Law And More

FinTech - Former Locke Lord Equity Partner Mark S. Scott Convicted of Crypto Laundering, Fraud

Was this yet another play-out of the "smartest guy in the room" fall from grace in the legal sector?

And/or was the excitement of engaging in criminal activity the motivation?

Mark S. Scott had been an equity partner at Locke Lord. Surely, he was receiving very good compensation. Currently, many top lawyers at elite firms pull down $15 million annually. 

Yet, Scott got into the loop OneCoin's illegal operation after he had met up with its founder Ruja Ignatova in 2016.

Essentially, OneCoin, on the surface, is one of those multi-level marketing arrangements. Only its focus was having its members recruit others to purchase cryptocrurrency.

In reality, it is a pyramid fraud thing.

By 2016, Scott was a busy bee laundering the proceeds from the fraud. He did that through establishing and maintaining fake investment funds. For that piece of work, he was paid $50 million. The amount laundered was about $400 million. Here is a copy of the indictment.

As JustTheRealNews reports, today Scott had been convicted of conspiracy to commit money laundering and bank fraud. That had been after a three-week trial before Honorable Edgardo Ramos in Manhattan Federal Court. He faces up to 50 years in prison.

This conviction represents a victory for U.S. Attorney for the Southern District of New York Geoffrey S. Berman and District Attorney for New York County Cyrus R. Vance Jr. 

Fintech, as with so many niches in financial transactions, is going to generate much more criminal activity such as this one. Innovation in investment and payment processing doesn't mean the systems are legit. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

 

WeWork - It's Come to This

In front of WeWork's Manhattan headquarters, many of the 2,400 laid off today said their emotional goodbyes to one another. There were also terminations in other locations. Here are more details from the media.

Yes, it all had started with the excitement of being employed at such as cool startup.

Now this ...

If it's any consolation (misery does love company) those axed today will soon enough have a lot of company on the unemployment line.

SoftBank has plowed $9.5 billion into the distressed WeWork. That means it will be in control of 80% of the shares. It needs to slim down the overall bloat - of businesses and manpower - to move WeWork toward a profit. SoftBank itself is on the defensive for a series of what are now playing out as misguided investments. You bet, there will be more reductions-in-force at WeWork.

This blog wishes a soft landing for those laid off today and those who will be given the boot later. Losing a job is losing a hunk of one's identity. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

Fintech as Public Service - Where Law Firms Have to Be (directly or indirectly)

Fintech keeps evolving. And extending its reach into all professional paths. It is positioned and packaged as a public service. Those in the loop could wind up winning a Noble Prize. 

For the business of law, Perkins Coie is directly involved in fintech. Quinn Emanuel does that indirectly by accepting client payments in bitcoin. That's all good for society and for clients. 

Members of the legal media such as Abovethelaw.com have been increasing its coverage of fintech.

And, in the best-selling novel (3,213 on Amazon) "Fleishman Is In Trouble," the protagonist Toby Fleishman, M.D. is put down by those in his network. It's because he is working in medicine. They assume he regrets that choice. The action is in finance, his circle of watchers tell him. It's also where the greatest good could be achieved. The author is Taffy Brodesser-Akner and she captures the Manhattan version of the 1% brilliantly. 

Now, in the actual trenches of fintech, PayPal has taken the leap from focusing on checkout into being part of the shopping experience. The niche it is entering is essentially the "deal" one. That's through its $4 billion acquisition of Honey Science Corp. 

As TechCrunch reports, Honey provides its 17 million members with tools for both saving money during purchases and earning cash rewards. So far since its launch in 2012, it has saved members $2 billion. The typical user is a millennial, both female and male. 

Mostly known for supplying coupons at checkout, the Honey platform actually does much more. It helps shoppers become aware of products they didn't know about, compare prices, be alerted in real time to offers, create lists of what-is-needed, and participate in its loyalty program. The latter is known as "Honey Gold." It operates a lot like Ebates.

Honey's revenue comes from commissions from its partnership with retailers. 

Via Honey, PayPal's 24 million partners in retail will eventually be able to customize offers to shoppers. In itself, that can develop new business. In addition, PayPal Credit could fold itself into Honey, facilitating larger-dollar purchases by shoppers.

For established players such as large banks, late stage businesses, and startups, fintech is among the most exciting niches in financial transactions. Not being in it can throw shade on a brand as being not customer-focused.

