Typically, law firms are organized around a partnership structure. A partner is a business owner and a business director of the firm. They also receive a share of the profits of the law firm. The partner may work on a solo basis or may preside over a team of associates.

 

Partners are usually the highest-ranking attorneys in a law firm. They are responsible for bringing in business and leading the associates. Some firms offer rewards for bringing in new cases, but the partners' incentive to do so is reduced.

 

The traditional partnership model is one that prioritizes years of experience and skill levels. Developing a niche in a specific field can help elevate an attorney to the partner track. However, some large law firms have a two-tiered partnership structure. These firms may have a mix of practices, and each practice area retains significant autonomy. Alternatively, a firm can move to a different area of practice and shift resources to that department.

 

A non-equity partner is usually a salaried employee. They are not owners of the firm, but are granted limited voting rights. Most firms offer the same benefits as equity partners, but may provide additional compensation and power. Generally, the non-equity partner is paid a fixed salary and receives a percentage of the firm's profits.

 

In addition to equity and non-equity partners, a law firm may employ "of counsel" lawyers. These attorneys do not have ownership or management responsibilities, but are highly experienced and usually specialize in a particular field of law. Many law firms have a number of "of counsel" attorneys who work on a part-time or freelance basis. In some cases, law firms hire "of counsel" attorneys to represent them in legal conferences and at legal events, view here for more information.

 

In some law firms, the titles of "of counsel" and "senior partner" are used to describe attorneys who have left the firm or are retired. In other firms, of counsel titles are used to refer to attorneys who are supervised by other senior lawyers. Of counsel relationships allow more senior attorneys to share in the firm's brand. This allows them to share in firm resources while maintaining their status as trusted advisors.

 

The largest firms in the United States are sometimes referred to as megafirms, or "big law." These firms employ thousands of lawyers and support staff across a variety of practice areas, and often have offices on several continents. They specialize in nearly every type of legal work that pays well.

 

In most countries, the vast majority of lawyers are solo practitioners. In fact, the United Kingdom has more midsize firms (50 to 200 lawyers) than anywhere else in the world. Typically, these firms specialize in litigation and banking. In addition to litigation, law firms may also specialize in mergers and acquisitions, real estate, and corporate transactions, read more here: https://croninlawfirm.com/.

 

A law firm may also engage the services of attorneys with titles of "special counsel," who are not partners but have a high level of expertise in a certain area of law. Some of these attorneys have a long history with the firm and are a valued member of the firm's senior team. Find out more details in relation to this topic here: https://en.wikipedia.org/wiki/Legal_advice.