Category: Legal Business Development

Consumer Financial Services Basics 2013 – September 30 – October 01, 2013

The National Law Review is pleased to bring you information about the upcoming  Consumer Financial Services Basics 2013.

CFSB Sept 30 2013

When

September 30 – October 01, 2013

Where

  • University of Maryland
  • Francis King Carey School of Law
  • 500 W Baltimore St
  • Baltimore, MD 21201-1701
  • United States of America

Facing the most comprehensive revision of federal consumer financial services (CFS) law in 75 years, even experienced consumer finance lawyers might feel it is time to get back in the classroom. This live meeting is designed to expose practitioners to key areas of consumer financial services law, whether you need a primer or a refresher.

It is time to take a step back and think through some of these complex issues with a faculty that combines decades of practical experience with law school analysis. The classroom approach is used to review the background, assess the current policy factors, step into the shoes of regulators, and develop an approach that can be used to interpret and evaluate the scores of laws and regulations that affect your clients.

LinkedIn (or Left Out) for Lawyers

Until recently, very few lawyers and corporate counsel had even heard of the social media site LinkedIn.  In fact, it surprises many to learn that LinkedIn was launched ten years ago.  How quickly things have changed!

Ninety-five percent of ABA members indicate that they have posted their profiles on LinkedIn. Seventy percent of corporate counsel indicate that they use LinkedIn regularly as a tool to find and vet outside counsel.  These statistics come from a 2012 ABA survey.

linkedin

LinkedIn is now one of the world’s most popular websites.  If you would like to be found by potential clients, your LinkedIn profile has become even more important than your website biography.  If you are looking for networking opportunities, your LinkedIn presence and activity have become just as important as your face-to-face networking.

LinkedIn launched in May 2003.  “From the very start, LinkedIn differentiated itself as a site for business, business development and recruitment rather than a social site,” said Phil Nugent.

“In just ten years, LinkedIn has gained 225 million users around the world, including 80 million users in the United States,” said Nugent.  “More than 173,000 people join LinkedIn each day.  It is a great place for many attorneys, because the demographics of LinkedIn skew older, wealthier and more-educated than any of the other top social media sites.”

Nugent discussed effective use of LinkedIn by lawyers and law firms at the monthly educational meeting of the Rocky Mountain Chapter of the Legal Marketing Association, held July 9 at Sullivan’s Steakhouse in LoDo Denver.  Nugent is a non-practicing attorney and principal at NCG Strategic Marketing.

“Successful use of LinkedIn as a business development tool has three steps,” said Nugent.  “First, you must post a complete and compelling profile.  All too many lawyers and law firms leave it at that, however, and then wonder why LinkedIn is not working as well as they had hoped.

“To achieve success on LinkedIn, you must build a strong network of connections in terms of both quality and quantity,” said Nugent.  “With this accomplished, you can leverage LinkedIn as a business development tool to find others, to get found and to conduct market research.”

Getting Started on LinkedIn

The creation and posting of a good profile is step one of a solid LinkedIn presence.  However, it should not be the same as a lawyer’s website bio.  Instead, it should be designed to satisfy the unique needs of LinkedIn’s search algorithm.

“LinkedIn’s algorithm uses a metric to quantify profile strength, which has a huge effect on search results,” said Nugent.  “Different areas of your LinkedIn profile carry different weights.  You should aim for a profile-strength of “all-star,” or as close to 100 percent as possible.”

Nugent discussed and gave specific recommendations regarding the algorithm’s weights.

Name and title (25 percent) — Do not make the mistake of simply listing a generic job title in this very important space.  It should include carefully selected keywords – the keywords that those searching for someone like you are likely to use.  The title category can be as long as 120 characters, or about 18 words.

Photo (5 percent) – A profile that includes a photo is seven times more likely to be viewed than one without a photo. Be sure that the photo is both professional and recent.

Summary (10 percent) – Use your summary to tell a compelling story about how you help clients solve their legal problems.  This section should include plenty of keywords.  It can include up to 2,000 characters, or about 350 words.  Spell check is always recommended.

