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.
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.
Are you getting ready to apply for a mortgage? Have you obtained a recent copy of your credit report to check for inaccuracies? If not, you might be surprised by what you find.
- five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance.
- one in five consumers had an error on at least one of their three credit reports.
So what exactly is a credit report and how does it differ from my credit score? A credit report is a person’s documented debtor history. It includes every credit card, student loan, charge card, mortgage or auto loan or lease for which you’ve ever been named as a signer or co-signer. Details include starting amounts owed and current balances; monthly payment history for individual accounts; including any record of delinquency. Credit reports also include information regarding known places of residence and employment; judgments and tax liens assessed by courts; and any public record of bankruptcy.
A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information obtained from credit bureaus. For purposes of a mortgage application, the three credit scores used by mortgage lenders are the Equifax Beacon; the TransUnion Empirca; and, the Experian FICO.
Under the Fair Credit Reporting Act (FCRA), All consumers are entitled to one free disclosure (i.e. credit report) every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. Consumers who have had their application for credit, insurance or employment denied because of “poor credit” may apply for additional free credit reports.
certain persons may request a free credit report anytime, with no limit. This includes unemployed persons; persons looking for work within the next 60 days; and, individuals receiving government welfare assistance.
For further information, please either visit www.ftc.gov/credit or review A Summary of Your Rights Under the Fair Credit Reporting Act.