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The Business of Law: How do Law Firms Actually Make Money?

The world of law is a seemingly confusing and cut-throat world. Lawyers are known for being cold, ruthless, and calculating. Because they have to be. In a courtroom, there is little room for error. Especially when you hold another individual’s fate in your hand.

Aside from being a tough field to work in, is it also a very lucrative field. The common image of lawyers is them on the top floor of a skyscraper, sitting in a massive corner office decorated with luxurious ornaments and a decanter filled with the finest scotch.

Shows like Suits definitely play into this idea, glamorizing the field of law and those who practice it. But a common question that we see circulating is this: How do Law Firms actually make so much money?

There are a number of different methods that a law firm uses to turn a profit, and a lot of them are very lucrative. So we are going to dive into each and break it down for you.

 

Investors

The quickest method for any law firm to get a large injection of funds is by securing investors. These investors are non-lawyers who simply want to earn a cut of the firm’s profits for themselves, without doing any legal work.

Like any company, investors buy a percentage of the firm, meaning they are partly an owner. A lot of smaller law-firms will go through the investor route to make sure they still regain control over their firm while still bringing in investor funding.

But what about lawyers who invest in a firm?

 

Partners

If you have watched any legal TV show, you will have heard this term a lot. Partners. Ever notice how most law firms’ names are a collection of the head lawyers’ names? That is what being a partner gets you.

Similar to investing, a partner gets a significant stake in the firm. They become part owners. And with it, their name gets put on the sign. In the legal world, this is a huge mark of honor and status.

But becoming a partner isn’t easy. A random lawyer cant walk into a firm and simply become a partner. Firstly, they have to be invited by the other firm partners and investors. This is why becoming a partner is so important for lawyers, it essentially means you have reached the top of your firm.

But you have to pay. Becoming a partner involves putting up a considerable investment. This amount is significant, reflecting the change in salary and power that lawyers will get with their new position.

This brings in a new wave of funds for the firm, covering their expenditures and allowing them to keep functioning. This doesn’t happen often, so it isn’t a law firm’s main source of income.

 

Retainers

There are generally two types of law firms. Those that operate on a case by case basis. And those that work on retainer. A retainer is, simply put, a massive down payment made by a client for legal services.

Much like hiring a car for a week, a retainer is paid upon signing to a law firm and it means that the firm works for you. Any charges you incur from their services are deducted from your retainer.

This is a favorable method of income for a lot of firms. It provides the firm with a solid cash injection all at once. And for a lot of clients, such as massive corporations or powerful celebrities, they will blow through their retainer quickly and continually top it up, providing a constant source of income for the firm.

 

Cases

This is the most common and well-known method for a law firm to make money. Legal fees. When you hire a lawyer from firms like Boise DUI you are paying for their legal services. Most people assume you have to have a lawyer represent you in court, but this isn’t true. You are allowed to represent yourself. This is how lawyers get away with charging a premium.

A lot of firms operating on the public level will offer what is called ‘No-Win No-Fee’ which essentially means you don’t pay them anything unless you win the case. When that happens, they often take a percentage of your pay-out from the case.

A lot of firms adopt this method as it brings in a lot of clients who need help but can’t afford it. It also puts their firm in a positive light, which is a fantastic marketing strategy.

As a side note, not all lawyers will work for a private firm. Some will work for companies directly, in their legal department. And others will work for the state.

You will have seen in most TV shows when someone is assigned a lawyer for their case, or the district prosecutor goes up against someone on behalf of the state. These lawyers get paid by the entity that hires them and most of these entities will get their funding from more traditional methods.

So, there you have it. Law firms are no different from most businesses. They have a variety of methods available to them to turn a profit. The big difference is their line of work is complex, rigorous, and stressful. Being a lawyer is tough. But the rewards for it are numerous.

We hope this guide has given you some insight into the amazing world of law.

Know Your Staff: 5 Tips To Better Understand Who is Working For You

When it comes to running a business your employees are a vital part of its success, you should have a level of trust with those you employ and as an employer, those who work for you should be able to trust you. Before starting the employment process you should take advantage of the information that has been provided on applicants’ CVs, if you have been provided with references then it would make sense to contact them in order to get a clearer picture of who you are hiring.

 

Thorough Background Checks

The best way to understand who is working for you would be to take advantage of any prior information that has been provided about the candidate, there are a number of ways that this can be done such as contacting previous employers and ensuring that all of the legal documentation is in order. Things like work permits and potential criminal records must be checked before employment is considered, there has to be a level of trust between the employer and employee when it comes to the legalities and you could use a comprehensive article on employment background check to ensure everything is in order.

 

Group interviews

Group interviews are a particularly useful tool in finding out someone’s work ethic and how they interact with others, as opposed to conducting individual interviews to gain an insight into who is working for you. A group interview is sometimes much more effective when it comes to finding out someone’s attitude and how they work with others as this is a vital factor to your business success, teamwork is vital to your business running smoothly so you will need people who know how to enforce this mantra effectively.

 

References

As previously mentioned references from previous employers are vital in gaining a better understanding of who is working for you, references are the contact numbers a potential candidate leaves on their CV from the places they have worked at previously. Taking advantage of references and taking the time to contact them is one of the most effective ways of better understanding who is working for you as you gain an insight into how well they have worked in the past, it is also extremely useful to get a second opinion from a professional source about the candidates work ethic.

 

CV

One of the most effective yet often overlooked ways to gain a better understanding of who is working for you would be to take a thorough look at your employee’s CV. A CV shows in detail what the employee considers to be their best attributes when it comes to working, this provides a useful insight into how a candidate perceives themself and how they feel their past work experiences have impacted them. Employers are often overwhelmed with applicants for any vacancies that they don’t take the necessary time to look at someone’s CV and read the valuable first impression that has been provided.

 

Solo Interviews

Although group interviews are very useful, the classic solo interview can be a less daunting process which encourages a more relaxed interaction. The group setting may put extra pressure on the candidates that encourage them to be less open and authentic, a solo interview shows you are taking the time to get to know each candidate on a more personal level and could be considered one of the most useful processes in getting to know your potential employees. Overall a solo interview provides much needed one on one interaction between an employer and candidate that helps form a trusting relationship.

5 Things to Consider When Starting a Family Business

Starting a business is one of the most rewarding things you can ever do. Beyond simply being a solid investment, running a business builds character, boosts confidence, and offers a chance to do a lot of good for the community and the world as a whole. And some see it as a perfect opportunity to build something for their family. Family businesses have been a staple of local communities across the western world for generations. They build lasting relationships and are full of charm and character. For anyone looking to create something that they can run with their family, there are a few things to take into consideration.

 

The Idea

The most important part of any business is the idea. Before you do anything else you need to know what you want your business to actually be. This is also one of the more fun stages of company development. Here you can really stretch your creative muscles as a family and decide what sort of business you all want to be a part of. Some of the more common family businesses include craft stores, restaurants, and cafes or perhaps something more obscure like artisan watchmaking.

 

Start-up Capital

The sad truth of our culture is that everything is run on money. You could have the greatest idea in the world for your business, it won’t mean anything without some serious start-up capital to back it up. There are many ways to go about getting this, be it through a loan from your bank or simply saving up, but it is something you need to consider and look into before you start doing anything. And make sure you are staying smart when it comes to money. Do not borrow beyond your means or go through any illicit channels.

 

Inheritance

This one is something that a lot of people in family businesses seem to overlook. Inheritance plans need to be in place way before you even open to the public. And this is for a number of reasons. The main one being, if you died, it needs to be clear who is going to inherit the company. But there are situations where you could be declared unfit to work or placed in a state of coma in which case the inheritance information would be vital. Places like inheritancelaw are perfect for making sure everything is sorted and above board.

 

Community

The key aspect of a family business is the community it is placed within. If you are at the center of a major city then chances are your small family business is going to fail when it is competing with massive name-brand corporations. Small, family-run companies often tend to do better when placed in smaller town environments. In these settings, it is more common that everyone knows each other. This is going to work to your advantage as people are more likely to spend their money at a shop if they have a good relationship with the owner. This leads neatly into the last point.

 

Relationships

This covers both your relationships with your customers and your family. Depending on who is going to be working at the restaurant, you will want to set up your marketing and décor in accordance. A husband and wife duo will suit a nice, romantic atmosphere better. A father-son team will suit welcoming, vibrant colors. Consult some marketing experts and find out what is going to work best for you.

Keeping on the good side of your customers is always a positive. If you build strong relationships with them you will guarantee they will return but also find they act as free marketing for your venture.

Office Sports: Setting up and Running a Team

Do your employees look like they could do with a bit of a morale boost? Well, look no further as we have the perfect solution. Setting up your own office sports team. It may seem like a strange idea at first, but it actually has a huge number of benefits for everyone involved. It can help boost morale, help your employees, and coworkers bond and have fun all while keeping fit and getting your companies brand out there. So how would you go about setting up and running an office sports team? Here are some tips to help you get started.