Education (15 percent)

Previous two jobs (30 percent)

Three recommendations (15 percent) 

Another smart tactic for promotion of your LinkedIn presence is to customize your profile’s URL.  LinkedIn automatically generates a random URL, but this easily can be changed to a much shorter version featuring your name.  Additionally, you should be sure to add links to your website and blog.

On the “Edit Profile” page you can add content modules that include projects, publications, honors and awards, patents, certifications and languages.

“Throughout your LinkedIn profile, remember that content is king,” said Nugent.  “The copy should be compelling and should include plain-English keywords that are the same words that will be used by your target market or your ideal clients.  These keywords should indicate who you are and what you do.  Avoid ‘legalese’ — unless your clients use it, too.”

Once you have prepared and posted a strong LinkedIn profile, you want to make sure that people can actually gain access to it.  Go to the “privacy controls” section of your profile and choose the settings that allow “everyone” to view your profile photo and visibility.

Creating a LinkedIn Network

To support a strong LinkedIn profile, you need a strong network.  When it comes to building a network, you can pitch as well as catch.  This means that you shouldn’t rely only upon the invitations that you receive; you should proactively send invitations to those with whom you would like to be connected.

A LinkedIn network works like a big circle, with you in the middle.  First-degree connections are direct connections.  These are the people you have accepted and who have accepted you.  Second-degree connections are friends of these friends.  Third-degree connections are friends of second-degree connections.  Your level of visibility into third-degree connections is limited, and a request to connect must be routed through the second-degree connection that controls the relationship.

“The quality of your network is important,” said Nugent.  “If you accept too many random invitations, your network, although large, may not be sufficiently useful.  If you accept (and send) too few invitations, you won’t be able to use the database as it was designed.

“Before accepting any invitation,” said Nugent, “ask yourself if this person is potentially a client or a source for the kind of work you really want to do. Strive for balance between the quantity and the quality of the invitations you accept.”

When vetting an invitation, check out the inviter’s profile.  Is the invitation from a real and (apparently) respectable individual?  Does the inviter have quality contacts that might prove valuable?  Does the inviter have a large number of contacts?  Did the inviter include a personal note with the invitation?  “Rely on these factors to determine if it makes good sense to connect,” said Nugent.

When sending out your own invitations, start with your existing contact list.  Include your firm’s partners, associates and staff; members of professional, business and industry groups that you belong to; and referral sources, clients and friends.

“Never allow your network to stagnate,” said Nugent.  “It should grow continuously.  When you meet a new contact, follow up within 48 hours with an invitation to connect on LinkedIn instead of (or in addition to) an email or a written note.  To facilitate this tactic among those you meet, consider including your LinkedIn address on your business card.”

Using LinkedIn for Research

“A well-crafted LinkedIn network is like a finely tuned sports car,” said Nugent.  “It’s really a waste if you just let it sit in the garage.  You should take it out for a spin as often as possible.  The more you ‘drive’ LinkedIn, the more you’ll discover its usefulness — and the more you’ll realize what a powerful tool it can be on a daily basis.”

Your LinkedIn network is essential when conducting pre-interaction due diligence.  “You can search your network in order to find out useful information about prospects, their companies, clients, competitors, consultants, referral partners, media sources and employees,” said Nugent.  “The quality of your results will be determined by the quality of your contacts and the size of your network.

“LinkedIn can help provide answers to many important questions,” said Nugent.  “These include who is the right person to talk to in a particular organization?  What can I discover about this person prior to our meeting?  Who else is on their team?  Who might be able to provide me with background or an introduction?”

LinkedIn’s “advanced search” capability allows you to refine a search by relationship, location, current company, industry, past company, school and language.  Search can be further narrowed by groups, years of experience, function, seniority level, interests, company size, Fortune ranking and date joined.

Lawyers who want expanded search capabilities and additional functionality can try a premium membership on a monthly basis rather than sticking with the basic free membership.  However, the free membership provides plenty of power for most LinkedIn users.

“In just ten years, LinkedIn has gone from being a novelty embraced by techies to a must-have marketing tool for all professionals who hope to compete in today’s marketplace,” said Nugent.  “By creating a strong profile and a robust network, and by being an active user, any lawyer can vastly enhance his or her online visibility and reputation.”

