It’s a tough market out there, especially to those starting their own business. In light of the present situation, we at The Lawyer Market felt it would be great to review both our own experiences and scour the Internet for the lowdown on owning/ starting your own small businesses. We’ve ranted about the importance and tactics of marketing, so this article will go beyond this topic to other tricks of the trade. Here are some tips we’ve found helpful:

1)   Don’t expect instantaneous profit. It may take months or years to actually start making a profit, so it’s important to plan for this and start with an appropriate amount of capital so you’re not scrambling for money just as your business is taking off!  Perhaps more importantly, always be on the lookout for additional investors.

2)   On the other hand, know your costs, and know how much product/service you must sell to sustain these costs and turn a profit. Borrowing too much money can be a death sentence and we all know the cost of debt these days.

3)   Think Small (and save money in the process): think telecommuting and e-commuting. Why pay for a physical space when capital could be allocated more efficiently in the beginning months. Let us remind you that these employees must be the BEST candidates possible: don’t settle on mediocrity.

4)   Protect your personal assets: In some cases this means forming a limited liability company (LLC). Don’t neglect patents because while expensive, they could provide the key to beating future competitors.  Either way, protect yourself against lawsuits by buying business liability insurance.

5)   Create a business plan but be flexible! Listen to your customers and always try to obtain feedback.  In a sense, this is the ability to keep reinventing your company.

6)   Put ALL your agreements in writing: this seems as self explanatory as a business plan, and at times can seem mundane.  The truth is: it simply isn’t. The only way to enforce contracts and agreements (legally) is to have them in writing.

7)   Keep your Credit: paying your bills early and taxes on time is a great way to ensure your credibility and trustworthiness to your followers/customers.  It also makes borrowing in the future much easier.

8)   And Finally: Be small, yet think big. Be optimistic about the possibility for growth that may eventually come to your business.

Have more tips of your own?  Let us know – we could all use the advice.

As a landlord, when dealing with tenant disputes, it’s important to fully understand both ones rights and responsibilities as a property owner. The word that sums up a landlords biggest responsibility to their tenant is livability. A landlord must provide a livable unit for their tenants, which includes a weather and waterproof building, working pluming, hot and cold running water, a working heating/ electrical system, a clean, infestations free unit, and the proper safety and security devices (working windows, emergency exits, smoke detectors). Besides the factor of livability, a landlord must also return the tenant’s security deposit within 21 days of regaining possession of the unit, produce a written 24-hour advance notice of the owner’s intent to enter the property if planning on doing so, respond promptly to a request for repairs, and provide 30 days written notice of rent increase. Specific laws vary from state to state, so for more information about Illinois, check out this pamphlet. If the landlord does not respect these above agreements, a tenant has the right to sue, so it’s always in your best interests to adhere to state rules.

On the other hand, a landlord has the right to expect that tenants: rent be paid on time, keep the rental unit clean and livable for future tenants; respect the rights of their neighbors, and to fund the repair of things that they have broken. If the tenant violates any of these, then you as the landlord can take legal action against the renter. A word of warning however – Evictions can be tricky, and time consuming. You can usually begin the process by issuing a notice and giving the tenant time to move and make other arrangements. There exist two types of eviction notices: a Non-payment of Rent Notice (the most common), and the Conditional or Unconditional quit or vacate notices. For more information on evictions check out this website, which provides an in-depth look at how to carry out the process. Finding an attorney for any landlord-tenant dispute can always be difficult: check out our website www.thelawyermarket.com to make the process a bit easier and cheaper.

Comments? Please let us know!

Wills & Estate Planning: Planning For The Future

Drafting a will and estate planning can be difficult but extremely important in various ways. It can have a dramatic impact for you and your loved ones, and therefore, can be emotionally taxing.  Since this seems to be a topic where people have unanswered questions and lingering concerns, we thought giving some helpful hints and advice in our blog would benefit our readers. There is certain basic information that everyone simply must know whendealing with these areas; firstly: no matter how much money you make (“your net worth”), estate planning is financially important and essential for the future of your family. There exists a common misconception that estate planning only matters for people with money.  That’s simply not true. Depending on your individual situation, having the right will or even a will can help avoid unnecessary family disputes and high taxes.  Secondly, it is important to understand the components of an estate plan: a will, assignment of power of attorney, and a living will or health-care proxy. Trusts can also be an option that one might want to explore (again, not only for the wealthy); they allow for the placing of conditions on the distribution of assets. The differences between a will, a living will, and a trust are described, in depth, in this article. As far as frequently asked questions go, they seem to range from “what is a will” to “what is an asset protection trust.” This article really seems to get a grip on the variety of them and will be particularly helpful for those just getting started.

Have questions?  Comments?  Feel free to contact us

(http://www.thelawyermarket.com/contact/contact.html) or post to our blog.

We look forward to hearing from you!

This morning’s New York Times reports that law schools around America are systematically inflating grades in order to make their graduates more appealing during this unprecedentedly bad job market.  This development provides a definitive answer to the question that has, at one level or another, been on the mind of everyone in the legal industry: is there nobody at the helm?  Are the so called leaders of this profession completely bereft of constructive thoughts for how to extricate us from this mess?  The answer is apparently yes.

