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.

Women, Influence & Power in Law – 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

Social Signals Rank Highest for Best Google Search Results

A new study from Searchmetrics shows that of 44 ranking factors, social signals account for 7 of the top 8 most highly associated with Google search results,  The chart below shows the ranking importance for the top 22:
google search ranking factors in the US

The top findings from the Searchmetrics Ranking Factors-Rank Correlation Study show the following SEO trends for 2013:

  • Keyword domains and keyword links are not nearly as relevant as in the past
  • Social signals directly correlate with better rankings
  • Good content continues to be key
  • The number of backlinks continues to be of high importance
  • On-page technology (URL length, keywords in page titles, page descriptions, H1 and H2 tags, etc.) is still an important basic

This latest study makes it clear that you can no longer ignore social media if you are interested in showing up in Google search results.

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Converting Leads to Clients is Vital Part of Law Firm Marketing Strategy

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Generating leads is a vital part of any small law firm marketing strategy, but knowing how leads become clients and the cost for the conversion is just as important. The conversion of lead to paying client is what takes you from spending money to making money – which is really the reason you are in law firm.

To discover how the lead conversion process works in your law firm, you need to work with your staff to identify the stages of how prospects go to paying clients. Find out:

leads into a funnel

  • Who in the company is involved in the conversion process
  • The number of steps involved in the process
  • Where the conversion process begins
  • Who keeps the process moving
  • Who closes the process
  • Who tracks and reports on the process
  • The cost for each step in the conversion process

Once you have those answers, you should analyse your process to find opportunities to shorten it wherever possible. Look for any redundancies in actions or staff that can be removed. The goal is to have a lean process that delivers the results you want.

Once you have a handle on your process and its costs, you should now look at ways you can reduce your cost per lead. Find out:

  • The number of leads produced
  • The cost of converting those leads to clients
  • The amount of revenue each new client brings in

Like any other law firm process, your marketing efforts need to be as efficient as possible while still delivering your desired results.

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Law Firm Search Engine Optimization (SEO): Five Common Mistakes to Avoid

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Long gone are the days when you could rely only on meta descriptions, title tags, and directory links to boost your firm’s website rankings in search engines. Thanks (or no thanks) to sites using destructive black-hat techniques, Google is on a mission to penalize those who try to win using spammy shortcuts, and reward sites that provide a great user experience.

Below is a list of 5 common mistakes in SEO that can be easily avoided:

Duplicate Content, Consultwebs1. Content that is engaging.

Search engines are designed to deliver the highest quality results to the user; therefore, your content should provide the answer to the visitor’s search query as well as a great user experience. If a user comes to your website and is not impressed with the content, they will quickly leave. When this happens, it indicates to search engines that your site is not offering supportive and relevant content based on that particular search query. You do not want this! You want users to visit your site and be engaged. Remember: write for your readers, not search engines.

2. Duplicate content

Duplicate content, in simple terms, is content that appears on more than one Web page. This is akin to a constantly skipping CD. In short, it’s annoying.

Google can easily determine when content is duplicated. One of the relatively new Google features is Google Authorship

To ensure they are offering users high value content, search engines take pages out of the rankings that are a duplication of other, higher authority pages. Also, duplicate content can lead to Google not trusting the overall quality of the site and penalizing its rankings.

Search engines want to provide users with a varied amount of results, not 20 pages with the same content. To ensure this, search engines omit pages that are a duplication of other, higher authority pages. Omitted pages don’t rank.

Additionally, if Google finds your duplicate content to be spammy, deceptive or an attempt to manipulate your rankings, Google may penalize your site by dropping its rankings.

3. Not using correct keywords

If a user cannot find your website, then what good is it?

