NY Courts Define 'Egregious Conduct'
Like New Jersey, New York generally does not consider fault when distributing marital assets. (<i>See</i> Strober L: Marital Misconduct and Alimony. <i>The Matrimonial Strategist</i>, November 2006.) However, there are circumstances under which both states will factor in fault.
Base Salaries Up; Bonus Levels Mixed
The recently released 2006 Altman Weil Law Department Compensation Benchmarking Survey of U.S. corporate law departments, published in partnership with LexisNexis Martindale-Hubbell, shows base salaries up across the board for in-house lawyers in 2006.
Using Business Plans in Recruiting Lateral Partners
Practice group structures, marketing departments, Chief Information Officers, even off-site operations centers ' each of these now commonplace elements of big law firm life is a manifestation of the business focus these firms have adopted. We all see it, with varying degrees of approval. Global law firms now develop and follow business strategies. Slowly, these firms are bringing a similar business focus to their lateral partner recruiting. For partners who think they might switch firms at some point, and for firms doing battle for talent in the lateral market, bringing a business perspective to your analysis can save a lot of time and energy. A properly prepared business plan will prevent the loss of countless (otherwise billable) hours and, more important, help avoid making the wrong move.
<b>Op-Ed:</b> 'Progress Is Our Most Important Product'
The progress that law firm marketing has made is in large part due to the staying power of the key marketing executive, and that staying power requires a level of maturity, sophistication and a clear understanding of how to play in the same sandbox as the owners. Marketing programs are not easy to sell, but like other 'purchases' the purchaser/owner can be persuaded to approve the marketing budget if the case can be made that 'this is about progress' that will make the firm more viable and, yes, profitable. Chief Marketing Officers and Directors need to step up and stand behind their programs. Of course that means developing a plan that doesn't have an unrealistic end game. Too often, over-zealous CMOs and Directors reach for the moon and wind up 'cratering.' This does not have to happen if one recognizes that, in order to succeed, one needs to develop a plan, implement the plan using a step-by-step program, and deliver on the plan in a manner that demonstrates progress. Let's be honest; no one expects the infamous 'ROI,' but owners do expect progress and this is key to winning the hearts and minds of law firm owners.
The Second Annual MLF 50: The Top 50 Law Firms in Marketing and Communications
At the outset, let me congratulate the 50 firms that made this year's MLF 50. The fact that out of the hundreds of law firms with marketing programs, these 50 firms have attained the status of being considered the best programs in the country is a testament to the fabulous strides that law firm marketing, business development and media programs have achieved over the last year. There is good news here: Marketing is alive, well and prospering at many of the AmLaw 200 firms. This year, the MLF 50 showcases a wide range of firms and their marketing activities that can best be described by using a sports metaphor ' a full contact sport. The profession has come a long way in terms of sophistication, depth and creativity. In the following pages, you will see the power of marketing, business development and media and how can transform and strengthen a law firm ' and yes, make it more profitable. What is important to note is that many of these marketing activities were created as vehicles for pro bono and diversity initiatives. It should come as no surprise that doing good deeds for others and creating a diverse environment leads to prosperity.
An Overview of China's New Bankruptcy Law
After a long gestation China's new Enterprise Bankruptcy Law (Bankruptcy Law) will become effective on June 1, 2007. <br>The Bankruptcy Law is the first standardized bankruptcy law in China, replaces the old law and myriad other regulations, and removes some of the administrative uncertainty that existed under the former sets of regulations. The Bankruptcy Law applies to all enterprises 'with legal person status,' including SOEs, private companies, limited liability companies, companies limited by shares, and foreign-invested enterprises (FIEs). Individuals and partnerships are not subject to the new Bankruptcy Law.
The Magic of Making Rain
In today's complex law firm business environment, one might ask, what is Mark or Mary's magic? How do they bring in so much business? How do they make those deals happen? To ensure the long-term 'harvest, life, health and abundance' for the firm, one must ask whether the magic of rainmaking can be developed in new associates, seasoned lawyers or law firm executives. <br>As a lifelong advocate of professional development, I must confess that some of the skills may not be teachable, but are rather a part of an individual's personality and intuitive style that, when combined with their legal expertise, create an ability to make connections, build trust and sustain relationships. However, we are able to develop a lawyer's and his or her team's skills over time ' and that is an essential element of a rainmaking team that has depth.
Is Sales Training Worth the Investment?
A veteran sales trainer was trying to convince a room full of sales professionals to simply keep an open mind. Glancing at the class and back to the flip chart, he tapped his finger on the hand-written third circle and explained: 'This is where ' you don't know what you don't know!' After explaining the first two circles that represented information that 'you know you know,' and 'you know you don't know,' I had to reflect on this profound concept for a moment. And of course ' he was right! The danger zone is clearly the outer circle where one doesn't even recognize the need for knowledge or information.
Developing a Thriving Client Team Program
Law firm management is still battling to build and maintain a thriving law firm client team program. Thrive is used purposely to emphasize a point. Programs and initiatives come and go, often without meaningful impact, but to thrive is to make steady progress; to prosper, flourish, and grow vigorously (courtesy of dictionary.com for this purpose). Client teams need to thrive to succeed because anything less will not produce the revenue and relationship goals the program promises to deliver. Success will depend on continuous support from many sources, motivated teaming, rigorous processes and probably fundamental cultural change. That would be tough enough if it was the absolute top priority of any business. Would you be surprised to learn that client teams have not yet reached this exalted status in most law firms?
