law firm.An association of lawyers who practice law together, usu. sharing clients and profits, in a business organized traditionally as a partnership but often today as either a professional corporation or a limited-liability company. • Many law firms have a hierarchical structure in which the partners (or shareholders) supervise junior lawyers known as “associates,” who are usu. employed on a track to partnership. [Cases: Attorney and Client 30. C.J.S. Attorney and Client §§ 145–147, 164.]
captive law firm.A law firm staffed by employees of an insurance company. • These lawyers typically defend insureds in lawsuits covered under the insurer’s liability policies. The insurer’s use of a captive firm to defend an insured raises ethical questions about whether the lawyers will act in the insured’s best interests. — Often shortened to captive firm.
[Blacks Law 8th]