Law And More

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.

 

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.

 

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.

Facebook Pay - You Bet, There Are Privacy Concerns

Targeted directly at Venmo, whose parent is PayPal, Facebook Pay will launch this week in the U.S. Initially that will be restricted to Facebook and Messenger.

Essentially, Facebook Pay is a platform for the transmission of funds. It can be used in peer payments, fundraising, for events tickets, and in-game purchases.

Axion, which covered this development, speculates this could represent a kind of power play against PayPal which pulled out of the Libra (cryptocurrency) consortium. 

But what is of wider concern are the privacy issues. The platform would suck in a lot of data. Facebook does not have a good track record for protecting user data.

Therefore, this new product could have trouble getting off the launching pad. Already, Venmo provides excellent service that is UX (designed for the user experience.).

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

Recruiter Mark Rosen: What Laterals Leave

The exit of brandname partners with a book of business throws shade on the law firm. 

At the worst, watchers suspect the whole firm is in trouble. Clients may get scared and pull out. Prospects aren't biting. 

A lesser fallout would be that the departures send out the message: This is poaching territory. Come recruit the big names here. 

Therefore, it's in the self interest of the leaders of those firms to find out what motivates lateral moves.

Law.com conducted an interview with top recruiter Mark Rosen of Mark Bruce International. Recently he placed four M&A partners from Cleary at Freshfields. Those departures became a major story when Cleary fired the four before they were out the door.

So, why do groups of partners or individual partners leave? Rosen points out that many actually like where they have been working and try to negotiate staying there. 

Here are the four main triggers for lateral moves:

• Lockstep compensation. Partners bringing in significantly more business than others feel it's unfair not to be compensated with more money. Top lawyers in top firms in major metro areas should be earning about $15 million. Rosen perceives it as a myth that lockstep ensures good service. Paul Weiss isn't lockstep and is known for excellence.
• Lack of strong branding. Partners want to be associated with a premium brand. 
• Either no guaranteed packages or the guarantee is for too short a time.
• Obstacles to growing their business. The game is about enlarging one's market share of, say, the M&A activity. 

Overall, Rosen sees the lateral market as economy-neutral. The rainmakers in their specializations will always be in demand, in good times and in bad times.

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

 

Starbucks & Alleged Failure to Warn

Horrors.

There was an outage one morning on Buckeye Broadband High-Speed Internet Service in West Toledo, Ohio.

Of course, since I operate two telecommuting enterprises I headed out to Starbucks for an internet connection. After all, with small businesses and gig economy workers Starbuck's branding was about free access to WiFi. Sit there plugged in as long as needed. 

Horrors, again. After I had unpacked my laptop, put my legal pad and pen next to it, and readied to check my email, my eyes bugged. No WiFi at Starbucks, housed in Kroger Supermarket, 833 W. Alexis Road, Toledo, OH. 

"Why isn't there WiFi?"

That's what I asked the clerk behind the Starbucks counter.

"This is a grocery store."

So, Starbucks in a grocery store isn't Starbucks?

Yet, there was no disclaimer that WiFi wouldn't be available. Suppose I had ordered one of the expensive coffees, then found out I wouldn't be having access to WiFi? In legal circles, that's known as "failure to warn." Would I be able to organize a class-action lawsuit?

I regrouped. I had to. Sure, I checked email on my smartphone but for the actual work I needed the programs on my laptop.

I gathered up my paraphernalia and high-tailed it to Target. That was at 817 W. Alexis Avenue, Toledo, OH. The café wasn't open yet. But I tried my luck. Yes, there was a WiFi connection.

I was back in business.

Buckeye Broadband wasn't back for hours and hours.

Those hours I spent in Target, nursing one large Diet Coke. The clerks, when the café turned on its lights, were friendly. They wished me well in my business. 

Target turns out to the superhero in internet provider blackouts. 

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

As Millennials Gain Corporate Power Positions, Law Firms Have to Market Differently

Even before they began acquiring big jobs in corporations Millennials had been changing so many institutions.

One of them has been marketing. They listened to influencers more than they paid attention to branding.

It was New York University Scott Galloway who predicted in his book "The Four," that search engines could be making the branding concept an anachronism.

In addition, marketers made it their business to reach Millennials on social networks or by texting. 

Now that they are evolving into the prospects law firms have to pitch to, Millennials will blow up marketing even in the staid world of BigLaw. 

