May 11, 2012 nº 1.176 - Vol. 10

"Trying is the first step to failure."

Homer Simpson

In today's Law Firm Marketing, how much money should you spend on marketing?

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  • Top News

Obama's support for gay marriage splits US

Obama has been forced out of the closet. Few doubted he was in favor of gay marriage but "don't ask, don't tell" had worked well enough up until now. The media didn't ask him. And he certainly wasn't going to tell. He has been praised and criticized a day after he became the first sitting US president to publicly support gay marriage. Social conservatives and religious leaders condemned his remarks. The Obama campaign meanwhile attacked Republican Mitt Romney, who restated his opposition to same-sex marriage, as out of touch on the issue. Late on Wednesday, the US House of Representatives voted to reinforce the federal law against gay marriage. Gay advocates applauded Obama's remarks. Human Rights Campaign President Joe Solmonese said that the president's comments would "inspire thousands more conversations around kitchen tables and in church pews".

Argentina gender rights law: A new world standard

Transgender rights activists say Argentina now leads the world by granting people the right to change their legal and physical gender identity simply because they want to, without having to undergo judicial, psychiatric and medical procedures beforehand. The gender identity law that won congressional approval with a 55-0 Senate vote Wednesday night is the latest in a growing list of bold moves on social issues by the Argentine government, which also legalized gay marriage two years ago. These changes primarily affect minority groups, but they are fundamental, President Cristina Fernandez has said, for a democratic society still shaking off the human rights violations of the 1976-1983 dictatorship and the paternalism of the Roman Catholic Church. Activists and academics who have tracked gender identity laws and customs worldwide said Thursday that no other country has gone so far to embrace gender self-determination. In the United States and Europe, transgender people must submit to physical and mental health exams and get past a series of other hurdles before getting sex-change treatments. Argentina's law also is the first to give citizens the right to change their legal gender without first changing their bodies.

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  • Crumbs

1- Egypt court suspends vote, but ruling is disputed - click here.

2 - Sarkozy may face legal queries after immunity expires - click here.

3 - Rwanda genocide tribunal transfers fourth case to national courts - click here.

4 - IndyCar team Dragon Racing sues engine manufacturer Lotus - click here.

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  • MiMIC Journal

US opens up banking to China firm

Industrial and Commercial Bank of China (ICBC) has been given the nod to take over a US bank, the first such US approval for a Chinese firm. The US Federal Reserve approved state-owned ICBC's plans to acquire the US subsidiary of Bank of East Asia. This comes just days after high-level economic talks between the US and China in Beijing. The Fed also gave permission to two other Chinese banks to increase their presence in the US.

  • Law Firm Marketing

How much money should you spend on marketing?

by Trey Ryder

You've heard the saying, "You get what you pay for." A more accurate statement is, "At best, you get what you pay for." But in marketing, sadly, many lawyers get much less.

When advertising sales reps try to explain away poor results, they often recommend that you throw more money at the problem. But, in most cases, that's not the answer. If you don't get at least some response from the first ads you run -- or the first commercials you air -- you need to make a change. Perhaps a new strategy. A more targeted effort. Or a more complete message.

In today's competitive environment, effective marketing is tough. It's as exhausting as a murder trial. As complex as brain surgery. And as unforgiving as a Las Vegas casino. Still, you can't ignore marketing because it's the key to your law firm's survival.

One reason my marketing method works is because I don't cut corners. You wouldn't ask your trial lawyer to present only part of your case. You wouldn't ask your neurosurgeon to remove only part of your brain tumor. Yet, prospects often ask me if we can take a few shortcuts and still get good results. Unfortunately, the answer is no.

When a lawyer engages my services, I do everything I believe will bring my client success with dignity. But I can't take shortcuts -- because when you take shortcuts in the beginning, you win fewer clients in the end.

More than anything, what determines your marketing success is not the amount of money you spend, but the strategy you select.

