Generically speaking, a law firm is a partnership of lawyers who offer their practice to clients within one umbrella. The onus of any liability is shared by the partners amongst themselves. Similarly they share any profit that comes out of the venture. With time, law firms attach the services of further associates. This is to expand the services that they offer.

The associates get a healthy bargain. In the event of proving their worth, they may well be promoted as partners themselves. Law firms, as a general rule, offer their services to huge corporate houses. In some cases they depart from the general frame and also help elite- individuals. They are also known to attach to moderate-weight social causes, if it fetches them media attention.

While dealing with corporate houses, the role of law firms can be broadly classified in two categories:

?Litigation department- it deals with all kind of litigation that the clients for a given firm face. It can also deal with litigations that the clients indict other corporate houses with. Both as plaintiffs and defendants, the firms give their best in chalking out the best course of action for their clients.

?Corporate department- This includes giving expert advises on various corporate deals that may benefit a company. It can include mergers, acquisitions, extending flagships, direct and indirect leverage investments and many more related aspects.

Law firms can be of various kinds:

?Sole Proprietorship

?General Proprietorship

?Limited Liability Company

?Professional Association

In US and UK, there is a bar on law firms boosting capital through IPO's. The guidelines suggest that only lawyers can claim to be owners of a given firm and that no capitalist enterprise or individual tycoon can seek ownership of any kind of a law firm.

A brutal part of law firms is the Up-or-out policy followed in certain parts. It requires an associate who is not deemed worthy in few years of association to resign from the firm and seek to render services as a sole practitioner or as an associate in a different firm. Paralegal and clerical staffs are safe from such ousters,

Lawyers in Munich are working through various law firms and are offering their expertise in extremely organized manner.