A Personal and Professional Marketing Plan for New Partners
December 01, 2003
The congratulatory letters and well wishers have come and gone and the honeymoon is over. Now it's time to assume the role of partnership. For some this will be a simple transition; for others it becomes on ongoing challenge. Associate life is basically akin to rankings in the military ' private, corporal, sergeant, lieutenant. Partnership is akin to making the move up through the ranks to captain, major, colonel or general. Along the way things change. Expectations are different and even if as an associate an individual has been doing his or her fair share of marketing, now you are an owner and more than ever, you need create your own personal and professional marketing plan.
Ask the Coach
December 01, 2003
This month's questions:<BR>Q: Some of our partners must think that they're natural salespeople. The result is that they never prepare for sales calls, preferring to "wing it." Often, they return empty handed, but refuse to change their approach.<BR>Q: I know that the Coach is against beauty contests, but for us they are a fact of life, at least for the time being. Presentations before a buying committee are usually followed by a question and answer session that can get really awkward, especially if the group includes someone who favors a competitor.<BR>Q: What are the most ' and least ' effective ways of gaining access to senior executives and other decision-makers?
A Look Back and A Look Forward
December 01, 2003
Four months ago when I was asked to become Editor-in-Chief of <i>Marketing The Law Firm</i>, I never imagined that I would have the opportunity to engage a wonderful group of authors; select an outstanding Board of Editors; and moderate the first of what I hope will be many exciting and interesting Web audio seminars. As I look back on the last four months, I think the one thing that stands out in my mind is the fact that we had so many wonderful contributors to the newsletter. So I thought that we might take a look at the last 4 months and some of the highlights. Although I would love to be able to select all of the articles we've published, given the constraints of space, I am only able to pick two from each issue to feature. In case you missed reading these issues, we'll give you a nutshell version of these articles. I would also be remiss if I didn't say how much I appreciated the efforts of Russ Lawson and Mike O'Horo, whose monthly columns provided all of us with a look at the intricacies of marketing both in a law firm setting and to smaller firms and solos. And as we look forward, we'll take a look at what's coming up and a preview of our editorial calendar.
In The Marketplace
December 01, 2003
Highlights of the latest Equipment Leasing news from around the country.
What You Need to Know About a Debtor's Leased Computers
December 01, 2003
Every lessor and bankruptcy professional understands that the Chapter 7 trustee has the duty to investigate the financial affairs of the debtor and to ensure that books and records are properly turned over in accordance with Section 704. The debtor has the obligation, under Section 521(4), to "surrender to the trustee all property of the estate and any recorded information, including books, documents, records, and papers relating to property of the estate, whether or not immunity is granted under Section 344 of this title." Likewise, Chapter 11 and Chapter 13 trustees and debtors have similar duties and responsibilities.
Taking Assignments of Equipment Leases: An Analysis of an Acceptable Documentation Package
December 01, 2003
Like many financial products, equipment leases can be bought and sold. The lease assignment market has become increasingly active and complex in recent years, despite the economic downturn of the early 21st century. This article highlights the type of documentation that should generally be required when a broker or other originator of leases (the "Originator") assigns leases to a funding bank (the "Funder").
Knowledge Management: Lose the Label and Focus on Clients
December 01, 2003
The label "knowledge management" (KM) means different things to different people. For IT types, it often means technology solutions to the information deluge facing business today - intranet portals, document management and extranets, to name a few. For MBAs, knowledge management implies organizational systems and processes to capture, disseminate and leverage the collective wisdom of a business enterprise. For most lawyers, unfortunately, the words "knowledge management" mean little or nothing. I'm not suggesting that lawyers do not appreciate the competitive imperative to make the most of their firm's collective knowledge and expertise. But the label "knowledge management" does not work well in law firms. It sounds like just so much vague jargon having little to do with real-life client expectations. Since successful KM requires lawyers to buy in and collaborate, the jargon can stand between you and the significant payback that KM has to offer.
Pennie to Close Doors by End of December
December 01, 2003
Intellectual property boutique Pennie & Edmonds will ring in the New Year by closing its doors and firing some of its lawyers and staff. Ahead of a likely announcement of a deal for many ' but not all ' Pennie & Edmonds lawyers to join the New York office of Jones Day, Pennie & Edmonds' management informed associates and staff members Monday that the 190-lawyer firm will cease practicing law and wind up affairs by Dec. 31.
Should Your Firm Keep Two -- or More -- Sets of Books?
December 01, 2003
Most law firms operate as general partnerships, limited liability partnerships or limited liability companies (together, "partnerships", whose members having capital in the firm herein are "partners"). Does your partnership keep two sets of books ' or more? Al Capone kept two sets of books, and the judge sent him to the Federal Pen for doing so. Yet many law firms (and other professional businesses) legally keep two or more sets of books, arising from different accounting systems prescribed by 1) their partnership Agreements; 2) generally accepted accounting principles (GAAP) audited statements (which are required by some lenders and landlords), and 3) the tax laws. As a result, the firm's net assets ' and the partners' ownership of the law firm, as reflected in the partners' capital accounts ' may be substantially different under each set of books. Moreover, the amount and timing of the firm's cash distributions to partners, the amount of the partners' annual income taxes, and the availability and amount of bank loans to the firm may all be affected by the firm's applicable accounting methods ' all items that may substantially affect the partners' pocketbooks.