Determining Which Social Media Platforms Work Best for Your Law Firm [INFOGRAPHIC]

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When you consider the overwhelming number of people who are now using social media, the question you should be asking is not, are my prospects, clients, and referral sources using social media? The question you should be asking is, which network are they using most often?

Don’t make the mistake of thinking you are your client.  Just because you don’t actively participate on Facebook or other social media platforms don’t mean your clients and prospects aren’t.   Very few law firms are aggressively going after these platforms; it’s an opportunity to get ahead of the curve. Plus, search engines now rank social media pages, so it’s very important for SEO.

Depending on the demographic of your clientele, you may have more success with one social media platform compared to another. The infographic below, based on the latest social media usage data from the Pew Research Center, can help you determine which platforms can work better for you, depending on the profile of your ideal target market:

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What Clients Want from Your Law Firm’s Website

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When a client comes to your office, they are expecting to meet a lawyer they can trust who respects them and will represent their case well. The same guiding principle applies to what prospective clients want from your law firm’s website: a trusted resource that will provide information and guide them to a lawyer they can trust. There are several ways you can be responsive to client needs on your law firm’s site.

Descriptions of Legal Proceedings

Your prospective clients will likely have many questions about the events that are going to take place surrounding their case. How many times can they expect to meet with you or a partner attorney? How many court hearings will they need to attend? Is there any background work required on their part? What sort of emotions might they experience as their case reaches a trial? You could provide a resource webpage, or even a thorough blog post, on your site that walks clients through the process and provides answers to their concerns.

Clear Explanations of Laws

Your legal training and expertise gives you have the ability to understand complex rulings and, using your strong relational skills, you also have the ability to explain the details of those rulings in layman’s terms. Your law firm’s blog is an excellent place to write about recently passed laws or judicial rulings. Particularly, if a law will directly affect your client base, you should consider devoting the time to explain the information to your site visitors.

Answers to Frequently Asked Questions

As you have practiced law you have more than likely encountered the same questions, or type of questions, from your clients. Questions such as: Do I have a case? What is a personal injury? How much will my attorney fee be? How much can I get in my settlement? Consider creating a section on your site to address these most frequently asked questions in a FAQ section. Your firm will be seen as a legal authority and will simultaneously build trust with potential clients.

Practical Tools and Resources

In a world of smartphones and apps, Web users crave information that is interactive and engaging. Think about a complicated question or process you could streamline and create an effective tool to guide your clients through the nuances. Personal injury lawyers may choose to include an interactive questionnaire for clients to determine the severity of their injuries. A family lawyer may feature a child support cost calculator on their site. Be creative and find a quality marketing team of designers and programmers to bring your vision to life.

Introduce Your Firm’s Attorneys

An often overlooked, but necessary element of any law firm site is the attorney bio pages. Your clients will instantly get a sense of your attorneys when they meet face to face in your office, but what about beforehand? That first impression almost always happens online. It is important to make a good impression. Consider including bits of personal information to show that your attorneys are well rounded individuals or, better still, include a professional video highlighting each of your partners. Remember to be engaging; your clients want to know they can trust you. In the 21st century, building trust oftentimes begins online.

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Can You Hear Me Now? Tips for Communicating with Counsel

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Imagine that some circumstance arises that leads you to need an attorney. Perhaps you have a dispute with a neighbor, are considering adopting a child, or have been wrongfully terminated from your employment. No matter what your legal matter may be, you may find that a common question arises in your mind: How do I best communicate with my attorney? Today’s technology provides many options for communication, ranging from social media websites like LinkedIN and Twitter to increased modes of communication such as Skype video-conferencing, and texting. It can be confusing for a client to know what the most effective way is to communicate with an attorney (especially if he or she is represented for the first time). Here are a few tips you may want to consider:

1. Ask your Attorney. Many attorneys have the ability to use different modes of communication. Your attorney, however, may prefer you contact him or her using a particular mode. Some may prefer email, while others may be better able to respond to telephone calls. You may find that your attorney’s preference for how you get in touch is based on the circumstances. If you are running late to a settlement meeting, a call may be more effective than an email, for instance. Open a line of dialogue with your attorney about their specific suggestions as to how you can best communicate with them.

