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Law in the new age is a bit of a process with the new tech

A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients individuals or corporations about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought In many countries, including the United States, there is a rule that only lawyers may have an ownership interest in, or be managers of, a law firm Thus, law firms cannot quickly raise capital through initial public offerings on the stock market.

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In the United States this complete bar to nonlawyer ownership has been codified by the American Bar Association as paragraph 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.

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The rule is controversial. 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 2025 reforms, as necessary to prevent conflicts of interest. In the adversarial system of justice, a lawyer has a duty to be a zealous and loyal advocate on behalf of the client.

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Law firms operating in multiple countries often have complex structures involving multiple partnerships, particularly in jurisdictions such as Hong Kong and Japan which restrict partnerships between local and foreign lawyers. 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.

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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 may have to wait as long as 11 years before the decision is made as to whether the associate is made a partner Many law firms have an "up or out policy", integral to the Cravath.

Making partner is very prestigious at large or mid-sized firms, due to the competition that naturally results from higher associate-to-partner ratios. Such firms may take out advertisements in professional publications to announce who has made partner. 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 Partners in a limited liability partnership can largely operate autonomously with regard to cultivating new business and servicing existing.