It is known that establishing a law firm will lead you to have a lot of money. Ironically, some others could also be in ruin due to the old tradition of a business model that they have. Moreover, to establish a law firm, it is required to be run by a lawyer. This is a kind of business model which deals to get the partnership to others. There are a corporate infrastructure lawfirm in Indonesia which is owned by a well-known attorney. This is absolutely working in order to get the reputation to gain partnerships with others.
In order to have a partnership, the law firm will usually hire the ones who are graduated from law school. This is completely effective for the costs since a law firm will not use too many operational costs. Furthermore, it will tighten their growth to gain high profit for the company. Hence, the use of a business model is very effective both for employees as well as future running.
What They Do
Regarding to the law firm business model, here are several things that you should know:
In practice, a law firm focus on several fields of law, one of the examples is to get the income from the contingent fee. In this case, the fee accepted by the lawyer comes as the contingent towards the success of the case. Then, this kind of fee will be used to cover the other cost needed. Actually, a corporate infrastructure lawfirm in Indonesia, they mostly look for the settlement to keep the expenses in balance.
It is known that most of the lawyers tend to specifically select the legal work for the mass market. However, in the law firm business model will charge the fixed feed forever single specific service. In addition, this kind of service is really effective since they can improve the client’s benefit efficiently. In addition, the law firm does not need to seek a more additional job. This kind of fixed price does help the clients to expenses the cost-efficiently. Then, they may also have a high margin on this.
Some law firm also focuses to provide in-house counseling. Commonly, their clients are the large corporations that need assistance to handle the legal operations towards corporation business. In this field of work, they will have lots of workloads. Hence, this kind of law firm can also be called as the vendor which works to the large companies.
On the other hand, most of the law firm business model play as the partnership one. In this case, the partner will hire the associates and earn the money as profit. Here, the lawyer will make the income from billing with the hourly rate for any kind of work they do. Hence, it is more profitable in practice.
Hence, those are the things about the law firm business model in Corporate Infrastructure Lawfirm in Indonesia. They are focused on several kinds of work and it maximized their profit by working mostly with an hourly rate.