If a website’s content is written about the term “vehicle wrecks,” but the majority of users are searching for “car accidents,” the website will miss out on a lot of potential business. It’s crucial to use the correct keyword targets to drive optimal traffic to your website.Target the right words by looking for terms most commonly used in searches. Our SEO specialists use a variety of tools, including Google’s keyword tool,to determine the words and phrases that have the highest search volume for your area of law. However, targeting only the most popular keywords may not improve your rankings. The higher the search volume for a keyword, the more websites you will compete with for rankings, so it’s vital to find a happy medium between the two. Don’t forget, however, that long tail searches (lesser used phrases words and phrases) obtain more relevant traffic than the highest volume words and phrases.

4. Over-optimization

Yes, there is such a thing as over-optimization!

Tactics such as excessive interlinking,keyword stuffed content and tags, and duplicate content within the same site are common over-optimization practices that can hurt your rankings.

Typically, anything over 3% keyword density is too much for a page. Links should only be placed on a page if they are relevant to the content posted on that same page. Remember the saying “too much of a good thing is bad?” Well, that pertains to SEO as well.

5. Assuming that SEO strategies are static. SEO is constantly changing!

There is no such thing as updating a site and never having to do so again. Google constantly changes its algorithm (examples: panda, penguin, so a website has to be reviewed occasionally. What works today may not work tomorrow; it’s important to stay up-to-date on SEO practices used on your site.

Also, by having a blog on your site and adding new posts regularly, you are providing fresh, new content. Google loves fresh content.

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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.

Pricing Legal Services in a Challenging Environment

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The balance of power has shifted. In-house counsel, increasingly concerned with legal spend, are putting the pressure on law firms to control costs. In turn, many law firms, scared of losing work, fall victim to suicide pricing. Clients actively seek control of legal costs by demanding greater discounts, requesting alternative fee arrangements and meddling in resource allocation. Colin Jasper, principal of Jasper Consulting, said that all of these factors create a growing challenge for law firms, since pricing has a bigger effect on profitability than any other lever.

In his presentation during the April LMA Midwest Luncheon titled “Pricing legal services in a challenging environment,” Colin discussed the challenges firms face in setting a fair price, and ways they can improve price-setting discretion and avoid commoditization.

What is the “right” price?

Colin polled the audience on the characteristics of the right price. As hands went up across the room, “profitability,” “perceived value,” “sustainable rate,” and “responsive to the market” were among the responses. Colin agreed that all of these are important considerations and that the right price is one that is fair to the client and fair to the firm. Three implications flow from this:

It is the client’s responsibility to fight for what’s fair to them, and we should not begrudge them for doing so.

  1. It’s our responsibility to fight for what’s fair for the firm.
  2. We have a role to play in influencing our clients’ perceptions of fairness.

He described three common methods for setting a price:

  1. The cost-plus method, which uses multiples and margins to determine cost. This method reflects an accounting mindset.
  2. The market-based method asks “what will it take to win?” and sets a price that is competitive with others in the market and employs a sales mindset.
  3. Value-based pricing is the most talked about and perhaps least understood. It sets prices based on the value of the service to the client.

At its most basic level, pricing is the process of determining what a firm will receive in exchange for its services. It is important, said Colin, to think of pricing as a process, not as an event. The pricing process is comprised of key inputs (such as objectives, costs, competitors and client value), process elements (roles, strategies, tools and monitor, control and feedback) and components (fee level, fee structure).

If you never lose work because of price, you are pricing too low.

“We are taught that we need to pay attention to client feedback, but that’s true only to a point,” he said. “Client feedback tends to define our place in the market.” He noted that losing work because of price is absolutely bound to happen as long as you are maintaining your competitive position and pricing. A premium firm, for example, will have high pricing and greater benefits. Their clients will say “we love your benefits, but you’re expensive.” The mid-market firms will hear similar. Economy firms, with low prices and fewer benefits, will hear the opposite (“we love your price, but wish we were getting better results and/or service”).

 I just don’t want to be ripped off.

When it comes to pricing structures, clients are steering away from the hourly rate, which Colin says is overused in the legal profession. Other structures, such as fixed fees, event fees, monthly retainers, value billing and hybrid structures, are preferred instead. These bear much more resemblance to value billing and allocate risk between the client and the firm. With hourly fees, a disproportionate amount of risk falls on the client.

