history: I hope to work for a large law firm someday
knowledge: They must either raise capital through additional capital contributions from existing or additional equity partners, or must take on debt, usually in the form of a line of credit secured by their accounts receivable.
response: I see. What I know about law firms is that they have to raise capital either by contributions from equity partners, or by taking on debt.
history: I hope to work for a large law firm someday
I see. What I know about law firms is that they have to raise capital either by contributions from equity partners, or by taking on debt.
Yes that is very true. That's why it is so hard to be an attorney these days.
knowledge: Thus, law firms cannot quickly raise capital through initial public offerings on the stock market, like most corporations.
response: Interesting. I know that firms can't do initial public offerings like other business do to raise capital quickly.
history: I hope to work for a large law firm someday
I see. What I know about law firms is that they have to raise capital either by contributions from equity partners, or by taking on debt.
Yes that is very true. That's why it is so hard to be an attorney these days.
Interesting. I know that firms can't do initial public offerings like other business do to raise capital quickly.
True. I never thought of it that way.
knowledge: Thus, law firms cannot quickly raise capital through initial public offerings on the stock market, like most corporations.
response: Yes, like I said, they can't really raise capital quickly.
history: I hope to work for a large law firm someday
I see. What I know about law firms is that they have to raise capital either by contributions from equity partners, or by taking on debt.
Yes that is very true. That's why it is so hard to be an attorney these days.
Interesting. I know that firms can't do initial public offerings like other business do to raise capital quickly.
True. I never thought of it that way.
Yes, like I said, they can't really raise capital quickly.
And that's why they are so ''savage'' when trying to collect payment.
knowledge: A law firm is a business entity formed by one or more lawyers to engage in the practice of law.
response: I see. Have you ever thought of starting your own law firm?
history: I hope to work for a large law firm someday
I see. What I know about law firms is that they have to raise capital either by contributions from equity partners, or by taking on debt.
Yes that is very true. That's why it is so hard to be an attorney these days.
Interesting. I know that firms can't do initial public offerings like other business do to raise capital quickly.
True. I never thought of it that way.
Yes, like I said, they can't really raise capital quickly.
And that's why they are so ''savage'' when trying to collect payment.
I see. Have you ever thought of starting your own law firm?
No, that's a long way off. What do you know about owning a law firm?
knowledge: Common arrangements include:  In many countries, including the United States, there is a rule that only lawyers may have an ownership interest in, or be managers of, a law firm.
response: Well, I know that in the US, only lawyers can be owners or managers of law firms.