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in a law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
, accounting firm, consulting firm, or financial firm
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
is a highly ranked position. Originally, these businesses were set up as legal partnerships in which the partners were entitled to a share of the profits of the enterprise. The name has remained even though many of these entities are now corporations. Sometimes senior employees of the firm may have the title "partner" (e.g., "salaried partner") to indicate a profit sharing status; salaried partners are distinguished from equity partners, who own the business