Archives for November 2007

Marketing opportunity for lawyers: FTC releases survey of identity theft

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FTC Releases Survey of Identity Theft in the U.S. Study Shows 8.3 Million Victims in 2005

Now that you know, do you know what to do about it?

Here’s the lead to their press release:

The Federal Trade Commission today released a survey showing that 8.3 million American adults, or 3.7 percent of all American adults, were victims of identity theft in 2005. Of the victims, 3.2 million, or 1.4 percent of all adults, experienced misuse of their existing credit card accounts; 3.3 million, or 1.5 percent, experienced misuse of non-credit card accounts; and 1.8 million victims, or 0.8 percent, found that new accounts were opened or other frauds were committed using their personal identifying information.

"Whether you’re from Malibu or Manhattan, Tacoma or Tallahassee, no one is immune to identity theft," said Lydia B. Parnes, Director of the FTC’s Bureau of Consumer Protection. "The important thing is that people learn how to deter identity thieves, detect suspicious activity on their financial records, and defend against the crime, should it happen."

The full story: http://www.ftc.gov/opa/2007/11/idtheft.shtm

The FTC Identity Theft site: http://www.ftc.gov/idtheft

Another FTC Identity Theft resource: http://www.ftc.gov/bcp/edu/microsites/idtheft/

Identity theft is a growing problem and some experts predict it will soon become an epidemic. As more people become aware of the issue, they will be seeking answers. Who better to provide those answers than an attorney?

There is no shortage of information available. In addition to the FTC, which, I believe grossly understates the scope of the problem, millions of web pages provide an abundance of data and real life stories of identity theft victims. A few hours of weekend research would provide enough background to make you conversant with the issues and various strategies for combatting the growing problem.

Armed with this knowledge, you could inform your clients, prospects, and referral sources, via your newsletter, ezine, reports, articles, web sites, seminars, and so on, and thus, position yourself as a valuable resource on the subject. That opens up all kinds of marketing opportunities for you. And, as identity theft becomes more prevalent, the value of your "expertise" on the subject could skyrocket.

There are five common types of identity theft, and anyone with a social security number is at risk. Personal information stolen from the victim themself is not the biggest risk. It is the vulnerability of the thousands of databases where that information resides. Every day we see evidence of this in the news–stolen laptops, hacking, insufficient wireless encryption. And no, we cannot stop identity theft, as some advertising would have you believe. All anyone can do is prepare themselves for the consequences in the event they become a victim. By the way, the odds of that happening, according to some estimates, will soon be in the neighborhood of one in four.

Your business clients are at risk as well, and so are you. New federal laws impose administrative and civil penalties, and even criminal liability, for failiure to safeguard certain non-public data, even if that data is not stolen. These laws apply to nearly any business that is in possession of that data, and that includes lawyers. Many states are considering (and some have already passed) even more stringent legislation. And, we’re starting to see the plaintiff class action bar sharpening their chisels. (Why is that not surprising?)

So, this is not something that’s going to go away. A lawyer friend of mine who has become a national expert in this field tells me identity theft will increase twenty-fold in the next two years. Bad news for consumers and businesses, but a marketing bonanza for astute attorneys who position themselves in front of the coming wave.

One more thing: some lawyers have developed a new practice area, consulting business clients on (a) how to comply with the new laws and (b) how to mitigate their exposure in the event of a breach. And many lawyers are starting to offer their (business and consumer) clients third-party identity theft protection services, both as a service to those clients and as a source of revenue. If you are interested in either one (consulting and/or offering third-party services), I’ll be happy to show you what I, and many other still-practicing attorneys are doing. 

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Free software let’s you add videos to your web site

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Would like to add video to your web site or blog? Techsmith, makers of Camtasia, wants to give you a free copy of their powerful screen capture software. You can use it to post audios, videos, software demos, narrated Powerpoint presentations, or anything else you can think of. And did I mention, it’s free?

The catch? It’s not the latest version. Camtasia Studio 3.1.3 has all the core functions of the latest release, minus the newest bells and whistles.

Posting (original) videos to our web sites is something we all need to do, and this is a good place to start. I haven’t used the software yet, but I’m told it’s easy to use. My first project will be a video tour of another website I own, showing what’s what and where to find it, how to subscribe to the newsletter and the feed, and so on.