It doesn’t take a dean of a major American law school to figure out the flaw in this logic.  If every school raises its average GPA by .33, then the national average will also go up by .33, and everyone’s back where they started. Aside from its futility, the aspect of this idea that is most irritating is simply how small minded it is.  The nature of demand for legal services is changing – the writing is on the wall.  Consumers want different kinds of services delivered in different ways for less money.  An appropriate response from law schools would be to design curricula that teach students about things like law office technology, firm economics, unbundled services, legal process outsourcing, etc.  An appropriate response from law schools would be to admit fewer students in the hopes that by lowering future supply in the labor market, the remaining supply might reunite with demand at a happy equilibrium.  An appropriate response from law schools would be to convene a conference to deliberate the role and limitations of ethical restrictions in the modern economy.

In other words, there are lots of appropriate responses, but raising grades is not one of them.  That is simply childish, and it evinces a serious vacuum in the thought leadership of the profession.

- Richard Komaiko

Advertising and marketing have always been huge open-ended questions for businesses: what portion of my money used on marketing is actually allocated effectively? What advertisements are/will really reach my intended target market? Unfortunately, the success of a marketing campaign in its totality isn’t usually directly measurable. As social networking begins to evolve and become more commonplace, entrepreneurs are becoming more and more convinced of its effectiveness and necessity—both in personal and professional spheres. The most important part of the new marketing: it’s free. It’s a guaranteed way of reaching millions of people with the click of a button. It allows prospective clients to interact with the business before entering into a formal relationship. Companies are then able to gauge what exactly people are looking for as their interactions through these sites express their interest.  For “newbie” entrepreneurs, this article covers the basics of social media sites and their use as a marketing tool. One great suggestion is to link your twitter updates to your Facebook in order to reach a wider audience. These social media sites are not only usefulness in terms of businesses, but also in promoting the self. It is of the utmost importance that the information given out is both professional and polite; this will no doubt affect job offerings in the future. For a more personal perspective on the social media sites, Barbara Beauchamp discusses the importance of Linkedin in the corporate world.

The Lawyer Market received a very glowing review from the Chicago Daily Law Bulletin.  The Chicago legal industry is definitely beginning to take notice.

“The key insight to TheLawyerMarket.com is matching consumers to attorneys in an inexpensive way that permits both sides to gain information about the potential arrangement before any agreement is reached,” said Harold J. Krent, Dean of the Chicago Kent College of Law

The Lawyer Market features free membership and pay for performance pricing.  We are open to every member of the Illinois bar who is interested in expanding their practice and boosting their online presence.

Many of us, I am sure, have had at least one experience where we feel that our landlord’s actions have violated a lease agreement in some way (even if it was a small transgression), but figure it’s in our better interest to continue an amicable relationship.  What people don’t seem to realize is that action can be taken for what seems even the smallest violation, and it is often in your best interest to do so. Included in these infringements are: failure to make minor repairs, not returning the security deposit, refusal to pay interest on security deposit, failure to clear walkways and driveways, as well as frequent inspections of the apartment without notice to the tenant. Unsure of what these exactly are, here are some articles dealing with defining renters rights to minor repairs and tips for getting that security deposit back.  Wondering what to do when these transgressions occur? You can find specific steps detailed in this article: make a written request, involve a third party, and in certain circumstances sue in a small claims court.  In an attempt to reduce the number of landlord/tenant disputes, the city of New York has instated an online tool that enables renters to check, for any registered residential building, all lawsuits involving accusations of housing code violations. Detailed in this article, renters are able to access more information and make informed decisions before entering into a lease agreement.

For those of you who are waiting on patents or are planning on filing one, here is some very interesting news from the US Patent and Trademark Office.  An expedited patent process – I guess it was only a matter of time.  While the PTO isn’t saying how much this expedited process will cost, it sure seems like a good idea for some companies/entrepreneurs.  Is this something you would consider?  Let us know!

The Lawyer Market received great exposure from Founders Space, the Silicon Valley portal for all things startup!

Ameet Sachdev reports that a prominent activist is taking aim at the legal publishing industry.  Carl Malamud, the activist that gained prominence in the freedom of information movement, most notably for his campaign to make SEC Edgar filings free to the public, is launching a new crusade to make all statutes, regulations, judicial opinions, and other legal materials publicly available for free.  Several months ago, we reported on Google’s decision to enter the legal publishing industry.  The issues raised by Google’s entrance into the industry are reinstated and underscored by Malamud’s activities.

In a world where original source materials are available at no cost, it’s not clear how Westlaw and Lexis will generate profit.  Corporate spokespersons respond that their indexation and linking of materials adds considerable value, and this value added (rather than the source materials themselves) is what subscribers are really paying for.  As an avid user of Westlaw myself, I can attest that this is absolutely true.  But as an avid user of Google products, I can also attest to the creativity and intelligence of Google engineers.

It’s only a matter of time before Google engineers in the fields of search and natural language processing devise a way to replicate this value added service in an automated fashion.  The question that should be on the minds of Westlaw and Lexis are: when this day arrives, what can we offer that lawyers will pay money for?