How to Place a Bid on Legal Bistro

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.

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Writing an Effective Biography on Legal Bistro Helps Attorneys Get New Clients!

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.

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Legal Bistro Elevator Pitch for Lawyers

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.

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Why Consumers Love Legal Bistro

 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.

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Why Lawyers Love Legal Bistro

    

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? wasting time imagesDo 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.

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Law Firm Marketing & The Digital Revolution

The above McKinsey Infographic entitled: Are You Ready for the Digital Age? provides some very interesting and important statistics for marketing professionals:

  • 90% of customers trust recommendations
  • 37% of prospective buyers are influenced by word of mouth
  • 70%of customers consult user reviews for informed purchase decisions
  • 10% to 25% of social media users use their social networks to make purchasing decisions
  • 20% of online electronics purchased are from auction sites
  • 60% of consumers who follow a brand on Facebook are looking for deals and coupons

As a Marketing Professional at a medium to large law firm or an attorney at a smaller law firm responsible for acquiring new clients, what conclusions should you draw from these statistics?

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Institutional Capital is Finding its Way Into Litigation Finance

 

A recent Wall Street Journal article entitled: Investors Put Up Millions of Dollars to Fund Lawsuits written by Jennifer Smith may spark further interest amongst investors into funding lawsuits.  The term most commonly used for this investment type is Litigation Finance but Litigation Funding, Legal Financing, Settlement Funding, Third Party Funding and Professional Funding are also used.

Legal Financing is the mechanism or process through which litigants (and even law firms) can finance their litigation or other legal costs through a third party funding company. These third party funding companies provide cash advances to litigants in exchange for a percentage share of the judgment or settlement. Since the advances are provided in the form of non-recourse loans, usury laws do not apply.

If the case proceeds to trial and the litigant loses, the third party funding company receives nothing and loses the funds they have invested in the case.  In other words, the investor assumes the full risk for their investment in the lawsuit and the litigant is not required to repay any of the invested capital if he case is lost.  Obviously the investor will only risk their capital if they believe the litigant to have very strong merits to their case.

In those situations where the plaintiff prevails in their litigation, the funder’s share of the settlement may be calculated from several factors:

  1. the sum of money involved;
  2. the length of time until recovery;
  3. the expected value of the plaintiff’s claim;and
  4. whether the claim settles, proceeds to trial, or is appealed.

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