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What Is a Law Firm?
Law firms are organizations of attorneys that collaborate to form competitive advantage through shared experience and clientele. Law firms provide legal advice and litigation services, representing their clients before federal and state courts of appeals, the Supreme Court, United States District Courts, arbitrators tribunals or administrative tribunals.

ofccp compliance program may comprise many partners with various areas of expertise. The most experienced partners tend to make the most money for their firms and are highly esteemed and respected; often having earned themselves reputations for honesty, caring and hard work while fighting tirelessly for real results on behalf of clients.

Other attorneys working at a law firm may be known as associates or counsel. While newer or inexperienced, they often exhibit strong work ethics with potential to become partners one day. Associates/counsel will receive both salary and hourly wages in return for their services; under the direction of partners they must follow directions closely as they take on multiple cases at once with excellent performance expected of them.

Senior counsel, of counsel or special counsel are the highest level attorneys within a law firm and often function like associates without becoming part of management or profit sharing decisions. Some may work exclusively for large corporations in-house as corporate counsel while also working closely with their former firm while occasionally joining some cases as temporary in-house counsels.

Law firm financial reports offer insight into their overall financial health. Two main financial statements for law firms are the balance sheet and income statement. The balance sheet lists all assets and liabilities while the income statement summarizes revenues and expenses over a certain time frame; net profits are then determined by subtracting expenses from revenues to arrive at net profits or net income or profits.

Assets of a company include cash, inventory and property; liabilities include accounts payable, accrued expenses and mortgage debt; shareholders' equity is the amount remaining after paying off all debts of the firm; financial reports can help owners assess whether there are enough assets to meet obligations; in case of insolvency these reports become invaluable in providing creditor protection and providing valuable insight for decision makers and interested parties alike. Aside from financial reports, an organized chart of accounts allows the business to keep track of sales, cash flows and other pertinent data to assist in planning future transactions and making wise investment decisions.
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