All of this does not make for a greedy client. Instead, said Colin, clients are buying emotionally and justifying rationally. They are saying “I’m happy to pay what’s fair, but I don’t want to be ripped off.” Clients are looking for signals as to whether the resulting price is fair and that they got good value for their spend. One of our roles as legal marketers is to influence the client’s perception of value. Many factors come into play when clients are determining the fairness of price. They are comparing price to a range of alternatives, including competitors, benefits, discounts, estimates, options and even competitors in a different market position. The heightened role of procurement in these purchase decisions has further exacerbated these comparisons.

The key, says Colin, is to have clients focus on what is at stake. If you’re the firm who can do this, you automatically have an advantage. Additionally, the biggest area marketers can see improvement is in communicating the firm’s value. The more we can do so, the less pushback we will get on price.

There is no such thing as a price sensitive client.

When a client perceives that the benefits of one firm are equal to the benefits of the others, your work is seen as a commodity. Colin said, “there is no such thing as a price sensitive client, only a client who has grown indifferent to your differentiation.” However, there are so many ways that legal services differ from firm to firm, that they are really not commodities by nature. In conclusion, Colin offered three ways to combat commoditization:

  1. Become the low cost provider.
  2. Fight the good fight of differentiation and help them understand how the benefits you offer are greater than the benefits of others.
  3. Change clients and transition away from clients who are pushing you down. Know your “walk  away” position.
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Making a Difference at Your Firm: A Checklist from Two Law Firm Chief Marketing Officers

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It is a fact that none of us majored in legal marketing in college.  While some of us did receive a formal education in general marketing or business, it only takes a few months before you realize that working with lawyers is a whole different ballgame.  How lucky we are as LMA members, then, that veterans are eager and willing to share their wealth of knowledge with not just legal marketing rookies, but also other veterans, and everyone else in-between.

Anne Schuster chief marketing officer at Thompson Coburn LLP, and Lou Ann Wilcox, chief marketing officer at Armstrong Teasdale LLP, recently collaborated to create a checklist on how other legal marketers can make a difference at their firms, which they kindly shared with their colleagues in St. Louis.

 1)  Understand the Big Picture

Clearly, marketing is not carried out in a vacuum.  Our speakers encouraged everyone to know what the firm’s management is trying to accomplish (both short term and long term) along with their overall vision for their firm  and how marketing fits in.  In fact, understanding what the firm’s goals are will often guide you in developing your marketing plan.

 2)  Focus on What Matters

Anne and Lou Anne explained that there are two types of activities that legal marketers carry out:

  • Business development activities that affect the bottom line
  • Reputation enhancement activities that do just that – enhance the brand

This was further illustrated by the “Marketing Continuum” chart which divided activities into “Sales” (big seminars, networking events, face-to-face business meetings, etc.) and “Reputation Enhancement” (tables at events, PR, articles, golf hole sponsorships, etc.).  Lou Ann expressed that we should be pushing our lawyers towards the sales activities while teaching younger lawyers how to become more involved in reputation enhancement activities.

 3)  Know How Your Law Firm Works

In addition to knowing the basics of how your firm works, our speakers also recommended knowing how influence happens in your firm.  One specific way to determine who is an “influencer” at your firm is to look for the person your managing partner bounces ideas off of.

Furthermore, you should know your firm’s financials, or at least understand the six levers of law firm profitability:

  • Leverage
  • Demand
  • Rates
  • Productivity
  • Realization
  • Expense

Once you understand how the firm works, go forth and teach your lawyers!