You should also remember that your attorney may be able to better communicate with you if he or she knows your preferences. Most attorneys request of their clients an email address, phone number, and mailing address. If you do not use a cellular phone or other mobile device, allow your mail to pile up, or do not have privacy in your home to review sensitive emails, you will want to share this information with your attorney.

2. Consider the Length and Frequency of Messages. We may all have had the experience of leaving a voicemail so long that the recording turns off, resulting in an incomplete message. And we may all have had the experience of writing lengthy emails, especially when those communications are about concerning or pressing matters. When communicating with your attorney, you’ll want to consider the length and frequency of your messages. Ask your attorney to share with you his or her typical response time by posing a question like: “How long do you suggest I wait for your response before reaching out again?” You may find that you can avoid unnecessary fees and costs by preventing duplicate messages. You may also want to ask your attorney to share with you a few months into the attorney-client relationship whether he or she has suggestions for managing emails or other communications that are particularly lengthy. For instance, before writing a lengthy email on a particular subject, you may want to just drop your attorney a line and ask whether a call or email will be more effective.

You may also wish to discuss with your attorney limiting each email to one issue, or to start a new “thread” or email conversation once your exchange reaches a particular length.

3. Format your Messages for Clarity. One suggestion I often share with clients is to use numbered lists or bullet-points when exchanging emails with me. This not only helps me to more easily digest lengthy emails, but it speeds up the process of responding, which can save the client time and money in return. I have also found that when a client sends a lengthy email with many questions interspersed, I can respond more quickly by typing my response into the body of the client’s original email. In those circumstances, I will use a bold and colored text to respond, and instruct the client to respond in all capital letters. While the formatting of your messages may not have an impact in a single instance, over the life of a case these kinds of strategies may be effective for you and your attorney.

4. Be Prepared. When you are planning to exchange email, teleconference, or otherwise speak with your attorney, attempt to reasonably anticipate what questions she or he may have for you. At times, you may want to reach your attorney’s legal assistant or office staff to ask whether your attorney suggests you review or provide documents. Being properly prepared can help you make the most of the time you and your attorney spend in discussion.

Whatever your legal needs may be, speaking with your attorney about how best to communicate can lay the foundation for a more pleasant and effective attorney-client relationship.

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Women, Influence and Power in Law Conference – October 2-4, 2013

The National Law Review is pleased to bring you information about the upcoming Women, Influence & Power in Law Conference:

WIPL2013_250x250

When:

Where:

The Only National Forum Facilitating Women-to-Women Exchange on Current Legal Issues

Women, Influence & Power in Law Conference is presented by Summit Business Media’s Legal Suite – InsideCounsel magazine, InsideCounsel.com (website), producers of the 13th annual IC SuperConference, the prestigious Transformative Leadership Awards, and creators of Project 5/165.

Presented by InsideCounsel Magazine, the pioneering monthly magazine exclusively serving general counsel and other top in-house legal professionals, the first annual Women, Influence & Power in Law Conference offers an opportunity for unprecedented exchange with women outside counsel. This unique event was created with the assistance of an unheralded advisory board comprised of highly placed women attorneys who are all direct reports to the general counsel and were drawn from across the country. These attorneys have the highest levels of expertise and experience in key practice areas.

The Women, Influence & Power in Law Conference is not a forum for lawyers to discuss so-called “women’s issues.” It is a conference for women in-house and outside counsel to discuss current legal topics, bringing their individual experience and perspectives on issues of:

  • Governance & Compliance
  • Litigation & Investigations
  • Intellectual Property
  • Government Relations & Public Policy
  • Global Litigation & Transactions
  • Labor & Employment
  • Executive Leadership Skills Development

Consumer Financial Services Basics 2013 – September 30 – October 01, 2013

The National Law Review is pleased to bring you information about the upcoming  Consumer Financial Services Basics 2013.

