Confidence makes the world go ’round. In our current financial crises and credit restrictions, one lesson becomes very clear: Our financial markets require the confidence of banks and the public that loans will be repaid and that the extension of credit is safe. Until our public regains that confidence, the markets will have difficulties and the NASDAQ will continue to slide downward.
So, too, people must have confidence in their lawyer and the honesty and trustworthiness of their lawyer. What has our profession come to when a lawyer must promote his honesty?
As noted in an earlier post, we offered a brand new Fujitsu portable scanner, model ScanSnap S300. Our drawing has now closed. I’m pleased to say we had a large number of participants … Shows the interest in Fujitsu, and well it should. I use the scanner myself. I’m impressed not only with the speed of its operation, but its very small footprint. It sits inconspicuously on my desk, ready for immediate use.
Our lucky winner is Jon Lewis of the law firm of Lewis, Feldman, Lehane & McAtee, LLC, of Birmingham, AL … Congratulations, Jon!
The September 15th edition of Massachusetts Lawyers Weekly has two articles, one on top of the other, each with the photograph of a rather attractive woman. No sexism intended here, but this is the oldest tactic in the business to sell newspapers!
The first article discusses a proposed change in a Massachusetts rule of professional conduct that would require a successor contingency fee lawyer to be responsible for the predecessor counsel’s fee, unless there is an agreement to the contrary in effect. Obviously, this rule has prompted controversy. Lawyers in Massachusetts should be quite wary of this proposed rule and make their voices heard.
The second article features a well-endowed lawyer who will be the cover photograph for the 2009 Beautiful Lawyers Calendar, featuring 12 lawyers “who reportedly embody ‘the style and spirit’ of the Massachusetts bar.” If other states do not follow suit, there may be a heavy influx of male lawyers to Massachusetts. And if other states do follow suit, we may see the beginning of the demise of either Sports Illustrated bathing suit issue or Playboy!
Note to my readers: After my previous post about our economic and political systems collapsing around us, I had to attempt some levity, even if not PC … In advance, I ask for forgiveness, hoping you will see the humor in this as I do. Perhaps, though, you need to read the newspaper to get the full impact of my reaction. <g>
I have assiduously kept this blog and all my writings focused on the effective and efficient practice of law, not personal beliefs or politics. Those are mine and to be shared only with friends and family. You don’t read my thoughts to be persuaded to vote one way or the other. However, a friend’s post today on his blog has prompted me to speak out, prompted in part by the enormity of the current financial challenges of our time.
One perspective that I’ve heard echoed frequently is a paraphrase of Pres. Franklin D. Roosevelt in the 1930’s: Even if wrong, it’s important that we do something! Something is better than nothing because of the crisis of confidence. At least with something in the works, people believe we’re moving forward and will fix whatever the problem is.
I generally agree with this … but I also see a massive redistribution of wealth in the current proposals which, frankly, scares me. The rhetoric of the candidates does nothing to build confidence in me despite the fact that I will vote for one of the candidates for one very simple reason: His philosophy concerning judicial appointments, appointments that in my opinion far outlast the impact of a president on other fronts. We’ve lived through many ineffective presidents … but their terms last 4 years or 8 at the most. Their appointments often last decades, a far more significant impact.
Getting back to the economy. The current crisis, I’m told, began with the housing industry and the mortgages created when buying a house. Loans were given to people who couldn’t afford to maintain the payments. But, those loans were kept current until the interest rates were raised. Don’t forget that many of these people could also make the new payments but for the fact that they lost their jobs — their jobs were eliminated by outsourcing, by changes in technology and by other factors. Now comes Wall Street with new products that wrapped these mortgages into new securities instruments. These securities instruments were sold … and there was no one the homeowner could turn to for the purpose of adjusting the term or rate of the mortgage … a blank wall appeared before the homeowner. The bank no longer owned the mortgage.