If you try your hand at marketing and get no results, your return on investment is zero. When you implement a proven program that works, you earn a profit as soon as you recoup your initial investment. A marketing program that earns a profit is infinitely more valuable than one that earns nothing.

You pay a high price when your marketing doesn't work. First, you have out-of-pocket costs for ads, brochures, newsletters, printing and postage -- to name a few. Second, you have the income you lose when new clients who should have come to you hire your competitors.

How much income do you think you lost this month to competitors? Frightening, isn't it?

No question, the amount you pay for your marketing program is an important consideration. But don't allow yourself to focus only on price. Instead, focus on the income you'll earn from new clients and referrals. If your current marketing program doesn't bring you the results you want, it isn't of much value. But if your new marketing program generates fees of $20,000 -- $50,000 -- $100,000 -- or more -- it could be the best investment of your professional career.

Back to the original question: How much money should you spend on marketing?

Answer: Invest enough money to do the job right -- because cheaper methods nickel and dime you to death. Plus, they almost never produce the results you want.

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© Trey Ryder

FREE LAWYER MARKETING ALERT: If you'd like to receive Trey Ryder's weekly Lawyer Marketing Alert, send an e-mail to Trey@TreyRyder.com. Write "Subscribe LMA" in the subject line and write your name and e-mail address in the body of the message.

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  • Historia verdadera

Visa

La embajadora de Estados Unidos, Julissa Reynoso, dijo que se analiza retirar el pedido de visa obligatorio para el ingreso de uruguayos a su país. Si el presidente José Mujica quiere, se organizará una visita a la Casa Blanca en breve. (Presione aquí)

Negocios

La marca japonesa Suzuki entra al mercado automotriz colombiano, a partir de junio, como una marca propia que comercializará el grupo chileno Derco, a través de 18 vitrinas que estarán ubicadas en 13 ciudades del país.

Hello!

El gigante latinoamericano América Móvil quiere adquirir a su competidora más chica Simple Mobile en Estados Unidos. La mexicana, líder en el mercado de telefonía móvil de América Latina, tiene 20 millones de clientes de celulares en Estados Unidos a través de Tracfone, un operador móvil virtual (MVNO, por sus siglas en inglés) que compra tiempo aire a otros operadores.

Venezuela x CIDH

La Asamblea Nacional de Venezuela votó la salida de ese país de la CIDH - Comisión Interamericana de Derechos Humanos planteada por el presidente Hugo Chávez, que acusa al organismo de estar subordinado a los intereses de Estados Unidos. (Presione aquí)

  • Brief News

Seventh Circuit rules videotaping public police work is not eavesdropping

The US Court of Appeals for the Seventh Circuit ruled Tuesday that the public videotaping of police at work does not constitute a crime under the Illinois eavesdropping statute. The suit was brought by the American Civil Liberties Union of Illinois (ACLU-IL) to challenge a 1961 Illinois eavesdropping law on First Amendment free speech grounds. That law contains provisions that would make the act of videotaping law enforcement in public with both video and sound, a class 1 felony with penalties of up to 15 years in prison.

Brazil cuts World Cup red tape

Fifa and the Brazilian government agree changes to cut red tape and make sure venues are ready in time for the 2014 World Cup. Brazil has spent billions refurbishing old stadiums and building new venues for the biggest sporting event in the country's history. It is also investing in airports and roads. But analysts say the work is running behind schedule. Fifa regulations say all venues must be ready by February 2013, four months before the tournament takes place.

Netherlands court orders Internet providers to block file sharing website

A Dutch court on Thursday ordered Internet service providers (ISPs) in the Netherlands to block the file-sharing website The Pirate Bay or else pay a fine of USD $12,750 per day. Rechtbank-Gravenhage, a Dutch district court, issued its ruling on Thursday in favor of Stichting Brien, an anti-piracy organization composed of artists, authors and producers against a group of Dutch ISPs. The court's ruling effectively blocks direct access to The Pirate Bay for Dutch consumers. Online piracy advocates say, however, that users can evade the ban on The Pirate Bay by accessing the site indirectly. The Dutch ISPs plan to appeal the ruling, saying that they do not have a duty to act as censors - click here.

