The Stakeholder Theory

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[...] They can be external or internal. In this case the internal ones are lawyers and partners. For lawyers who work for the firm, or collaborators who are considered as employees, their stake is based on keeping their job, having a career and growing in the industry. Their expectations can be just to have wages that fit to their work, to also have security: The security to have a fix job and also the security toward the danger that this job can cause. [...]

[...] He is also very involved outside their firm. The stakes of this type of shareholders are to keep the stocks they owned in the firm, and to respect their bonds as shareholders. We can talk about the fact that they are required to safeguard business confidentiality. They also shall refrain from anything that is detrimental to the interests of the company. In particular, they may not manage business that would give them a particular advantage and would be detrimental to the company's purpose. [...]

[...] They tax businesses, but they have a firm stake in their success. These external stakeholders are affected by the decision of the law firm even if they do not participate in the day-to-day activities of the entity, but the actions of the company influence them, and their action also has a big impact on the company. The stakeholder theory is an idea that businesses should not function only for financial benefit; They should run for both their owners and other stakeholders. [...]

[...] These internal stakeholders, employees and shareholders who work within the company are really important. Lawyers because of their satisfaction, the fruit of their work is often essential to judge the success of a strategy. Partners because of their big and important place in the firm that managers or employees can't replace. External stakeholders For the external stakeholders, we have clients and sometimes the government. The interaction with clients is very important in a law firm because, the first mission of this firm is to answer their need and understand them, this can help to optimize their chances to succeed, they must also keep interacting with their clients by emails and other ways to increase their chances. [...]