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 offer an array of functions, the primary function is to advise their clients that is the either individual or corporation about their legal rights or responsibility. nonetheless the law firms offer their clients with lawyers that provide representation to them in an array of cases which may include the civil or criminal cases, business transaction cases and other matters that ought to or rather would seek legal advice and assistance.
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. Thus the law firms are not capable of raising quick capital through the public offering on the stock market like it is the case with the other corporation or other business entities. They thus must raise capital through additional capital contribution from additional or the existing equity partners or either take debts usually in the form of line of credit. In some countries the complete bar of the non-lawyers ownership or the non-lawyers management bot the law firms have been codified with the respective countries 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. High profit per partner is often related to the of a firm and its attractiveness to other potential equity partners. The revenue per lawyer is the other standard measure that is used in the performance evaluation. The average compensation is the third statistic that is used to rate the firms performance.
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.