At its core, fintech is about UX - that is, it is designed for making the customer experience simple, seamless, fun - and increasingly affordable.

In addition, it is allowing those around the world operate enterprises without the traditional infrastructures. They can just leverage a mobile device for payments. Mothers in developing economies can juggle being entrepreneurs and being there for their children. 

It may not simply be marketing hype that fintech has been a genuine advance in civilization. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Stanford's Michael Webber Documented What Lawyers Already Fear

Artificial intelligence isn't only threatening those repetitive tasks at the low end of the labor food chain. The classic example is telemarketing. Probably bots have already been interrupting your lunch, dinner, and breakfast.

In the Economics Department at Stanford University Michael Webb researched patents being developed. That is, they are not providing current technology. He matched them against the functional keywords in job descriptions of what we think of as knowledge workers. 

But if those patents generate a commercial use, that application could wipe out analytical/solution-creating type jobs at the top of the labor food chain - and which pay well. They include market researcher, chemical engineer, and physicist. The study, which you can read here, has been published by the Brookings Institution.

Of course, this may not happen.

But it also may. If the latter plays out, that means that high-level cognitive processing does not insulate a human job function from being performed by artificial intelligence.

Sure, there will always be a need to a handful of experts in, say, chemical engineering, to oversee inputting the variables into the artificial intelligence programming. They will also be required to monitor and measure the performance of applications in the actual work settings. But, essentially, that job category could slip away as journalism has. 

In the legal sector, where training to be a lawyer entails three expensive years of education, artificial intelligence is already being applied to functions ranging from document review during discovery to contract review. Here are more details from Forbes. 

As clients, customers, strategic partners, and investors become more aware of artificial intelligence realities and possibilities they could demand those be considered for inclusion in projects. When, for instance, law firms pitch for an account they may have to front load that with how they will be using artificial intelligence. 

Is ghostwriting also on the chopping block? Of course. The personality traits, language preferences, cognitive habits, and content expertise of professionals can also be coded into artificial intelligence. There could be an algorithm labeled "Clarence Miller, Thought Leader on Influence of the Baptist Church in Political Public Speaking."

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

Global Auto-Industry Lobbyists/Law Firms - The Business Potential

From June 15th through September 15th of this year, the Toledo Museum of Art featured the special exhibit "Life is a Highway: Art & American Car Culture."

That might be the last hurrah for the technological  innovation which transformed everything from transportation to social values (e.g. get in the car and escape whatever).

Increasingly, because of factors ranging from climate change to the expense involved, the car is less and less a symbol of what has been considered "progress" in civilization.

That shift in perception could impact all brands, even the designer ones.

What's obvious is that worldwide, lobbyists for the auto industry and law firms managing its litigation could run into raw headwinds. Of course, those challenges could command premium pricing. It will be interesting to monitor which law firms beef up practices dealing with auto sector.

Yes, the car is being vilified.

A recent radical move which is attracting attention, positive and negative, is the mission of socialist Paris mayor Anne Hidalgo to liberate the city from the oppression of the car. Last summer, as The New York Times reports, the temperature in Paris reached 107 degrees. Some viewed that as a preview of the future in a world getting hotter.

Hidalgo is busy implementing her vision for protecting Paris from further eco damage from cars.

Already dozen of miles of pavement have been dug up to make way for bike paths. In her view of things, the bike culture is good. The car is bad. If she gets her agenda through, cars could be banned from center city. 

Meanwhile, in the larger realm of global finance, there is a growing niche in focusing on investing in climate change. No surprise, Beyond Meat is a closely watched stock. It provides plant-based meat substitutes.

Simultaneously, as BusinessInsider documents based on IMF numbers, the global auto industry is slowing faster than expected. That is triggering major economic threats. The issue is: Can it bounce back. Or, will its demise only be delayed?

In addition, there is the political issue: Can weaning ordinary people from cars reduce overall poverty? In America, CBS reports that 70% see themselves as struggling financially. For a car that travels 15,000 miles annually, Nerd Wallet puts the average cost at almost $8,500 a year.

What lobbyists and law firms pull off in the court of public opinion could blow up the current negative narrative about The Car. That could constitute one of most astounding communications campaigns of these crazy times. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Cryptocurrency - Winklevoss Twins' Gemini Trust Acquires Nifty Gateway

In the world of crypto, that is digital currency, Cameron and Tyler Winkleloss are among the movers and shakers.