To get your free copy of Camtasia Studio 3.1.3, here’s all you need to do:

Step 1
Download the software from here – (save the file to your desktop).
http://download.techsmith.com/camtasiastudio/enu/312/camtasiaf.exe

Step 2
Go to this page, complete your name, country and e-mail address and Techsmith will send you a software key to unlock the program.
http://www.techsmith.com/camtasia/pcpls.asp

Step 3
Install the software and then input the key to unlock it and you will have the full working version of Camtasia Studio 3.

Note: Unfortunately, this is available for PCs only (sorry Mac users!)

Thanks to Yaro Starak for alerting me to this offer.

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The 100% referral based law practice

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Submitted for your approval is this video on the referral based business by John Jantsch at Duct Tape Marketing. John says every business can be 100% referrals and while we can debate that conclusion, we can all agree that this is a worthy goal.

The big take away from this short video is that we all need to be thinking more about referrals. You may not be ready to do everything John recommends (or everything I recommend), but if referrals are on your mind more often, you will be more likely to do something, and something beats nothing every day of the week.

By the way, don’t watch this video unless you are able to substitute the word "clients" whenever he says "customers".

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When the ABA wants to interview you. . .

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A few years ago, a staff writer from the ABA called and asked to interview me for an article on marketing. When the interview was done, I asked her if a "resource box" would appear at the end of the article. Typically, this includes the name and email address or web site of the interviewee. It might also list the title of a recent book they have authored. A resource box is important–it gives readers a way to find you, dramatically increasing the number of leads or subscribers to your newsletter and, ultimately, the number of clients for your services.

The writer told me no, there would be no resource box, no email or link to my web site. ABA policy. 

I asked her why. I mentioned that if someone liked what they read and wanted to contact me or find out more about how I could help them, they would have no way to do that. She said they could enter my name in a search engine and find me the same way she did, or, if they contact the ABA, they would tell them how to reach me.

"Wouldn’t it be simpler to put a link at the end of the article?" I asked. "Doesn’t it makes sense to make it as easy as possible for your readers to find the resources they read about in your publication? Why make them take extra steps?"

She said if they did that, it would be a "slippery slope". I had no idea what she meant, either, but I let it drop.

I let it drop because even if nary a reader goes to the trouble of figuring out how to find me, the interview has been of value to me:

1. I have the ability to SAY I have been interviewed by the ABA. This has value in my bio, in my introduction at speaking engagements, and as a credit in landing writing assignments (or interviews) with other publications.

2. I can get REPRINTS of the interview and enclose them with my marketing materials.

3. I get my name in front of hundreds of thousands of ABA readers. A paid ad of comparable size would cost many thousands of dollars and would not have the same cache.

Considering that the interview took all of 15 minutes and didn’t cost me a cent, I’m a happy camper. I just feel bad for all those readers who won’t take the time to find me, and, as a result, be denied the benefits I offer.

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Is your legal career deeply fulfilling?

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One of the hallmarks of a successful career, according to Steve Pavlina, is "making a meaningful positive contribution to others." Indeed, many lawyers say they went to law school in order to "make a difference" or "to help others." I know that was important to me when I started my career. Unfortunately, looking back on twenty years of practice, I can’t say I made the kind of difference I thought I would when I was starting out.

Pavlina is writing a series of articles on how to create a fulfilling career. He begins with the premise that no one should settle for anything less than complete satisfaction. We deserve to "have it all" and have it now, and we can, he says. "Almost" isn’t good enough, and neither is "working towards". Either our careers are fulfilling or they aren’t–there is no in between.

Someone once said that life follows three distinct phases: learning, earning, and returning. A deeply fulfilling career, the way Pavlina defines it, is one that combines all three elements right now. Contribution ("returning") is something we do every day, not just when we retire.

It took me a long time to admit that I wasn’t fulfilled in my career as a lawyer, and even longer before I was finally able to extricate myself. Oh, I know I played an important role in the legal lives of many people, and there were other aspects of my career that were satisfying (e.g., intellectually, financially), but, on balance, my career wasn’t anywhere near what I would call deeply fulfilling.

I like to tell myself I had to go through what I went through in order to get where I am today (and to appreciate where I am today), and I’m sure there is some truth to that. But only some. Today, I know you don’t have to settle. Now I understand that you can have it all, and you don’t have to wait. If you’re not completely fulfilled in your career, I hope you don’t take as long as I did to find that out for yourself.

