Just like any other business establishment, income generation is one of the fundamental reason for establishing a law firm. A law firm is a business establishment engaged in the practice of law. Everything done by a law firm for a client ranging from court representation, legal drafting and writing, corporate services,etc is income oriented.
There are several ways a law firm generate their income and in the process of rendering service, a law firm manages as much as possible to minimize cost. They try to use the smallest amount of resources to achieve a desired service.
Among the ways a law firm generate incomes are ;
Ways through which a lawyer or a law firm generates income is numerous. A lawyer is not restricted in his income generation, so long as the source is legal and not one considered a professional misconduct.
A lawyer can as well work under government establishment or private establishment and thus be placed on salary. Where this is the case, it should be noted that such lawyer must never appear as an advocate for his employers in court. He can at best appear to witness proceedings .
It should at this stage be pointed out that a lawyer must never misappropriate a client’s money. it is a grievous professional misconduct for a lawyer to use a client’s money or resources in a way inconsistent with his instruction. where such happens, the lawyer will be liable for professional misconduct.
A lawyer must also at all times remember that there is a fiduciary relationship existing between him and the client and as such must endeavor to be sincere and honest with the client and always provide a disinterested advice and never provide advice that will be to his personal interest. That will also amount to professional misconduct