Their journey from being ridiculed in the film "Social Network" to becoming early adopters of bitcoin is chronicled in the book "Bitcoin Billionaires" by Ben Mezrich.

Currently, their every decision is watched and analyzed for both business and technological implications. The interest isn't only in the category of cryptocurrency. It extends to the entire growing fintech sector. 

So, the business media, including BusinessInsider, took note when the twins made an acquisition. Their fund Gemini Trust purchased Nifty Gateway. A side story on that, which members of the press seem to enjoy, is that is the acquisition also had been owned by twins - Duncan and Griffin Cock Foster. 

The Nifty platform accepts payments through credit and debit cards instead of a complex crypto transaction - that is a crypto wallet. However, that is tracked on a blockchain ledger. 

What is purchased is the Nifty or NFT. On the Nifty Gateway website, there is the explanatory statement:

"Nifty NFT is a digital good which is stored in a global blockchain instead of a local or centralized database - usually an in-game video game object."

The significance of nifties is this: They are different from other forms of crypto in that they are one of a kind. Therefore, they aren't interchangeable on the blockchain.

It is reported by Upcrypto.org that one motivation for this purchase is that the Winklevoss twins predict that all collectibles, both digital and real-world, will migrate to the blockchain in the form of nifties. 

For the current time, Gemni Trust and Nifty Gateway will operate separately.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

"District of Columbia v. DoorDash" - Alleged Violation of Consumer Protection Procedures Act

Food delivery is big business.

DoorDash, valued at $13 billion, has a nice piece of that - for now.

But after the members of the media run with this lawsuit, that market share could shrink, along with brand erosion.

BusinessInsider reports that District of Columbia Attorney General Karl Racine has filed a lawsuit against Doordash. Here is a copy of the complaint "District of Columbia v. DoorDash." It is titled "Violation of the Consumer Protection Procedures Act."

Essentially, the AG contends that between July 2017 and September 2019 DoorDash used tips from consumers to subsidize its own balance sheet.

Consumers assumed the tips were going to the delivery drivers.

Instead, the AG claims this: If the amount of revenue from the delivery didn't pay the worker's minimum compensation, then DoorDash applied the tip to that to bring it up to standard. Whatever was left over from the tip DoorDash pocketed. 

Two parties were allegedly harmed. Consumers had been fooled about where their tip was going. So much for transparency. The workers didn't receive the tip.

When the policy was uncovered there had been a outcry by constituencies ranging from the press to the individual drivers. The policy was then changed.

Unfortunately, if this lawsuit hurts DoorDash's business what also could be hurt is the ability of their drivers to continue with this work. They will have to hustle to find other sources of income.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

2019 Social Law Firm Index - Overall, Gap in Understanding the Business of Social

The 200 law firms analyzed by Good2BSocial have become more aware of the importance of social networks.

Surprisingly, many of them are even posting on Instagram. One wonders if soon enough they will be on the Chinese import TikTok.

In general, they have left Facebook because of privacy concerns and the fallout from scandals.

As you probably have noticed, they post frequently on LinkedIn. Law firm Sanford Heisler Sharp has mastered how to position and package itself on that particular social network. 

In addition, they have moved beyond organic social to paid social. They are using automated marketing systems such as Hubspot for managing leads.

But, as the 2019 Social Law Firm Index found, the missing piece is in figuring out how to measure ROI. That's because the law firms haven't taken that all-important step in determining what is their business purpose in participating in social. That puts them behind much of the other professional services players which are clear what their objectives are in investing in social.  Here is that 2019 Index.

DLA Piper is number-one in social, overall. Norton Rose leads in leveraging social for thought leadership. And Jones Day stands out for its use of YouTube. 

Yes, social is about being social - that is, engaging. Sure, the law firm can have a track record for connecting, including plenty of likes, shares, and comments. However, its social outreach isn't resulting in an uptick in responses to the Call To Action (CTA). That's what has to be addressed by its in-house marketing team and the outside agencies it contracts with. In addition, how exactly is social influencing branding? Is its use of social effective in recruiting talent, especially laterals with a book of business? 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

Shift from Public Relations to Legal - Darkness Fell Fast Post-BBC Interview of Prince Andrew

The fallout from Prince Andrew's BBC interview doesn't only negatively impact the brand - and future - of the British royals. 