CFSB Sept 30 2013

When

September 30 – October 01, 2013

Where

  • University of Maryland
  • Francis King Carey School of Law
  • 500 W Baltimore St
  • Baltimore, MD 21201-1701
  • United States of America

Facing the most comprehensive revision of federal consumer financial services (CFS) law in 75 years, even experienced consumer finance lawyers might feel it is time to get back in the classroom. This live meeting is designed to expose practitioners to key areas of consumer financial services law, whether you need a primer or a refresher.

It is time to take a step back and think through some of these complex issues with a faculty that combines decades of practical experience with law school analysis. The classroom approach is used to review the background, assess the current policy factors, step into the shoes of regulators, and develop an approach that can be used to interpret and evaluate the scores of laws and regulations that affect your clients.

Tips for Measuring Content Marketing Results [INFOGRAPHIC]

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We saw the Brandpoint infographic below posted on the MarketingProfs.com website and thought it was a good representation of how you can tell if your content marketing efforts – blogs, social media posts, videos, articles, etc. – are working for your practice.

After all, if you are spending time and/or money on content marketing, you really do want to know if it’s working, right? See below on how to measure the effectiveness of your content marketing in terms of awareness, consideration and conversion:

ABA Survey Says Lawyers Getting Clients Via Social Media

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A hat tip to my friend Larry Bodine, editor-in-chief of Lawyers.com, who reports on findings from the newly published2013 ABA Technology Survey in his LawMarketing Blog today as follows:

27% of US law firms now have blogs, up from 22% last year, 15% in 2011, and 14% in 2010. Only 9% of lawyers maintain a personal, professional blog outside the firm. Solo attorneys are the most likely to have a professional blog, as are those between the ages of 40-49.

59% of those surveyed indicated their firms maintain a presence in a social network such as LinkedIn or Facebook, up from 55% last year, 42% in 2011, and 17% in 2010. Of those firms with a presence, the breakout of channels can be seen in the chart below. LinkedIn and Facebook are the most used, but legal-vertical network use remains low.

Individually, 81% of attorneys report using social networks for professional purposes, up from 78% last year, 65% in 2011, and 56% in 2010. LinkedIn usage is nearly universal (98%), with Facebook usage actually falling from 38% in 2012 to 33% this year.

19% of law firms now use Twitter, up from 13% in 2012. Individual Twitter usage by attorneys reached 14%, up from 11% last year. Twitter usage is more common in solo and small firms.

How effective is maintaining a presence in social media? When those utilizing any type of social media/networking were asked if they ever had a client retain their legal services directly or via referral as a result of their use, 19% indicated “yes” (compared to 17% last year and 12% in 2011). Solo and small law firms reported better results than larger firms.

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7 Steps to Attract and Keep Great Clients

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There are certain actions that I see attorneys committing time and again that drive clients from their doors, and the lawyers who commit them are clueless about why their competition is getting new clients and they are not.

Here are 7 steps I have found work well for attracting and keeping great clients:

Don’t try to be all things to all people. You should be measuring your success in terms of profit, not just revenue. If you are signing everyone who walks in your door or calls you on the phone, you are probably discovering that many are not your ideal client, and are wasting your precious time and resources without hope of a satisfactory outcome.

Set expectations. Most relationships with clients that go south do so because of unmet expectations. Be realistic about the services you provide and the outcome they can expect, and do it up-front.

Communicate. You don’t mean to ignore them, but you’re busy and time slips by. If you had a process in place for communicating with them regularly, this wouldn’t be a problem.

Talk to them in their language. Some attorneys have a very bad habit of making clients feel stupid by using too many legal terms in conversation. Stay on your client’s level and always make sure they understood what you were trying to communicate.

Return calls promptly. When clients need you, they don’t like to keep leaving voicemail messages….worse still is a full voicemail box. Offer your cell phone number or a way they can reach you when they need you.

Listen. Most clients just want to be heard, especially by their own attorneys. This takes time on your part, and an effort to understand their point of pain and how to solve it.

Stay visible. Is the only time a client ever sees you when they are ready to sign on the dotted line? If you only make an appearance when money is on the table and then hand clients off to junior associates, you have just created a major disconnect in the loyalty chain.