The law firm invoice is a digital or written form detailing services given or to be carried out when representing a client. This invoice can be used to collect a retainer fee prior to representation, or it can be used to bill a client periodically throughout the attorney-client relationship.
A law firm is a legal business practicing in a particular area of law. Law firms are generally created by two (2) or more lawyers who specialize in the same area of law and join forces to represent clients’ legal rights. By starting a law firm, lawyers can become their own boss. When establishing a law firm with another lawyer, the lawyers combine their last names, which establishes the name of the new business partnership.
The two (2) general types of law practiced by a law firm are the following:
- Criminal – Law firms represent the defense in criminal cases, as the prosecution is always handled by the government. Criminal law is law in its most serious form.
- Civil – Represents people who have personal or business disputes with one another.
A law firm is a business, and like any business, company profits minus losses equates to what a partner will make. Other factors greatly influence partners’ profits, some of which are listed here:
- A partner’s percentage interest in the firm (usually stated in the business’s operating agreement);
- Amount of associates working for the firm and whether they are paid a salary or commission;
- Area of practice;
- Location of the firm and the number of locations;
- and advertising costs.
Partners at top law firms within the United States pull in an average pay of more than $1 million per year. If you are a client of one of these law firms, expect to pay a high fee when served an invoice.
- Hourly Rate: $69.34/hr
- Salary: $144,230/yr