ALM Sold to Incisive Media
ALM, publisher of Law Journal Newsletters, The American Lawyer, Corporate Counsel, The National Law Journal and 30 other national and regional publications, will be sold to London-based Incisive Media for $630 million, according to a joint announcement July 5 by the two companies.
'Help, I Need an Attorney'
So much is written in our pages about how to capture the ideal client. About how to market to that client, how to win his or her business and, if that client represents a business in turn, how to win and keep that business too. It's a worthy ideal, especially in today's competitive law environment. All you have to do is pick up any copy of Marketing the Law Firm and our nationally known experts will'
Making Sense of Contra Proferentum
One traditional rule of contract interpretation is to construe contact terms in appropriate circumstances against the drafter, a concept often referred to as <i>contra proferentum</i>. This doctrine sometimes fits uncomfortably with two other views expressed by American courts. On one hand, many decisions say that insurance contracts are interpreted just like any other commercial contract. <i>See, e.g., Sims v. Mulhearn Funeral Home, Inc.</i>, ___ So.2d ___, (La. 2007); <i>Bear River Ins. Co. v. Williams</i>, 153 P.2d 798, 801 (Utah Ct. App. 2006). On the other hand, some decisions say without qualification that insurance contracts should be construed strictly against the insurer. <i>See, e.g., Carter v. Concord Gen. Mut. Ins. Co.</i>, ___ A.2d ___ (N.H. 2007); <i>Cinergy Corp. v. Associated Elec. & Gas Ins. Servs., Ltd.</i>, 865 N.E.2d 571, 574 (Ind. 2007). And sometimes a single opinion tries to express both at the same time: 'It is well settled that a <i>contract of insurance is no different from any other contract</i> and must be construed in a fair and reasonable manner, having regard to the risk and subject matter of the policy, and that special rules such as liberal construction in favor of the insured and against the insurer who drew the contract apply.' <i>In re New York Cent. Mut. Fire Ins. Co.</i>, 833 N.Y.S.2d 182, 183 (App. Div. 2007) (emphasis added).
Class Certification In Property Insurance Disputes
The 2005 hurricane season, including the devastation wreaked by Hurricane Katrina, caused estimated losses of $75 billion. The insured property damage from the five major hurricanes in 2005 reached $52.7 billion. Hurricane Katrina alone caused more property loss than had occurred in the entire prior year, posting $27.3 billion. <i>See http://insurancenews net.com/article.asp?a=top_news&id=73930</i>. In light of these unprecedented losses, a record number of lawsuits have been filed stemming from damage caused by the 2005 storms. Predictably, an equally high number of class action suits have been filed, purportedly on behalf of those affected by the storms. Despite this flurry of class action suits, the requirements of Federal Rule of Civil Procedure 23 and its state counterparts clearly limit the use of class action suits to very specific, enumerated circumstances that simply do not include first-party insurance disputes, widespread property damage claims, or claims for bad faith and/or unfair trade practices in the adjustment of insurance claims, even where the damage was due to a common weather event.
Sizing Up the Am Law 100
They may lament that they are the poor cousins of hedge fund managers and private equity stakeholders, but law firm partners are hardly suffering.
Milking a Cash Cow
With all of the reporting capabilities of sophisticated time and billing systems, it is easy to lose sight of the most basic rule of law firm economics: Cash in must exceed cash out. To that end, one of the most valuable assets any business can have is a cash cow. Yet, we find that many law firms never benefit from practices that could be cash cows because they just don't seem to understand the concept. I know, it sounds pretty simple ' bleed as much revenue as you can out of practice areas in which your firm has a dominant position. But, somehow, we keep screwing it up.
Strategic Talent Acquisition: How to Be More Competitive in Recruiting Top Talent
It is a well-reported fact within the legal industry that law school enrollments have flattened in recent years, with total J.D. enrollments showing little or no growth since 2004. This trend, in combination with the significant and ongoing growth in the size of law firms, translates into an intensely competitive market for top law school talent. With only a few exceptions, firms throughout the industry are struggling to secure as many of the best candidates as they need and want. The widening gap between law firms' investments in campus recruiting and the resulting payoff in terms of candidate acceptances is driving law firms to take a harder look at their approach and strategy in law school recruiting. And the smartest of these firms are asking the hardest of questions: What is the best way to approach law school recruiting?
Practice Building Skills: Building the Ideal Business Development Plan
Many attorneys ask us, 'What is the ideal prospecting plan for attorneys? Can't my associates and younger partners just follow our top rainmakers for a few days and then just do what they do?' These are two of the initial questions that we hear when we begin working with law firms. Many attorneys assume that there is an easy magic formula for developing new clients, and if they can just get their hands on this secret formula their business development problems will be solved forever. Unfortunately, our experience tells us that a 'one-size-fits-all' magic formula for success does not exist.
Mid-Market Firms Get Wise to Marketing
Welcome to the new era of law firm marketing. It's been a long time coming. The profession didn't even allow formal advertising until the mid-1970s, and now the prospect of selling seems a bit distasteful to some law firm partners. But lately there are signs that some law firms are starting to truly understand the value of marketing and are empowering their CMOs.
