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A Law Firm is a commercial entity formed by one or more lawyers to engage in the practice of law. The main service provided by a law firm is to advise clients (individuals or corporations) on their legal rights and responsibilities and to represent clients in civil or criminal cases, commercial transactions, and other matters where legal advice is required and other assistance.
Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Common arrangements include:
In many countries, including the United States, there is a rule that only lawyers can own or be a manager of a law firm. Thus, law firms cannot raise capital quickly through initial public offerings on the stock market, like most corporations. They must either raise capital through additional equity contributions from existing or additional equity partners or take on debt, usually in the form of a line of credit secured by their receivables.
In the United States, this full bar of no lawyer 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 US jurisdictions, except for the District of Columbia. [3] However, the DC rule is narrowly tailored to allow equity participation only to those non-lawyer partners who actively assist the firm’s lawyers in providing legal services, and does not permit the sale of ownership shares to mere passive non-lawyer investors.
The UK had a similar rule banning non-lawyer ownership, but under reforms brought in by the Legal Services Act, 2007 law firms were able to take on a limited number of non-lawyer partners and lawyers were allowed enter into a wide variety of business relationships with non-lawyer and non-lawyer businesses. This has allowed, for example, grocery stores, banks and community organizations to hire lawyers to provide basic legal services to customers in-store and online.
The rule is controversial. It is justified by many in the legal profession, particularly the American Bar Association which rejected a proposed rule change in its Ethics 20/20 reforms as necessary to prevent conflicts of interest. In the adversarial system of justice, a lawyer has a duty to be a diligent and loyal advocate on behalf of the client and also has a duty not to overbill the client. Also, as an officer of the court, a lawyer has a duty to be honest and not file frivolous cases or raise frivolous defenses.
Many in the legal profession believe that a lawyer working as a shareholder-employee of a publicly traded law firm might be tempted to evaluate decisions based on their effect on the stock price and shareholders, which would directly conflict with the lawyer’s duties to the client and to the courts. However, critics of the rule believe it is an inadequate way to protect clients’ interests and that it severely limits the potential for innovation in lower-cost, higher-quality legal services that could benefit both ordinary consumers and businesses.
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A Top Lawyer Brings in an Income of 150,000 Euros
The first ten firms in terms of revenues, according to the data provided by the law firms, number approximately 560 lawyers, who generated an average of 150,000 euros in revenue last year.
As regards the profit margins of the companies, they remained in the range of 40-60%, according to the data provided by a series of companies such as Tuca Zbarcea or Musat & Asociatii, while other companies preferred not to make these data public.
The international companies that have a presence in the local market prefer most of the time to present financial information only at the consolidated level, so players like Badea Clifford Chance or Salons, who could have taken a place in the top ten, according to the information available in the market, are not part of this ranking.
The Austrians from Schoenherr, on the other hand, also provide broken down information, so that strictly based on the receipts of the office in Bucharest, the firm registered an increase in revenues of almost 7%