Flashcards in Chapter 14 Law Office Administration Deck (67)
A form of business that does not have a separate legal identity apart from the one person who owns all of the assets and assumes all debts and liabilities.
Liability that can be satisfied out of an individuals personal assets
Restricted liability; liability that can be satisfied out of business assets, not out of personal assets.
An attorney who practices alone- without partners or associates in the office.
A professional who handles any kind of case
A firm that specializes primarily in one area of the law.
Boutique Law Firm
(1) an employee who is still in law school or who has completed law school and is waiting to pass the bar. (2) One who provides research and writing assistance to a judge.
a student in a law office seeking practical experience
Attorneys who are sole practitioners share the use and overhead costs of an office.
The operating exposes of a business (e.g. office rent, furniture, insurance clerical staff) for which customers or clients are not charged
A voluntary association of two or more persons to place their resources in a jointly owned business or enterprise, with a proportional sharing of profits and losses. Partners make the ultimate decisions on how the business or enterprise should be managed
An attorney who brings fee generating cases into the office due to his or her extensive contacts an/or reputation as a skilled attorney.
a partners advance against profits or net income
an attorney employee of a partnership who hopes to eventually be promoted to partner.
anyone hires from another law office
an attorney who has been passed over for partner statues but who remains at the firm.
A special category of partner who does not own the firm in the sense of an equity or capital partner.
A full owner partner in the firm
a full time attorney employee who has no expectation of becoming a full partner.
an attorney who is semi retired or has some other special status in the law firm.
an attorney hired to work for a relatively short period of time, usually on specific cases or projects
a corporation of persons performing services that require a professional license
Professional corporation (PC)
A company or partnership whose owners are taxed like a partnership and have the limited liability of a corporation.
Limited liability entity
a law office within a corporation containing salaried attorneys who advise and represent the corporation.
Corporate Legal Department
the chief attorney in a corporate law department
a partner whose primary responsibility is management of the law firm
an individual, usually a non attorney, who has responsibility for the day to day administration of a law office.
a paralegal who helps recruit, rain and supervise all paralegals in a law office
paying an outside company or service to perform tasks usually performed by one's own employees.