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What is niche law and how can niche law firm be beneficial for attorneys?

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Niche law firm or boutique law firm is basically a collection of the attorneys who are organized in the limited liability partnership that specializes in the niche area of the law practice. Generally, a practice law company can include various unconnected practice areas in single firm only but there are a few niche law firms that specialize in the few or only one or two practice areas. Niche applies to the firms which focus on the particular areas, irrespective of their size, even though these are usually smaller in size.

Niche law firms maintain the competition in high regard in various fields. These should actually be encouraged because they add competitive force to the international law practice. For example, niche law can be related to particular areas such as patent laws or intellectual property.

As far as the headcount is concerned, some of the niche law firms can be large while others can be small with just one center. They can be involved in niche such as litigation, mediation and arbitration as well as other related laws. Instead of working as the solo attorney, niche law can be an excellent way of profession for the attorneys to choose. The most crucial factor is that you may earn on the per hour basis which is indeed very good.

For example, if you are a niche law attorney, you would only be required to edit the documents as well as forms instead of creating them from the very beginning. This can be a wonderful time saver, while at the same time allowing you to get benefits in the long run. Apart from this, niche law can make attorneys confident and comfortable in their profession as well.

 

 

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Understanding litigation, mediation and arbitration

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Business litigation is also known as commercial litigation and it is actually a very broad term which is used in order to identify the business disputes that go beyond the boundaries of informal phase. People often talk about litigation, mediation and arbitration in a way like they are interchangeable. But it is important to know that these terms cannot be used in place of each other. The distinction between them is subtle yet important and it is important to discuss these differences.

Litigation

It refers to discovery, law & motion, pre-trial, settlement as well as trial phase of the business dispute when the complaint is filed with the court. Any document which is filed as the litigation becomes automatically, the part of the public record. These records are accessible by the general public like the press, your competitors as well as businesses and individuals. The result of the case remains binding on both the parties.

Arbitration

This is the matter where both the parties agree in advance to settle the matter out of the court and an arbiter acts as the private judge. The price of arbitration is borne by both the sides. Arbitration may or may not be binding. Documents in this process are not the public records and this process is nor too fast, neither too inexpensive.

Mediation

In this process, the parties agree to attempt for mediation or settlement before returning to the lawsuit. Mediator is not the judge in this case and also does not always posses special training for handling such cases. Mediator can be paid for by the parties involved in the dispute. In the process of mediation, the purpose is facilitation of the settlement by hearing what both sides have to say. This is a private approach of solving the disputes.