4) Manage to the Numbers

Anne showed how analyzing your client base can reveal new opportunities in untapped practice areas.  Specifically, she illustrated the green-space chart that she attributed to Altman Weil.  In it, practice areas are plotted on the x-axis with top clients on the y-axis; dollar amounts are filled in the cell where the points meet.  Empty cells on the chart represent opportunities for client teams to market additional services to those existing clients

5) Create Opportunities to Listen to Your Clients

Lou Ann recommended a formal client feedback program consisting of annual client meetings, frequent visits and post-matter surveys.  If a problem comes up during the client feedback process, it should be fixed immediately and then the client needs to be notified that the problem has been fixed.  What’s more, Lou Ann discussed how during an annual client meeting outlining expectations, her firm also asks the client marketing-related questions such as, “How do you like to be entertained?” (what type of events?  What time of the day?) and “What are your expectations regarding how the firm donates to your favorite charity?”  Asking these types of questions not only opens up the lines of communication with the client, but also eliminates wasted effort on behalf of the marketing department and the client team.  In the end, we should be asking itself, “Are we doing everything we can for the client?”

Lou Ann also revealed that her marketing department frequently asks the firm’s lawyers how they are doing, as well.  This simple act shows that the department values the firm’s client feedback process while also putting the lawyer in the client’s shoes.

6)  Educate and Communicate

Anne and Lou Ann both illustrated a few ways that their firms have facilitated educating their lawyers on the practices and clients of other lawyers within their firm.  Methods included a deck of cards with facts on different attorneys, a splashy video highlighting opportunities for cross-selling and an innovative passport program that encourages lawyers to simply get to know each other.

The second component, communication, is necessary in order to keep the firm’s lawyers aware of the successes of their colleagues.  Lou Ann shared a newsletter her firm’s managing partner sends out that simply lists recent successes and awards.  This simple act builds trust among the practice groups and reduces the perceived risk of cross-selling another practice.

7)  Push Lawyers Out the Door

As marketers, we should be encouraging our lawyers to talk to their clients along with visiting them at their place of business.  This tends to take lawyers out of their comfort zone, so the panelists discussed ways we can make it easier for them, such as preparing talking points.

8)  Push Back on Bad Ideas

Anne and Lou Ann provided some great tactics on how to deal with lawyers presenting bad marketing ideas.  Overall, they both advised re-directing ideas that you know won’t work.  Instead of saying “No,” offer two or three alternative ideas to the individual.

9)  Know Your Strengths

Lou Ann recommended the book, “Strengths Finder 2.0” which helps individuals discover their strengths.  When you discover what you naturally excel at, operate within that strength at let others operate within theirs; this is what makes a truly effective team.

10)  Market Yourself

Anne began by stating that this item is the one we most frequently forget.  In order for marketing to stay relevant within the law firm, we need to tell our story ,since no one else will.  Additionally, we should be documenting our activities and results.  Lou Ann explained that her marketing department records their activities through a shared document which lists tasks and objectives stated for the year.  In it, marketing staff members enter when tasks are completed; the document then serves as a report on what the marketing department completed in that year.

This unambiguous checklist created and shared by Anne and Lou Ann provided a fantastic set of guidelines on how marketing professionals can make sure they are making a difference at his/her firm.  Moreover, the real-world examples and case studies our speakers presented further illustrated how these items can be carried out at any firm, simply and successfully.

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When Persuading, Body Language Beats Words Re: Persuasion and Negotiation in the Practice of Law

In any law firm, there is a lot of persuasion going on.  Persuasion and negotiation are, after all, essential skills in the practice of law. But they are also important in other tasks performed at law firms.  In the human resources area, you must persuade someone to hire you, pay you more money and advance you in your career.  In the operations area, you must persuade your colleagues to work with you.

And of course, a lot of law firm persuasion takes place in the realm of business development.  You must persuade clients in your marketplace that you are expert in your field of practice.  You must persuade influencers to refer to you to others and potential clients to meet with you.  You must persuade current clients to stay with you and give you more work.

Wouldn’t it be much easier to persuade others if you knew what they were thinking?  The ability to read body language provides this valuable information.

Wouldn’t it be much easier to persuade others if they liked you and trusted you?  The ability to modify your own body language makes it much more likely that this will happen.

