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20. Law firms as businesses

This chapter first discusses the business aspect of law firms. Law firms have the same financial motivations and pressures as any other business. They need money (investment) to set up, and then to survive and grow. Law firms need to make a profit, attract clients, and stay ahead of other law firms. They operate within the legal market, producing a product-legal services-the ‘consumers’ of which are the clients. The chapter considers who those clients are, and why they chose a particular firm.