In the recent IndyMac fiasco, the FDIC came in and worked with the homeowners, changed rates and terms of the loans. Homeowners stayed in their houses and no bail-out money was needed. In effect, the FDIC pulled out an old technique used in the 1930’s. In the 1930’s, Roosevelt froze bank assets and mortgages. Similarly today, foreclosures could be frozen for 30/90 days, or whatever time needed, until a reasoned solution could be developed.
Why is it that our current leaders have such a short memory of history? Are they so bent on eliminating the "middle class" and transferring more wealth to those who don’t need it? Some have said we’re enhancing corporate socialism … I was taught in school that socialism was intended for the working folks — even if you objected to this form of government. Where are the working folks in these new proposals?
Apparently, a lot of people agree with me … Congress has just "junked" the current proposal. I’m sure another will be on the table shortly. But, it was really disheartening the other night to hear Gov. Corzine of New Jersey, a former securities industry chief executive, say that he dislikes the current bill, but it’s better than nothing, that something must be done!
History will be made in this election. Good or bad, depending on your point of view. But, clearly the next generation is being mapped out for us as I write this comment. Be sure to vote and make your voice heard.
Karl Robe, APR, possesses 15 years experience, during which he has counseled c-level executives from Fortune 100 companies to start-ups in business-to-business, public affairs and leadership communications. As an author, presenter and coach on a multitude of communications topics, his insights have appeared in The Strategist, Cris Manager, Wisconsin Law Journal and numerous other venues. Karl has achieved an Accreditation in Public Relations (APR), certifying a candidate’s knowledge of public relations practice, communications, theory, management science and ethics.
We started with my wife’s dream of being part of the Airstream cult. After our first Airstream trailer was "totaled," we started over, almost literally from the ground up. I’ve discussed this before.
We expected to be on the road by this time … the progress is much slower than expected, and more costly…like any construction project that is twice as expensive and twice as long. But our trailer is being built with care, love and creativity.
This picture is taken from the inside out towards the front window…(our living room)….the inside stainless steel skin is going to be riveted in place very soon!!!!You can see the two 12 volt batteries in front, the box on the lower right is the tankless water heater/furnace, the box on the left is the base for the refrigerator and that is the bathroom sink….. not in place….just resting.
During an economic crisis, yes, some call it a depression, Heather Milligan has some cogent ideas to market your practice:
What are your clients’ key industry pubs reporting on today? Understand how the financial markets impact their companies.
If your clients/referral sources are at risk, call and see how you can be of service to THEM. Not just their companies, but THEM. If their company is on the brink of collapse or bankruptcy, their first concerns will be about putting food on their table, not who is handling the filings.
Face time. Face time. Face time. You need to be, and stay, top-of-mind with your key contacts.
For we marketers, time to start thinking about clearing our budgets of “unnecessary” items. Now might not be the best time to kick-off a rebranding campaign or overhaul the website. I’m not going to ask for a high-capacity color laser printer right now. End-of-year charitable contributions/tables-of-ten will soon be reaching your desks. How are you going to evaluate them?
The days of multi-million dollar profits per partner and rapidly rising triple-digit associate salaries were never real for most law firms, especially when considered in light of the demographic of law – more than 70% are in small law firms. But, now firms big and small, conservative and highly leveraged, all feel the business pressure from the economic downturn.
On September 26th, ACC is planning a live webcast seminar to introduce its "value revolution," designed to teach about lowering large law firm fees to corporate clients.
I had the pleasure of talking with Paul Williams of Major, Lindsey & Africa. Paul focuses his energies on placing lawyers as General Counsel of major corporations. From his perspective, he suggests that General Counsel today receive more respect. Of course, GCs today have a much larger budget for legal fees than ever before. And many GCs come from the ranks of major law firms. Coming from the elite law firms and handling such large sums of money, one would expect private lawyers to give the corporate lawyers more respect. Also, in many cases, GCs are increasing the size of their legal departments as one way to control legal costs … they can “purchase” the legal talent at wholesale (as an employee of the legal department) rather than retail (law firm associate or partner).
Following are some of my thoughts and conclusions drawn from my conversation with Paul. Not wanting to attribute words or ideas to Paul that he may not have intended, I will accept responsibility for the following conclusions that I reached from our conversation:
