I. The United State From the onset, Saudi’s laws clearly distinct between corporations operating commercially and those that operate with objects called “civil” objects. However, this legal comparison does not exist in the United States although various scholars have dealt on this issue…
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They view creeping commercialism as the root of the problem. “Law as a business? 7D-that is, a money-making trade-is seen as the antithesis of the public service ideal upon which the legal profession was founded. The idea that professionalism is grounded in public service has its roots deep in the history of Anglo-American law. In the distant past when the French speaking Norman kings dispensed justice to an Anglo- Saxon populace, it was necessary for parties to be represented by someone who could speak the language of the court. These representatives were inevitably nobles who served out of fealty to their king. For such early advocates, service rather than profit was the reason to assume this role. English barristers today do not accept a fee, but rather receive an “honorarium” in acknowledgement of this tradition of public service.1 However, ethical rules of the courts and bar associations form the fundamentals of practicing law in most American states. Case in point, the state of New York requires lawyers operating in the state to act in accordance to the New York Code of Professional Responsibility.2 1. Law firm structure in General By tradition, the organization of law firms is that of general partnerships. While a majority of law firms registers limited liability partnerships to shelter associates, or members, from explicit liability entirely or to a certain extent, the most fundamental organizational structure has been general partnership. The rise to partnership position in a law firm has been the biggest indicator of professional and personal success in law. In this case, “I have made partner” or “Making partner” are two phrases that occupy lawyers careers as they use it as a yardstick of success in private practice. In effect, lawyers draw a lot of satisfaction when referred as a partner, since the tag shows accomplishments in a lawyer’s private practice career. Thus, notwithstanding the all-too-common generational disparities, associates-the subordinate members- in law firms always desire to “make partners” in a law firm.3 In comparison to Saudi Arabia, lawyers in America have the capability of establishing professional organizations using an assortment of methods. According to an Ethics Opinion of the New York County Lawyers' Association, “A law firm may be structured as a professional corporation (PC), a limited liability company (LLC), or a limited liability partnership (LLP) without, by its structure alone, violating any ethical standard.”4 Conversely, the interpretation of Law Governing Lawyers states, “A lawyer may practice as a solo practitioner, as an employee of another lawyer or law firm, or as a member of a law firm constituted as a partnership, professional corporation, or similar entity.”5 In the comment of the restatement of Law Governing Lawyers, they mention that: A law firm established as a partnership is generally subject to partnership law with respect to questions concerning creation, operation, management, and dissolution of the firm. Originally, in order to achieve certain tax savings, law firms were permitted in most states to constitute themselves as professional corporations. Most such laws permitted that form to be elected even by solo practitioners or by one or more lawyers who, through their professional corporation, became partners in a law partnership. Pursuant to amendments to the partnership law in many states in the early 1990s, associated lawyers may
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(Structure of Law Firms Essay Example | Topics and Well Written Essays - 1750 Words)
“Structure of Law Firms Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/law/1397337-law.
The Modigliani – Miller theorem or proposition is regarded as a key element in the development of today’s corporate finance. The bottom line of the Modigliani and Miller theorem is the proposition of irrelevance which argue that the value of a firm is not affected by the type of financial choices preferred by that firm.
An oligopoly is best defined as a market structure in which there are is small volume of sellers that dominate the industry (Hirschey 2009; Hirschey and Pappas 1995). The sellers involved in the oligopolistic market structure are usually quite large, therefore their actions and strategic intentions strongly impact the market.
Before qualifying for a 2-year training contract, the law students are required to take Legal Practice Course at the University of Law in Moorgate whereas the non-law students are required to complete 1-year Graduate Diploma in Law at the University of Law before taking the Legal Practice Course at the University of Law in Moorgate (Allen & Overy, 2013a).
As it is shown in the essay, the type of economic system determines the way in which natural resources are allocated to the firms, the method of employing labour force and the remuneration of labor, the methods of selling goods and services. The role of firms in economy is also influenced by the type of the economic system.
The interns too have the opportunity to gain work experience and insight into and extend their knowledge practically in the industry engaged in for a short period of time. They as well stand the chance of instant employment at the end of the internship period on the account of having built and shown a profile fitting into the organization culture attached.
Under free trade environment the market itself fixes the price whereas in the Monopoly structure the monopolist being the only supplier fixes the price at which goods or services will be provided. In the monopolist market structure there are no close substitutes to the product or service the monopolist deals with and there are different barriers to enter the market.
Sionaidh Douglas-Scott also said that "the ... concept of federalism does not feel quite right as an explanation of the EU which. ... is too sui generis, too complex, too multidimensional to fit into any such categorization".
In the following essay, we will try to discuss and analyze these statements with reference to Treaties, case law of the European Court of Justice and contemporary political and academic opinion, in order to understand how the European Union is organized.
Finally, the report attempts to understand how far the different models and theories affect the real life capital structure of these firms.
A firm needs to deliver increasing returns every year to meet the return expectations of its investors, which can be ensured only by consistent growth in its revenue and profit.
Bankruptcy code is a set of strict guidelines for protecting the interest of creditors, when debtor is unable to pay its debts. (Commercial Litigation Terms). Though use of more debt capital in the capital structure has lot of advantages, it has got some disadvantages too.
According to the essay, in 1973 the UK joined the European Economic Community which is now known as the European Union. The current system of law includes seven different courts namely, European Court of Justice, European Court of Human Rights, House of Lords, Court of Appeal, Divisional Courts, High Court and the Crown Court.
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