.C..

Of counsel

assigned counselcounselGeneral Counsel
In the United States, Canada and Japan, many large and midsize firms have attorneys with the job title of "counsel", "special counsel" or "of counsel."
Of counsel is the title of an attorney in the legal profession of the United States who often has a relationship with a law firm or an organization but is neither an associate nor partner.

Building a Better Legal Profession

In an October 2007 press conference reported in The Wall Street Journal and The New York Times, the law student group Building a Better Legal Profession released its first annual ranking of top law firms by average billable hours, pro bono participation, and demographic diversity.
They analysed employment data at large private law firms to promote workplace reform at these companies by encouraging students to "vote with their feet" and select future employers based on quality-of-life and diversity criteria, rather than the pure prestige.