<b>Meyerowitz on Marketing:</b> Creating Ambassadors of Goodwill
May 31, 2006
It takes a lot of effort and funds for a law firm to recruit and train its attorneys. If they stay for a sufficient period of time, improve their professional skills and start to bring in new business, the firm is likely to see a nice return on its investment.<br>These days, however, lawyers at some point typically leave the place that gave them their start; unlike days gone by when lawyers typically would stay at a firm for their whole professional careers. Today, they may go to a competitor firm, to a smaller firm, in-house or to a business that may or may not be a client of the firm. Yet, this does not necessarily mean that a law firm should just write off the time and money it spent on developing its former lawyers. Rather, as increasing numbers of law firms are coming to understand, a firm's former attorneys can play an important role in the firm's marketing and client development activities. To tap that resource, many law firms are creating alumni programs or are formalizing or expanding the basic elements of alumni programs that they already have in place.
Marketing By Association
May 31, 2006
Whether you service public, privately held or non-profit clients, the most direct path to marketing results is to affiliate with aggregations of prospects in their industry associations. The caveat is, however, that you must attend regularly and take a leadership role ' join a committee, participate on a task force or event ' so that you become known as a trusted partner. Referrals will happen.
Note From the Editor
May 31, 2006
MLF 50, MLF 50/II and MLF Canadian 20 submission update and criteria.
Turning Energy Into Matter(s)
May 31, 2006
The connection between energy and matter is a fascinating subject to explore. While it generally sounds like the stuff of science fiction, I have uncovered the secret to how it applies to our own special universe of law firms.<br>My inquiry began by going to the source. While conducting painstaking research into previously unknown aspects of Albert Einstein's past, I was astonished to learn that he had been commissioned by a consortium of law firms to come up with a system for generating revenue. Their reasoning for hiring Einstein? Since the physical laws of nature and business do not apply to law firms, they needed an explanation that would work for them.
Hiring a Media Buyer
May 31, 2006
Imagine fielding all those unsolicited calls and referring them to a professional whose full-time job involves learning your audience requirements and branding strategy, finding research or personally conducting ongoing market and competitor analysis, providing you with data-rich 'Point-of-View' (POV) assessments on how the possible media buys fit into your firm's priorities ' maintaining arm's-length but informed relationships with the myriad publications you might consider, but recommending only those publications that meet a sophisticated test of audience reach vs. cost. This professional then negotiates advantageous terms and specifics, such as date and page placement, and executes the details of the media plan, day-in and day-out. And who keeps the payments and discounts straight and sends you frequent updates for budget-tracking purposes.<br>That professional is a media planner/buyer. No stranger to corporate America, outside media planning and buying services are relatively new to law firm marketing, but their presence is increasing among the larger, more media-savvy firms. Just as the legal profession lagged in accepting and building marketing departments, it has been slow to appreciate the value of these media professionals. That's changing, however, as national and global law firms are recruiting more non-legal professionals to high-level positions; and that new blood is carrying over some well-known best practices found in other industries with longer track records in branding and advertising than law firm marketing.
Programs Keep Alumni Close to Old Firms
May 31, 2006
As firms strive to differentiate themselves through marketing techniques and stave off mergers through network affiliations, they are gearing up alumni programs to net referrals and maintain positive relationships with former employees.
Law Firm Leadership and Communications
May 31, 2006
Confronted by increased competition and changes in the way expense conscious corporate clients procure legal services, law firms are responding by building capacity ' increasing their size through aggressive lateral hiring and acquisition. It is an appropriate response; driven by the market perception that in order to compete today for global corporate business, it is imperative that the modern law firm be large enough to handle both commoditized work as well as provide high end counsel, deep enough to handle any and all matters that a company may face, and streamlined enough to take advantage of technological and other economies of scale. But the myriad of market-based arguments that enable the creation of these large partnerships with hundreds of partners beg the question: 'Now that we've built the infrastructure, how do we truly distinguish ourselves in a manner that actually confirms these assumptions and secures the business?'
Retaliation: What is an Adverse Action?
May 31, 2006
It has become an increasingly common fact pattern: An employer discriminates against an employee, for example, because of her gender. She files a claim of discrimination against the employer with the Equal Employment Opportunity Commission (EEOC). In a matter of days, the employer finds out about her charges and decides to make her work life miserable. This might create a straightforward claim for unlawful retaliation, that is if the employer's actions made her life 'miserable enough.' The question of what is 'miserable enough' has divided the courts, and thus there may not be a clear answer to questions on adverse employment actions for employers or employees.
Synthetic Securitization in China
May 31, 2006
China recently launched two offerings of asset backed securities ('ABS') in its interbank market after several years of preparation and planning. On Dec. 9, 2005, China Construction Bank ('CCB') issued 2.9 billion yuan ($360 million) of debt securities in China's first residential mortgage-backed securitization, and on Dec. 12, 2005, China Development Bank ('CDB') issued 4.2 billion yuan ($500 million) of debt securities backed by unsecured loans from the telecommunications, energy, utility, and transportation industries. To facilitate ABS offerings, China's regulatory agencies have promulgated rules to govern ABS issuances, including the Administrative Rules for Pilot Securitization of Credit Assets, promulgated by the People's Bank of China ('PBOC') and China Banking Regulatory Commission ('CBRC') on April 20, 2005, the Rules for the Information Disclosure of Asset-Backed Securities, promulgated by the PBOC on June 13, 2005, and Rules for Regulating Financial Institution's Securitization, promulgated by the CBRC on Dec. 1, 2005.
Leasing Equipment in Latin American Countries
May 31, 2006
American lessors continue to look for ways to expand their business, often turning to new products or structures. Savvy lenders also look to take their products to new markets, which are increasingly global. However, leasing equipment outside of the United States can present a number of issues for the U.S. lessor and its counsel. Preparation and an understanding of the foreign country's laws relating to equipment leasing are keys to success.
