The definition of a law firm is a business operation that is undertaken by either a lawyer or group of lawyers for involving themselves I law practice; usually the law firms are tasked with the mandate of giving legal advice to their clients on their rights and responsibilities. Lawyers of given law firms represent their clients in a court of law over criminal or civil wrongs and in matters that require legal assistance. When business deals are made, the members want the agreement to be legally binding in a way that the members are forced to involve themselves in actions honor the commercial agreements; that is why they seek the involvement of law firms such that in case disputes arise in future, the law firm lawyers can help solve the cases in court.
On the question how do the law firms make money, the law firm lawyers take note on how many hours they spent in a given case by a client and a bill is made depending on how many lawyers were involved and also the experience of the lawyers. The profits that are realized by a law firm in the process of offering legal services are divided among the lawyers fairly depending on the input level of each lawyer to the case although some firms may decide to share the profits equally.
The person who wants to form a law firm should make the first step by ignoring pessimistic people who may discourage him from the idea, this is to prepare him to remain enthusiastic even if there may be challenges that may seem to overwhelm him in running the firm. The second step of forming a law firm is to prepare a detailed business plan carefully; this will help the firm to be able to cope up with competition from firms that offer the same services and also help it deal in future expectations in market trends. Next is the individual to pick one area of law which the lawyers will be focusing; the choice should be guided by availability of a niche, form a good network with people and create a firm website.
Among the importance of law firms is that one who is charged with the offense of committing assault can get the chance of being represented in court so well by the highly trained lawyers working for a given firm. An individual charged with an offense involving drugs has the chance of being well represented in a court of law by the lawyers working in a law firm.
Law firms save members of the public time of looking for a highly qualified lawyer to represent them in court as they are readily available.