If you are interested in making some changes, if you would like to be able to learn, earn, and return today, not someday, please contact me. I’m working on a project with several attorneys who feel the same way and it might be a good fit for you, too.

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What to put in your new client welcome letter

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There are many benefits to sending your new clients a "welcome" letter.

  • It allows you express appreciation by saying "thank you"
  • It shows that you are organized, which reduces anxiety and inspires confidence
  • It lets you assure clients of your commitment to helping them achieve their desired outcome
  • It lets you tell them what to expect, avoiding surprises and allowing you to deliver more than they expect
  • It orients them to office procedures (hours, whom to call, where to park, etc.), reducing confusion
  • It allows you to encourage the client to ask questions or express concerns
  • It can inform the client about your other practice areas (cross-selling)
  • It can let them know that you appreciate referrals
  • It let’s them know more about you, adding to your developing relationship

Your welcome letter should make the new client feel truly welcome, appreciated, and empowered. It should calm their fears, inspire their confidence, and innoculate them against negative consequences. They should conclude, upon reading it, that they absolutely made the right decision in choosing you as their attorney.

Welcome letters should be signed with an original signature, not a photocopy, or worse, left blank. Add a personal note, handwritten at the end of the letter, adding a comment about the client’s situation, family, or business, or an additional word of encouragement. Show the client that you took the time to personally ackowledge them, rather than asking your secretary to send out a form letter.

For a unique twist, consider an "audio letter". Simply record your welcome message and burn it onto a CD. You can add audio greetings from your partners and staff, too. If you really want to go crazy, you could record a video welcome letter onto a DVD. Take the client on a video tour of your office, introduce them to staff, show them your library, and so on. You should do this with them in person, of course, but this is nice added touch.

Is your welcome letter doing everything it could? If not, take the time to make it better. You won’t get another chance to make a first impression.

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Bravery has many faces

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Diary of an absent minded attorney marketer

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When I write a post for this blog, I often reference what I’ve said in previous posts, but it’s getting harder to remember what I’ve said, let alone where I said it. I can’t even remember what I wrote yesterday without looking.

I can scroll through the blog, of course, and read what I wrote, but how far back do you go? I’ve only been writing the blog for a couple of months, what am I going to do after a couple of years?

I can use the "categories" and "search" functions to bring up posts on a given topic, but that only works if I use the same categories or key words to describe something, and I don’t always do that.

So, today I created a marketing diary for the blog. (Hmm, that’s a diary for a diary.) Anyway, it’s a simple list, updated with each post or page, describing the topics and resources mentioned. Nothing fancy, just a few lines that tell me what I’ve done. The first entry will be about this article.

It’s digital, not on paper, so it’s simple to copy and paste the headline, which automatically copies the permalink. Add a few descriptive lines and key words, and I’m done. Because it’s digital, I can easily search the diary and find everything I’ve said on a given subject. (I’m using Info Select, which I wrote about here). But I can also see, by scrolling through the list, exactly what I’ve been doing day to day and week to week.

A marketing diary isn’t just for blogs, however, it’s a good idea for all marketing activities. Recording your activities in a daily diary specifically for that purpose is not only a valuable reference tool ("Did I send that thank you note?" "How many calls did I make last week?") it’s also a way to remind yourself to do something every day.

Marketing isn’t about giant leaps, it’s about simple daily activities, done repeatedly, over time. That’s why I recommend 15 minutes a day, every day. Everyone can find 15 minutes a day; that’s easy. But, "what’s easy to do is also easy to not do," Jim Rohn says, and so calendaring the time to do it, in advance, and recording it in a diary afterwards, will help keep you on track.

If your phone isn’t ringing as much as you would like and I was your marketing coach, the first thing I would do is ask to see your calendar. The second thing I would do is ask to see is your diary.

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Successful lawyers are unbalanced

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A few years ago, I didn’t know the difference between leadership and management, and, frankly, I didn’t care. To my way of thinking, these were "corporate" concepts, irrelevant to my needs as a sole practitioner trying to build a law practice.

In my never-ending quest for personal development, I have since learned a great deal about these subjects and now appreciate their value in building a law practice.

If you would like a shortcut to understanding the essence of these subjects, I’d recommend a book by Marcus Buckingham, author of the best sellers, "First, Break All The Rules" and "Now, Discover Your Strengths. Buckingham’s latest is "The One Thing You Need to Know. . . About Great Managing, Great Leading, and Sustained Individual Success." His insights on leadership and management will truly help you become more effective in managing your practice. His conclusions about "sustained individual success" will not only help you attract more clients and increase your income, they will help you enjoy the process.

