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Educating Marketing Professionals on Key Financial Metrics and Measurements
Today, marketing and business development professionals need to understand law firm finance and economics. Likewise, law firm chief financial officers need a better understanding and appreciation of marketing strategies. The success of your firm will depend on how well these two disciplines work together. Marketing decisions affect whether the firm will obtain new business or increase business from existing clients. Profit needs to be returned to the firm as a result of these activities. Accordingly, the test of marketing decisions ultimately comes from its financial results. This article discusses two strategic but basic tenets of law firm finance and economics 'matter profitability and return on investment (ROI) ' and how marketing and finance professionals can work together to link marketing and financial strategies.
With concerns about the current economy and dire predictions of a recession that has staying power, it is probably a good time for law firms to rethink how their marketing dollars are being invested. Yes, invested. As a believer that marketing delivers profits over time, I am also a believer that marketing can be a major misspent category in most firms. Similar businesses face the same challenge. For example, consider this statement attributed to Macy's founder, John Wanamaker, when weighing the contribution of marketing expenditures: 'Half the money I spend on advertising is wasted; the trouble is I don't know which half.'
Client/Matter Profitability
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
The Benefits of Blockchain for e-Discovery and Data Preservation
As businesses across various industries increasingly adopt blockchain, it will become a critical source of discoverable electronically stored information. The potential benefits of blockchain for e-discovery and data preservation are substantial, making it an area of growing interest and importance.