Study: Forget the 'Blockbusters'
A study whose results were reported December 8 asserts that the pharmaceutical industry's "blockbuster" approach to developing new drugs is no longer viable in today's marketplace.
Nonprofit Corporate Governance
In November, the Associated Press reported that HealthSouth's directors, outside auditors and investment bankers had been called to testify before Congress concerning why they failed to detect the massive conspiracy, allegedly led by chief executive Richard Scrushy, to overstate earnings of the one of the nation's largest providers of health care services. The case has already seen more than a dozen former executives of the HealthSouth Corp. plead guilty.
Spam Gets Canned Federal Anti-Spam Law to Take Effect January 1
More than 35 states have enacted laws regulating spam in some form or fashion. Legitimate marketers and businesses adapted to these various state laws, gravitating toward a fairly uniform best practices model, which stopped short of the sort of true "opt-in only" model strongly preferred by consumer and anti-spam groups. Mailers could be fairly confident that they would avoid liability under state spam laws and not overly alienate Internet service providers (ISPs) or their own customers by simply including valid contact information, honoring "opt-out" requests, providing accurate headers and routing information, using nondeceptive subject lines and (in a few states) labeling the messages as advertisements. This widely followed compliance strategy became unworkable in September 2003, however, when California instead enacted a true "opt-in" approach to commercial e-mail marketing. Marketers were faced with a January 2004 compliance deadline and sweeping new prohibitions on marketing to or from any California e-mail address unless the sender had the recipient's "direct consent" or had a "pre-existing business relationship" with the recipient (and the recipient had not "opted out" of such mailings). In response, legitimate marketers aggressively lobbied Congress to accelerate final passage of federal legislation to pre-empt at least the more disruptive aspects of California's new law prior to its effective date. Congress responded to the call, and the CAN SPAM Act of 2003 was signed into law by President George W. Bush on Dec. 16, 2003.
A Look Back and A Look Forward
Four months ago when I was asked to become Editor-in-Chief of <i>Marketing The Law Firm</i>, I never imagined that I would have the opportunity to engage a wonderful group of authors; select an outstanding Board of Editors; and moderate the first of what I hope will be many exciting and interesting Web audio seminars. As I look back on the last four months, I think the one thing that stands out in my mind is the fact that we had so many wonderful contributors to the newsletter. So I thought that we might take a look at the last 4 months and some of the highlights. Although I would love to be able to select all of the articles we've published, given the constraints of space, I am only able to pick two from each issue to feature. In case you missed reading these issues, we'll give you a nutshell version of these articles. I would also be remiss if I didn't say how much I appreciated the efforts of Russ Lawson and Mike O'Horo, whose monthly columns provided all of us with a look at the intricacies of marketing both in a law firm setting and to smaller firms and solos. And as we look forward, we'll take a look at what's coming up and a preview of our editorial calendar.
A Personal and Professional Marketing Plan for New Partners
The congratulatory letters and well wishers have come and gone and the honeymoon is over. Now it's time to assume the role of partnership. For some this will be a simple transition; for others it becomes on ongoing challenge. Associate life is basically akin to rankings in the military ' private, corporal, sergeant, lieutenant. Partnership is akin to making the move up through the ranks to captain, major, colonel or general. Along the way things change. Expectations are different and even if as an associate an individual has been doing his or her fair share of marketing, now you are an owner and more than ever, you need create your own personal and professional marketing plan.
On The Job: Personal Career Planning
Good personal career planning is incomplete without a regular assessment of where your skills need improving. Here are a few techniques that make sense.
Ask the Coach
This month's questions:<BR>Q: Some of our partners must think that they're natural salespeople. The result is that they never prepare for sales calls, preferring to "wing it." Often, they return empty handed, but refuse to change their approach.<BR>Q: I know that the Coach is against beauty contests, but for us they are a fact of life, at least for the time being. Presentations before a buying committee are usually followed by a question and answer session that can get really awkward, especially if the group includes someone who favors a competitor.<BR>Q: What are the most ' and least ' effective ways of gaining access to senior executives and other decision-makers?
Taking Assignments of Equipment Leases: An Analysis of an Acceptable Documentation Package
Like many financial products, equipment leases can be bought and sold. The lease assignment market has become increasingly active and complex in recent years, despite the economic downturn of the early 21st century. This article highlights the type of documentation that should generally be required when a broker or other originator of leases (the "Originator") assigns leases to a funding bank (the "Funder").
Pennie to Close Doors by End of December
Intellectual property boutique Pennie & Edmonds will ring in the New Year by closing its doors and firing some of its lawyers and staff. Ahead of a likely announcement of a deal for many ' but not all ' Pennie & Edmonds lawyers to join the New York office of Jones Day, Pennie & Edmonds' management informed associates and staff members Monday that the 190-lawyer firm will cease practicing law and wind up affairs by Dec. 31.
Strategies to Enhance Cash Flow
Managing partners, financial partners, members of executive committees and administrators must devote more of their time today, than in the past, to planning and managing their firms' finances and those functions that improve the cash flow. Part One of this article described the first three of six aspects of law firm management and economics that the author has recommended to assist them in improving their firm's cash flow: 1) cash flow; 2) a business plan; 3) budgets for revenues, expenses and client advances. Part Two examines the remaining aspects: 4) partner compensation; 5) a recommended new business and billing committee; and 6) partners' capital and borrowing.
