A law firm is normally a partnership between lawyers and those who offer their expertise to clients under one name. Law firms are not companies, but they are organized in the form of partnerships. The partners of the form share profit as well as liabilities and risk. They engage other lawyers to work as associates with them.
The associate can work at the firm for some period, and then if they establish their compensation at work, they can even become partners at the firm and share the profits along with management of the firm.
Some partnerships work in a collegiate manner, and the decisions are made and discussed collectively by partners. At the same time, some operate like companies and appoint a committee to manage the firm.
There are many best law firms in Mississippi. These law firms cater to the interest of companies and private individuals. When you are working at law firm you have to deal with a variety of problems that can be restricted to a particular area of the law.
Law firms employ non-attorney executives and staff, including secretaries and paralegals. They help to support legal and business functions. Law Firms in Mississippi and other cities can have their managing partners, law firm partners, and associates.
The managing partners work from the top of the law firm hierarchy. Managing partner is normally senior-level or founding lawyer of the firm, and they manage the day to day operation. The managing partner leads an executive committee consisting of other senior partners. Managing partners establish and guide the firm’s strategic vision.
Law Firm Partners
Law firm partners, also known as shareholders, are prosecutors who are shared owners and operators in the firm. Most law firms follow a partnership structure, including equity and non-equity. The equity partner has an ownership stake in the firm.
While non-equity partners are paid on an annual basis, and they have fixed salaries. Non-equity partners can be promoted to full equity status in one to three years, but not always.
Associates are the younger attorneys who have the potential of becoming partners in the near future. Large firms split these associates into senior and junior associates depending upon their experience level and merit.
The lawyer normally has to work for 6 to 9 years before ascending to partnership rank. There are many factors that are involved in making a partner, including the associate legal acumen.