Law Firm

A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service provided by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent their clients in civil or criminal cases, business transactions and other matters in which legal assistance is sought.
In many countries, including the United States and the United Kingdom, 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, like most corporations. In the United States this rule is promulgated by the American Bar Association and is adhered to in all U.S. jurisdictions, except the District of Columbia. The U.K. has a similar rule, but in recent years there have been discussions about relaxing it in order to allow law firms to expand more rapidly.

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