Decide On Your Chosen Sport

The first step to creating your own office sports team is deciding on which sport you’re going to pursue. The smartest option is probably to do it democratically, either by putting sports into a hat or by leaving it up to a vote. You’re more likely to get more dedicated team members if it’s a sport most of the office is willing to do. Whether it be soccer, hockey, basketball, or baseball, there is any number of sports to choose from.

Set Up a Team Name

The next step is to decide on a team name. Probably another time to put it to a vote. It can help your employees/co-workers feel more heard and make them more likely to want to play for a team they helped to name. Once you decide, why not check out companies like merchology to get your own personalized team shirts with your team name printed on them. It’ll help you all look the part and feel like a real team. You could even have some fun with nicknames on the back of shirts (just be sure to keep it appropriate).

Sign Up For Charity Events

Many office teams take part in charity tournaments and for good reason. It’s a great way to get some experience playing against other teams and offices whilst also doing your part for good causes. You’ll be sure to find a whole host of tournaments near you.

Organize Practices

While you may not be professionals, it’s still worth taking time out to organize practice sessions. Sites like runningandmiles are designed to put all the best equipment and exercise apps all in one place. With a bit of research, you’ll be able to organize a simple training program for your teammates to help them make the most out of the sport.

Do Your Research

As with any sort of venture, the best thing you can do is do your research. There are plenty of already established office teams out there that you can learn from when creating your own. Make sure to brush up on health and safety and research ways on how to manage the cost of running the team in the most effective way. If you’re well-researched and have learned from some of the best, then there should be nothing stopping you from creating the next best office sports team.

It’s Just a Bit of Fun

While it should go without saying, it’s important to remember that the point of the sports team is for your office to have some fun with each other outside of work. While a bit of healthy competition may be fun, don’t let your need to win and be the best cloud your judgment. Don’t forget that the people in the office have chosen to give up some of their precious time to take part. Make sure they are having fun and don’t feel pressured to be there. Have some leniency when people can’t show up to practice and make sure communication is a priority and you’ll be topping the office team leaderboards in no time!

The 5 Easiest Home Repair Businesses to Run in 2020

In this ever-increasing digital age, where automation is reducing human jobs every year, it is tempting to make a career change into something more secure. Some jobs will always be required and need a human touch. The field of Home Repair is one of those fields. It is a much-needed service so there is always work available and it can’t be outsourced or handled digitally. But there are so many different areas, and some are a lot trickier than others. Below I will be highlighting 5 of the easier options for you to delve into.

Septic Tank maintenance.

Septic tank maintenance is an important part of any home that uses it. For areas not connected to major sewage systems, they are vital. And if they break or get backed up it can be disastrous. To that end, there is a massive client base already available who will pay for this service that, more often than not, cannot be handled without the proper equipment and transport. So, after a solid investment, you will find the business is relatively easy with the equipment handling most of the work. To get started do some intense research or look at other companies for examples. A great place to find more info is at https://septictankpumping.directory/

Lawn Maintenance

Lawn care goes further than a simple trim. There is much more to deal with. Weeds, plant health, tree care and pest infestations. So a lawn care company will stand to make a small fortune. Many Americans take great pride in their lawn and are willing to pay to make sure it is well looked after. So invest in some gardening tools. Get some lawn health care products and get yourself out there.

Deck Repair

Many Americans have invested in a deck to spruce up their garden or lawn. It provides a great place to entertain guests, host a BBQ or just relax in the sun. But the constant exposure to nature does take its toll. So deck repair services are always in need and are easy enough to manage. Investing in some painting supplies with varnish to protect the woodwork. And researching some basic wood repair skills will lend you a great skill set for this line of work.

Painting

Sometimes home repair means repairing its image. And painters are always in demand. Anyone doing some redecorating, moving into a new house or just covering up a damaged wall will need a painter. And with very low overhead investment costs, as you will charge your clients for the cost of paints, you can get into this field with relative ease.

Carpet Cleaning

Carpets are magnets for dirt. Spilt wine, messy shoes, pets. All of these common occurrences cause havoc on peoples pristine carpets. So a professional carpet cleaner is always busy. Invest in an industrial-grade cleaning device and get your name out there and, as long as you can get those stains out, you will never be short of work.