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An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
Because the majority of corporate law firms charge clients on an hourly basis, and base attorney promotion and compensation almost entirely on the number of hours billed, rather than the results achieved for clients, lawyers and law firms have much incentive to bill as many hours as possible, and little incentive to work efficiently or to bill ...
In November 2023, amid a wave of antisemitic incidents at elite U.S. law schools, Cravath, Swaine & Moore was among a group of major law firms who sent a letter to top law school deans warning them that an escalation in incidents targeting Jewish students would have corporate hiring consequences. The letter said "We look to you to ensure your ...
Business letters are the most formal method of communication following specific formats. They are addressed to a particular person or organization. A good business letter follows the seven C's of communication. The different types of business letters used based on their context are as follows, Letters of inquiry; Letters of claim/complaints
The New York County Law Association agreed with the ABA approach to legal ghostwriting in a 2010 ethics opinion paper. In that decision, NYCLA found that “…it is now ethically permissible for an attorney, with the informed consent of his or her client, to play a limited role and prepare pleadings and other submissions for a pro se litigant without disclosing the lawyer’s participation to ...
A retainer agreement is a work-for-hire contract.It falls between a one-off contract and permanent employment, which may be full-time or part-time. [1] Its distinguishing feature is that the client or customer pays in advance for professional work to be specified later.
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Smaller firms tend to focus on particular specialties of the law (e.g. patent law, labor law, tax law, criminal defense, personal injury); larger firms may be composed of several specialized practice groups, allowing the firm to diversify its client base and market, and to offer a variety of services to their clients.