US sheriff sued for 'race profiling'

The US Department of Justice has sued an Arizona sheriff accused of racially profiling Latinos, among other alleged civil rights violations. The lawsuit alleges sloppy police work and a disregard for minority rights by Maricopa County Sheriff Joe Arpaio. US officials wanted the sheriff to agree to train his officers in how to perform duties such as traffic stops. But Sheriff Arpaio, who denies the allegations, said the department's demands would nullify his authority - click here.

It's all politics: partisan psychology

Why do people choose political loyalties over facts? Two-thirds of Republicans say the president can do something about high gas prices; about two-thirds of Democrats say he can't. But six years ago, with a Republican president in the White House, those numbers were reversed. Researchers want to understand this flipped perception. The flipped perceptions on gas prices isn't an aberration, said Dartmouth College political scientist Brendan Nyhan. On a range of issues, partisans seem partial to their political loyalties over the facts. When those loyalties demand changing their views of the facts, he said, partisans seem willing to throw even consistency overboard. Partisans reject facts because they produce cognitive dissonance — the psychological experience of having to hold inconsistent ideas in one's head. When Democrats hear the argument that the president can do something about high gas prices, that produces dissonance because it clashes with the loyalties these voters feel toward Obama. The same thing happens when Republicans hear that Obama cannot be held responsible for high gas prices — the information challenges their dislike of the president. Partisans reject such information not because they're against the facts, but because it's painful. That notion suggested a possible solution: If partisans were made to feel better about themselves — if they received a little image and ego boost — could this help them more easily absorb the "blow" of information that threatens their pre-existing views?

Deutsche Bank admits US mortgage fraud

Germany's Deutsche Bank has agreed to pay $202m (£125m) to settle charges it defrauded the US government over the resale of risky mortgages. The US Department of Justice said Deutsche's Mortgage IT subsidiary lied to get Federal Housing Administration (FHA) insurance for its loans. The bank admitted responsibility, which cost the federal government $386m when the mortgages defaulted. Deutsche said it wanted "to put this issue behind us".

In Europe, entry closes on start-ups with their foot in the door

An unregulated offshoot of the Frankfurt Stock Exchange that gives small companies access to capital markets is closing because of fraud complaints, leaving hundreds of companies scrambling to find an alternative. The First Quotation Board, which opened in 2008, was intended to give small companies fast, cost-efficient access to capital markets. With little oversight, the exchange didn't require companies to file a prospectus or have revenue in order to trade. A year later, roughly 400 companies in Germany and elsewhere had flocked to the platform. But the exchange also attracted a fair share of dubious activity. Last year, the German Federal Financial Supervisory Authority, BaFin, conducted 166 investigations, a "large majority" of which involved companies on the First Quotation Board, according to Regina Schierhorn, the head of market manipulation at BaFin. An inquiry has ensnared Next Alternative, although the company and its chief executive have not been implicated of any wrongdoing.

Commerzbank must pay bonuses promised to Dresdner bankers

Commerzbank AG must pay bonuses promised to more than 100 Dresdner Kleinwort bankers who sued the German lender after it failed to honor awards totaling about 50 million euros ($65 million), a UK judge said.

Kosovo draft criminal code violates press freedom

Human Rights Watch (HRW) urged the National Assembly of Kosovo Wednesday to remove certain provisions in the draft criminal code that they claim violate freedom of the press. In a letter, HRW claims that articles 37 and 38 of the draft code will significantly interfere with journalists' work. Article 37 allows the punishment of journalists and makes them criminally liable for defamatory comments through any medium including the Internet. Article 38 subjects journalists to criminal prosecution if they refuse to provide their news sources who are criminals.

