Simple English definitions for legal terms
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Term: FIRM
Definition: A firm is a group of people who work together to run a business. It can be a partnership or a company. A law firm is a group of lawyers who work together to provide legal services to clients. They may have a hierarchical structure with partners and associates. A captive law firm is a group of lawyers who work for an insurance company and defend insureds in lawsuits. This can raise ethical questions about whether they will act in the insured's best interests.
Definition: A firm is a title used by one or more people who conduct business together. It refers to the association of people who are united for business purposes. Traditionally, it referred to a partnership, but today it can also refer to a company.
The examples illustrate how a firm can be organized and the different types of firms that exist. A law firm is an example of a traditional partnership where lawyers work together to provide legal services. A captive law firm is an example of a firm that is owned by an insurance company and provides legal services to the company's insured clients.