Compliments of Mark Anderson of Andertoons
Bid-for-Placement: what does it mean? Why do we need it?
A bid is a sum of money that a lawyer offers for the opportunity of talking to a client, to receive his contact information and discuss his case (the minimum amount you can bid on is 6 law dollars).
It’s important to remember that a lawyer’s bid on a case determines where in the list of competing, “bidding” lawyers their profile will be displayed to the clients, who posted the case. The profile with the highest bid will be displayed first and the lowest, respectively, the last.
On July 18, 2013, the City of Detroit filed for Chapter 9 Bankruptcy making it the largest municipal bankruptcy filing in U.S. history as measured by the amount of outstanding debt. Detroit is estimated to owe $18-$20 billion in debt over 10,000+ creditors, 100 discrete bond issuances and 50 labor bargaining units. Prior to the Detroit filing, Jefferson County, Alabama’s $4 billion filing in 2011 had been the largest municipal bankruptcy filing in the United States.
So where did things go so horribly wrong? The above video is the first in a three part series on the Detroit bankruptcy filing. Video #1 concentrates on The Economics of Failure. The video begins with an illustration of demographic trends for the following three major U.S. cities:
- Dallas – People are solidly moving into Dallas due to limited taxes; limited benefits and reduced regulation;
- Los Angeles – While the climate of Los Angeles still attracts people to the state, high state income tax and the most restrictive environment regulations in the country are driving many people out of the state of California;
- Detroit – There is a massive population exodus from Detroit with virtually no immigration due to the city drowning in debt from more than 50 years of democratic mayors running the city. The video cites cronyism, incompetence and crime as some of the major contributors.
Why should a lawyer bother to write an outstanding biography and why is it the most important part of the lawyer profile? It’s so simple!
A bio is a snapshot of a lawyer’s professional experience:
who they are,
what they do,
specialist expertise and
examples of client work.
A good biography “sells” their expertise to potential new clients.
Bankruptcy is a plan which helps you discharge almost all of the debts. However, its effect on your credit is going to be a huge one. Same is the case with the businesses. The only difference is that the businesses are required to file under Chapter 11 bankruptcy. If you find that your business is too deep in debt, you can file bankruptcy. Filing bankruptcy does not necessarily mean that, your business is going to close down. It rather would affect your ability to obtain new credit. However, if you are going to file business bankruptcy, it would be better to take the help from business bankruptcy attorney.
A business bankruptcy attorney can help you file the plan without making any mistakes.
Choosing the right bankruptcy attorney
It is important for you choose the right business bankruptcy attorney. In order to choose the right attorney, you will be required to:
- Find out if the attorney is certified – You will have to find out if the attorney is at all certified. It is very important to choose a lawyer who is qualified and experienced. Filing is not a matter of joke and is not easy too. So, it is extremely important to get help from an authentic person. Otherwise, your business problems will only aggravate. The certified business bankruptcy lawyers are supposed to have special training, which helps them deal with business bankruptcy.
- Discuss with others who are close – Discuss the situation with other people or relatives, who are close to you. If they ever had have experienced any such situation, they must have taken help from bankruptcy attorney. It is always safer and thus better to get advice or help from a referred person.
What is an Elevator Pitch?
An “Elevator Pitch”, also known as an elevator speech or statement, is a short summary used to quickly define a person, product, profession or organization and its Value Proposition. The name “elevator pitch” conveys that the person who is delivering the message has about the same time that it takes the typical elevator to go from the ground floor the top floor to convince their audience about their proposal. A well designed elevator pitch should be between 30 and 60 seconds.
How to Write a Good Elevator Pitch
The “Elevator Pitch” on Legal Bistro is five lines (500 words maximum) of text that are displayed to potential clients in what we call the “Short Profile Preview”. This is the very first thing that a potential client will see about you and your law firm so you should give a lot of thought to what you would like to say.
Do you need a lawyer but are intimidated by the legal process? Are you concerned that professional legal services may be financially out of reach? Perhaps English is not your native language and you are having trouble finding a qualified attorney with whom you can effectively communicate. Don’t worry, if you answered yes to any of these questions you are not alone.