Success and happiness. Not a bad combination.

I agree with Buckingham’s conclusion that success does not require (and may actually be inhibited by) balance, a conclusion supported by another book I recommended and frequently refer to, "The 80/20 Principle" by Richard Koch. Yes, we want balance between our careers and personal lives, but when it comes to marketing a law practice or building a career, I have always counseled an unbalanced (focused) approach: specialization, niche marketing, and maximizing strengths while making weaknesses irrelevant.

So when people say I’m unbalanced, that’s a good thing.

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What is your highest and best use?

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As a lawyer, you do a lot of activities throughout the week, but what do you do best?

Take the time to answer this question because if you want to have the maximum success of which you are capable, what you do best is what you should do most of the time.

You may be good at a lot of things but you will achieve
more by becoming BRILLIANT at just a few.

Society pays top dollar for mastery. Your strategy should be to focus on your strengths and make them even stronger. Too often, we focus on improving our weaknesses. We realize that we don’t know how to build a web site, for example, and so we set out to learn. But learning how to build a web site is not going to make us more valuable to our clients. It is not the “highest and best use” of our time.

The 80/20 princple says that the majority of our results, probably in the neighborhood of 80%, come from a minority of our efforts (probably 20%). Conversely, only 20% of our results are derived from 80% of our activities. We can multiply our effectiveness, therefore, by spending more time on those high payoff, 20% activities that bring 80% of our results.

What are your 20% activities? What do you do best? What is it that if you could only do more of, it would add tremendous value to your practice? What brings you more income? What makes you more valuable to your clients? More attractive to referral sources?

When I set out to answer this question myself, I did an exercise that was a real eye-opener.The idea is to track all of your activities for a full week (in a spiral notebook or legal pad), noting everything you do, minute by minute, from the time you wake up to the time you go to bed. (If you want, you can limit this exercise to just your work hours, but if you’re like me, the line between work time and personal time is usually blurry.) Record everything you do, even if it takes just a minute or two, and how much time you spend doing it.

When you’re done, you should have a list of at least 50 activities you do throughout the week and the amount of time spent on each. Now, go through the list and put a star next to those things you believe are high payoff activities. They produce work product, generate revenue, or otherwise have a material role in your job description.

Now comes the hard part. Look again at the starred list and identify the THREE most important activities you do, the ones that give you the very highest payoff. What three things constitue "20% activities that produce 80% of results"? What if you come up with five things, or seven, or ten? Keep looking. Most of the time, you will be able to zero in on three things that contribute 80% of your results. You may have to combine items or describe them differently, but keep looking until you find those three.

The next step is to add up the amount of time you spent on these three activities. Based on the number of hours you work each week, what percentage of your time was spent on these three activities?

If you’re like most people, you probably spend less than 30% of your time on high payoff activities. Imagine what would happen if you could double the time you spend on those activities.

YOUR RESULTS WOULD GO UP 160%!

That’s because you would be investing two blocks of time on activities that now produce 80% of your results, so you would get two blocks of 80% results. A corollary is that by spending more time on high payoff activities, you would get more accomplished in less time. If you are satisfied with the results you are getting but want to cut your work hours, this is the way.

Where do you find the time to do more high payoff activities? By eliminating as much of your low payoff activities as possible. Look at your list. What can you eliminate completely? Be ruthless. Remember, every hour of time you reclaim will be worth much more than an hour to you when you reinvest it in high payoff activities.

Next, for anything on the list that cannot be eliminated completely, look for ways to delegate or outsource them.

Your objective is to do only what you do best and delegate the rest.

You will find a number of activities that aren’t high payoff (your list of three) but cannot be eliminated or delegated. You are the one who must do them. First ask, "Is that really true?" We often fool ourselves into believing that nobody can do what we do, when in fact, there are many who can do it as well, or almost as well, and sometimes, better! Again, if it’s not one of your high payoff activities, find someone else to do it.

For those things that you and only you can do do, look for ways to do them less often. Do you really have to do them every week? And, what can you do more quickly? Are their any tools you could use? Can you get some training on how to do it more efficiently?

Finally, give yourself permission to relinquish perfectionism. Some things just aren’t as important as others, and while we still need to do them, "good enough" might just be good enough.

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