Some but not all law firms are gearing up for this, reports Law.com. 

Among what the proactive ones are doing include:

•  Overhauling websites. Most, let's face it, are boring and self-serving.
•  Rebranding. Essentially the branding process is supposed to create an emotional connection, not simply highlight service attributes. Branding might not disappear, as Galloway forecasts. Instead, it may mutate into something else.
•  Create language that appeals rather than being in the legal linguistic box.
•  Communicate on social platforms such as Twitter, Facebook, and Instagram.
•  Position and package partners and associates as good human beings, not just good lawyers.  So, yes, post photos of them participating in volunteer projects in the community.
•  Do podcasts. Millennials can catch them wherever. 
•  Establish payment options through Venmo and Apple Pay.

To those, I would add that by 2030, according to Gallup, Millennials will constitute 75% of human beings in the workplace. The Baby Boomer and Gen Y clients could have retired.

And, as the Bureau of Labor Statistics points out, 85% of Millennials access the internet via mobile devices, not stationary laptops. Therefore, mobile everything is key to reaching out to them. 

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

 

Lawyers - The 5 Must-Ask Questions about Your Content Marketing

Too much of content marketing is ineffective.

That is, it doesn't motivate prospects to take the Call To Action (CTA).

The failure is occurring in all lines of business, including professional services such as law.

One major reason for the miss is this: The content marketing, in tone, organization, and text/visuals, isn't created to engage prospects.

Instead, it's about you.

And, selling isn't about you.

From the get-go, the serpent in the Garden of Eden knew that. He custom-made his pitch to persuade Eve. The fit was perfect. She responded to the CTA.

The classic example of the wrong everything in content marketing is the book intended to both brand the author as an expert and to sell the whatever. 

On the one hand, the tone and text are conversational. That kind of intimacy is a must in this era of social networks. Yes, continue to use the first-person "I" in most books.

On the other hand, the author takes over the narrative with excessive intrusion of the self. Unfortunately, the surge of narcissism also is part of the shift to conversational communications.

To keep the tone, format, and text/visuals of content marketing on-track filter ever strategy and tactic through the 5 questions:

• Am I helping prospects to solve their challenges?
• Is the package customized for each target, such as iGen or Baby Boomers?
• Am I doing this in as brief a manner as possible? Or is there excess whatever, including commentary from me?
•  What is blocking prospects from buying, be that a point of view, product, service, or fundraising campaign? 
• Am I continually editing the content marketing to align with results? Yes, it's all a work in progress. 

The good news is that there is time to retrofit content marketing before the next downturn, which signs indicate is on its way.

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

Law Firms Beef Up Bankruptcy/Restructuring Practices - How All Businesses Should Connect the Dots

The dynamics are in play. 

The current version of the slide into a recession is slo-mo.

Sure, this coming holiday season could generate high revenues.

Overall consumers in this consumer economy haven't shut their pocketbooks.

But job creation has been less. And The Wall Street Journal reports GDP growth for Q3 fell to 1.9%.

The most powerful indication that a downturn is on its way is this: Law firms are beefing up their practices in bankruptcy and restructuring. Here are the numbers from Law.com.

That should be taken seriously because manpower in the legal sector is expensive. Law firms just don't acquire additional talent unless the leadership anticipates a payoff on that investment.

Lateral hiring in bankruptcy and restructuring is big.

The odds are that poaching will accelerate. More law firms will be on the hunt to woo seasoned partners and senior associates from their competitors.

Also their marketing teams, internal and through outside agencies, will get busy positioning and packaging those practices as the go-to ones. 

Meanwhile, all businesses have to review their systems, including pricing, for a global economic downturn. In addition, they will have to get smarter about marketing.

The rub in that is what is effective continues to mutate.

The big players are souring on influencers.

Books, including the old-line print ones, are back as marketing tools. 

Yes, podcasts have to be part of the marketing mix and, yes, their shelf life should be extended by putting them on YouTube.

No question, business has had lots of warning that there is a shift downward in the world economy. There is time and there should be extreme motivation to review every aspect of marketing.

During the then worst of times in the U.S. auto industry, the turnaround team at near-bankrupt Chrysler, headed by Lee Iacocca, introduced the meme: We all sell. Every decision by every employee had to be filtered through the reality if that would move the dial on sales or not. 

Bet: The how-to of selling will reset in the next recession.

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