We built Legal Bistro because we were inspired by the contribution that Lending Tree made to the process for finding a mortgage lender. Lending Tree used the power of the Internet to bring online competition in the mortgage application process. Equally important is that Lending Tree’s website has helped consumers to better understand the process of applying for a home loan. We hope that Legal Bistro can achieve similar results in the legal services market.
When Lawyers Compete, You Win!
The single biggest reason why consumers love our service is because Legal Bistro facilitates lawyers competing online to serve the client. Our Company motto is that When Lawyers Compete, the Client Wins! Frankly, we believe that both lawyers and consumers win when the competitive playing field has been leveled.
Are you happy with the current Return on Investment (“ROI”) for your online legal services marketing dollars? Are you spending too much of your time qualifying leads? Do you know anything about the visitors to your law firm’s website besides their IP Address and the date and time of their visit? More specifically, are you being provided with case specific facts that will help you evaluate their legal needs?
If you have answered yes to some or all of these questions then perhaps you will appreciate why lawyers love Legal Bistro.
YOU ARE IN CONTROL
You decide what cases you see based on the Practice Groups, Case Types and Tag or Key Words used when defining your Areas of Practice.
On July 21, 2010, President Barack Obama signed into federal law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Better known as the Dodd Frank Act, the law was enacted in response to the financial meltdown that occurred in 2007-2008.
The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial Crisis, is considered by many economists to be the worst financial crisis since the Great Depression which began with the stock market crash in 1929. This was a worldwide crisis that continued until the late 1930’s for most countries and as late as the mid 1940’s for others.
October 29, 1929, which later became known as Black Tuesday, began a period when personal income, tax revenue, profits and prices dropped precipitously. International trade dropped by more than 50% and the unemployment rate in the United States rose to 25%.
Historians point to structural factors such as major bank failures and the stock market crash, while monetarist economists tend to assign the blame to monetary factors such as the actions taken by the Federal Reserve to contract the money supply and Britain’s decision to return to the gold standard at pre-World War I parities (approximately $4).
Credible arguments have also been made that loose credit caused over-indebtedness and and deflation. The over-indebtedness also fueled market speculation and asset bubbles. During the Great Depression, margin requirements were only ten percent (10%). As the stock market crash caused brokerage firms to make margin calls on investors who bought securities on margin, the banks were overwhelmed as these investors all sought to withdraw their funds at once. Banks began to fail as debtors defaulted on their debts and depositor withdrawals resulted in a run on the bank. By April of 1933, approximately $7 billion in deposits had been frozen in failed banks.
So who is entitled to the profits for “unfinished business” in the bankruptcy of a major law firm? That is the $64,000 question that was recently answered by a New York judge in the bankruptcy case of the firm of Dewey & LeBoeuf LLP.
The issue at stake is when partners leaving a defunct law firm bring unresolved cases with them to their new law firm, which law firm is entitled to the profits – the old defunct firm or the new one? The trustee for former New York firm Coudert Brothers LLP had sued 10 firms that hired former Coudert partners in an effort to recover those profits. While no dollar amount was specified, as the firms did not provide documents outlining how much money they made, a federal judge in Manhattan ruled on Thursday that that the proceeds from those cases did indeed belong to Coudert Brothers.
District Judge Colleen McMahon made her decision on the following basis:
“Because the Client Matters belonged to Coudert on the Dissolution Date, and because the Coudert Partnership calls for the application of the Partnership Law to determine the post-dissolution rights of the partners, the Former Coudert Partners have a duty to account for profits they earned completing the Client Matters at the Firms,”
Judge McMahon’s decision sets a major precedent (particularly in New York) as it reaffirms a 1984 California case known as Jewel v. Boxer that had been adopted in several other states.
For additional information, please see the Wall Street Journal Law Blog article written by Jennifer Smith entitled: Profits from Unfinished Business Belong to Dissolved Law Firm, NY Judge Says