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With the specter of deflation (falling prices) haunting the U.S. economy, the consequences and problems of the inflationary eras of the 1970s and 1980s may be as far from the minds of matrimonial practitioners as it is from the thoughts of central bankers. Nevertheless, if you have matrimonial clients from long-term marriages, an awareness and understanding of the meaning of inflation may help you obtain a more equitable distribution of marital property for those who brought separate property into the marriage.
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Custodial accounts established for the parties' children during the marriage can constitute significant assets. But whose money is it, and how can it be used? Some parents view the custodial accounts as a convenient way to make up a shortfall in the income available to meet support payments and property settlement obligations. Because the unilateral expenditure of children's funds is almost guaranteed to generate a new series of disputes between the parties, it can be helpful for the lawyer to discuss the children's money with the client, emphasizing what can - and cannot - be done with it.
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<b><i>Attacking the Entity to Get Your Client a Fair Settlement</i></b> Family limited partnerships and limited liability companies (collectively, FLPs) are ubiquitous in estate and asset protection planning. The odds are that you will encounter one or more FLPs in discovery with increasing frequency. The question is, what do they mean to the divorce negotiations and settlement, and how can you be certain that your client gets a fair deal?
You may find it difficult to get feedback from partners or administrators about your performance. Setting up a performance appraisal system in your own department will make your job easier.
This month's questions:<p>What do you do when, despite having a good relationship with a client, you struggle to reach agreement on such things as rate increases, staffing, etc. <p>In the interest of cross-selling, I often have a colleague or two accompany me on initial sales calls. How do you manage or choreograph interaction among three to four people? <p>At some point in any sale, buyers usually request references. What's the best way to handle this?
Ask business managers and in-house corporate lawyers the thing that drives them crazy about lawyers, and one of the most common responses is the time they spend waiting for a call back.
The thing about going out and getting new business," said a partner in a large New York-based firm, "is that when you bring it in, it's one of the greatest feelings you can have!" If everyone was so motivated, if every lawyer or professional felt that way, there would be no lacking for business and a smile on the face of every firm marketing manager. Strangely enough, if such a utopia existed, there would still be potential for some sticky problems -- the solutions for which require savvy marketing management and fostering of a teamwork culture.
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Q: What is the difference between a COO and a CMO? <p>A: One saves money and the other spends money.<p>One of the key factors to a successful run as a law firm marketing exec is to whom that individual reports. If the answer is Chief Operating Officer (COO) or Executive Director (ED), I become the great skeptic as to whether or not any marketing program can achieve success. However, I do believe that both can coexist and help the firm's marketing efforts move forward.
Lawyers are in the business of providing information to their clients. The issue, which perplexes most lawyers, is how to effectively and efficiently convey the right information to the right people at the right time so that they will hire the firm to answer their questions and solve their problems.