The ability to read and respond to body language was discussed by Traci Brown at the June 11 program of the Rocky Mountain Chapter of the Legal Marketing Association, held at Sullivan’s Steakhouse in LoDo Denver.  Brown is a Boulder-based persuasion expert who teaches lawyers how to use body language to pick and persuade members of a jury.  She is author of Mastering Magical Persuasion and Body Language Confidential.

Importance of body language

Lawyers tend to be word people.  As such, they put too much emphasis on what they are communicating.  They will spend hours researching and writing a presentation, and then simply read it. They place far too little emphasis on how they are communicating.  This can be a huge mistake.

Research shows that people form first impressions about the likeability and trustworthiness of another person very quickly,” said Brown.  “This determination of ‘OK’ or ‘not OK’ happens instantaneously in the deep unconscious.  Once this impression is made, it is almost impossible to change.”

According to a widely cited study by UCLA professor Albert Mehrabian, body language accounts for an overwhelming 55 percent of that impression.  By comparison, 38 percent of a first impression comes from the tone of your voice and a mere seven percent from your actual words.

Body language includes how we position our bodies (including how close we stand or sit to someone), how we use our hands (including shaking hands), how people perceive our facial expressions (especially our eyes), how we touch ourselves and others, and how our bodies connect with items like pens, eyeglasses, jewelry or even the change in our pockets.  It can include breathing rate and perspiration.

“If the person you are meeting is somber and guarded,” said Brown, “you will never persuade them by being cheerful and demonstrative.  That will only set off their alarms.

“If you want to get different results from your efforts to persuade others, you need to do things differently,” said Brown.  “To get better results in the area of business development, one of the most effective things you can do is to change your body language.  With an understanding of how body language works, you can talk just about anyone into anything.”

Reading and responding to body language

An effective persuader will pay close attention to the body language of the person he or she is trying to persuade, and then mimic that body language.  “People like and trust people whom they perceive to be similar to themselves,” said Brown.  “The more you can be like the person you are dealing with, the more you will be able to establish essential rapport.”

Good friends and romantic partners, for example, tend to do this naturally.

Is the person you are sitting across from soft-spoken? Does he speak slowly, smile and laugh a lot? Is his notepad on the desk or his lap, does he take copious notes, are his legs crossed, is he leaning forward or backward?  These are important things to notice and reflect in your own body language.

Two terms often heard in the field of neurolinguistics are mirroring and matching. “Mirroring occurs when you copy a person’s body language as if you were that person’s reflection in a mirror,” said Brown.  “If the person you are facing leans to the left, for example, you lean to the right.  In other words, you might both lean towards the door.

“Precisely mirroring another person at exactly the same time can be too intense,” said Brown.  “It can actually backfire by making the person too uncomfortable.  The only time mirroring works well is when you are sitting across from someone who is very stiff and symmetrical.”

Almost always, you want to match rather than mirror the person you are speaking with.  “When you match, you copy the person more loosely,” said Brown.  “If the person you are facing leans to the left, you lean to your left – the other way from a mirror image.  If the other person leans towards the door, you would lean away from the door.

“You don’t want to do this immediately after the other person moves,” said Brown, “but perhaps five or ten seconds later, or when it is your turn to speak.

“When having a conversation, it is a good idea to stand or sit at a 45-degree angle to the person on whom you want to make a positive impression,” said Brown.  “Standing or sitting right across from someone and staring them straight in the eye can be seen as confrontational and put that person on his or her guard, rather than creating rapport.”

How to interpret a handshake

Brown discussed a number of circumstances where it can be useful to understand and correctly respond to another person’s body language.

The handshake, for example, is the standard greeting in business situations. The ideal handshake is the “equal shake,” where the clasp is vertical and the grasp is firm.  It says that you are meeting on common ground and want a nice, even interaction.

When the other person shakes your hand and turns their palm down, they want to dominate the interaction.  The same holds true for a ‘bone crusher.’ When the person turns their palm up, they are welcoming and likely to do what you want.  A limp ‘dead fish’ handshake indicates a lack of backbone.   A person who shakes hand with just the fingertips is unlikely to want to do business with you.

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Women, Influence & Power in Law – 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:

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