  • Daily Press Review

Dozens dead in twin Damascus blasts

Al Jazeera, Doha, Qatar

All options on table if al-Maliki fails to implement agreement – Kurdish official

Asharq Al-Awsat, Pan-Arab daily, London, England

Seven assassination victims found in central Iraq

Egyptian Gazette, English-language, Cairo, Egypt

U.S. official: Israel's absence from NATO summit not result of Turkey veto

Haaretz, Liberal daily, Tel Aviv, Israel

Report: Saudi clerics jihad rhetoric mixed

JPost, Conservative, Jerusalem, Israel

Thousands in public sector strike

BBC News, Centrist newscaster, London, England

Syria hit by worst attack since uprising began

CNN International, London, England

Izzard plans 27 'Mandela' marathons

Daily Express, Conservative tabloid, London, England

Was Rocky once a Raphael? Sylvester Stallone doppelganger discovered in 16th century Vatican masterpiece

Daily Mail, Conservative daily, London, England

Cameron Diaz as she says she's hotter now than she was at 20

Daily Mail, Conservative daily, London, England

Will Obama's gay marriage backing become an election issue?

EuroNews, International news, Ecully Cedex, France

GREECE: Greece takes 'first step' towards forming government

France 24, Issy-les-Moulineaux, France

Turkish citizens in uniform

Hurriyet Daily News, (Liberal, English-language), Istanbul, Turkey

Iggy Pop's latest album ventures into French song

Independent The, London, England

Putin's decrees fail to convince investors

Moscow News The, Independent, Moscow, Russia

State must pay family carers to look after elderly, say MPs

Telegraph The, Conservative daily, London, England

Tom Conti criticises neighbour Thierry Henry's plans for giant fishtank

Telegraph The, Celebrity news, London, England

Meal prices set to be controlled

Bangkok Post, Independent, Bangkok, Thailand

HK activists protest against Scarborough Shoal standoff

China Post, English-language daily, Taipei, Taiwan

Uljin Nuclear Reactor Faces 2-Year Shutdown

Chosun Ilbo, Conservative daily, Seoul, South Korea

Superjet 100 crash could wreak Russia's aviation dream

Hindustan Times, New Delhi, India

DM locks up voluntary worker in bathroom

India Times, Conservative daily, New Delhi, India

More aid for Syria in works: Genba

Japan Times, Independent centrist, Tokyo, Japan

Time breastfeeding cover courts controversy

New Zealand Herald, Conservative daily, Auckland, New Zealand

Obama extends sanctions on Syria

People's Daily Online, English-language, Beijing, China

Teenage 'spokesman' for hackers Team Poison arrested in UK

Straits Times, Pro-government, Singapore

Where will $50b come from?

Sydney Morning Herald, Centrist daily, Sydney, Australia

Obama's historic endorsement of gay marriage

Taiwan News, English-language daily, Taipei, Taiwan

Facebook listing could trigger IPO surge: Nasdaq

The Economic Times, Business, Mumbai, India

Obama backing same-sex marriage likely to get right 'riled up'

Canadian Broadcasting Centre, Toronto, Ontario

Romney counters notion he bullied gay classmates

Globe and Mail The, Centrist daily, Toronto, Canada

Freddie Mac Names Donald Layton CEO

International Business Times, Business news organization, New York, U.S

Tangled Web of Corruption Debilitates Mexico

IPS Latin America, International cooperative of journalists, Rome, Italy

Dow, S&P 500 end higher; Cisco weighs on tech

Reuters, Business News, New York, U.S

Scepticism main challenger in Algerian election

Reuters, World News, New York, U.S

Globe and Mail seeks cost savings through temporary layoffs

Toronto Star, Toronto, Ontario

Kenya trial Briton in '7/7 link'

BBC News, Centrist newscaster, London, England

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