In addition, as the Daily Mail reports, the situation has rapidly transformed into a legal one. Public relations expert Jason Stein had warned Andrew not to do the interview. But Andrew did. Now this. Darkness has fallen fast.

The this is that players in the legal sandbox are discussing the vulnerability of Andrew to be extradited to the United States to "cooperate" with officials.

The alleged sexual misconduct occurred in the U.S., not the UK.

Being a royal doesn't confer immunity to Andrew.

And currently prosecutors and plaintiff lawyers have what is being labeled "ammunition" to use in questioning Andrew. That could be under oath. And the content of the BBC interview could be part of cross-examination.

From the get-go in the BBC interview, those of us in the communications industry picked right up on Andrew's absolutely wrong tone and no evidence of sincere regret about whom he chose to be on his international network.

Regarding the latter, more and more of us are aware of the dynamics of mirror neurons. The research about them proved out that we human beings affect each other, cell by cell. Years ago, in the pre-scientific age, mothers and religious organizations warned about "bad companions." The Roman Catholic Church even classified those as "near occasions of sin."

Remorse for behavior is required by most social norms. Also, as lawyers know, they are expected in most courts of law. It is contended that AdmissionsGate miscreant Felicity Huffman got off relatively easy because she was contrite. Former law partner Gordon Caplan also adopted that persona.

Andrew did not.

Singlehandedly, Andrew could bring down the institution of the royals. Those in the UK who pony up the funding for much of that may decide to pull the plug.

Bring in top marketing and public relations firms to create a fresh approach to UK tourism. A former English major, I could advise on beefing up drama performances of the dramas of William Shakespeare. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Marketing in Legal Sector - In-the-Box Rules for Publishing Books as Marketing Tools

Timing is everything, especially in marketing.

And, even more the situation in publishing books as a marketing tool. That process consumes lots of resources so those in legal marketing better do it exactly right. 

Among lawyers who consistently pulled that off had been retired Harvard Law School professor Alan Dershowitz. Some contend his power brandname came from not brilliance about the law but rather genius in what to put out there and how.

His topics, such as injustice in the bible, were provocative. His scheduling always timed right.

With smart angles, attorney Norm Pattis could also accomplish that in the criminal saga of his defense of Fotis Dulos. The case has had so many fascinating developments, such as the Connecticut Supreme Court reviewing the gag order put on the client.

So much for background. Now, to the current holiday season when even the distressed brick and mortar bookstores are packed with shoppers purchasing hardcovers for gifts. 

Bob Dilenschneider, whose signature marketing outreach (in addition to snail mail) is publishing books, should know that.  In his late 70s, this isn't his first publishing rodeo.

So, those who watch that former head of Hill & Knowlton public relations firm and for decades owner of his own agency, wonder: Will his newest book "Decisions" have a slow launch and fail to create a force field of influence? Currently, on Amazon it's at 462,954.

The book is due to be out there on December 31, 2019. Too late for a stocking stuffer.

By post-holiday season budgets can't absorb one more item.

In addition, the American mindset shifts to all-business. And, a macro matter like decision-making might be a force fit.

What we have found is that to succeed in this zero-sum marketplace we have to focus on narrow niches, not be global in our professional life.

Once I reconfigured my communications firm to managing issues related to fintech (including crypto) there was a dramatic uptick in demand. That, of course, should be no surprise. Quinn Emanuel received plenty of media attention when it announced it is accepting bitcoin as payment from clients.

Yes, we have bounced back to the era of specialization. That's exactly why websites now have multiple landing pages. We need prospects to experience our specific expertise in a clearly defined category.

Leveraging a book as a marketing tool is certainly back.

Demand for ghostwriting is high.

However, the rules for putting together a book and promoting it have changed a lot.

A big part of that is figuring out what should be in the box.

Currently in the box is timing as the key variable for success.

Investigative reporter Ronan Farrow knew to get his expose on sexual misconduct in the entertainment industry "Catch And Kill" out there pronto. That has been before we wearied of #MeToo and moved on to Tech and Its Discontents. The book came out October 15, 2019. It could show up in myriad stockings, especially in the global entertainment industry.

Takeaway: Factor in timing in all strategic and tactical legal-marketing moves. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.