August 3, 2007  nº 523  -  Vol. 5  
 

“Pleasure in the job puts perfection in the work.”

Aristotle

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In today's Law Firm Marketing: tips for your secretary to answer your important calls!

• Top News

Credit Chill Freezes Leveraged Deals

The big chill gripping global credit markets has caused 46 leveraged financing deals around the world to be pulled since June 22, representing more than $60 billion in funding that companies had planned for mergers and acquisitions. The number of deals pulled last year: zero. The credit squeeze has slowed to a trickle the flood of debt financing that has driven the buyout boom for the past couple of years. None of the 46 pulled financings have led to the cancellation of takeovers. But with banks saddled with billions of dollars of debt they can't sell to investors, it could make it harder for other deals to get initial financing from banks. Already, some companies that had put themselves on the auction block are shelving sale plans.

Is a Chapter 11 Flood Coming?

Bankruptcy lawyers have been waiting  for a rush of new filings for years now. The leveraged-lending markets have been so kind to borrowers and are now suddenly turning nasty. For years, companies in trouble could tap into the debt markets pretty easily. But in the past two weeks, largely because of the woes in the sub-prime mortgage sector things have changed: doors are slamming shut. The credit crunch may well result in more filings because it’ll be harder to do rescue financings. As to when the filings might come, one should be circumspect because the debt markets were so robust so recently — as recently as last month — it might take a while for the trickle to turn into a larger stream. Well, when it happens, you probably won’t be able to accuse Big Law of not being prepared. In May, Cravath launched a bankruptcy practice. Meanwhile, other bankruptcy and restructuring heavies have been ramping up for the deluge. In May, Skadden said it planned to add 24 lawyers to its practice, bringing it to 120. Weil was planning to add a dozen lawyers “over the next year.”

Carbon trading: Brazil opens carbon exchange

Brazil will hold its first auction to sell carbon credits in September. The auctions will offer a lifeline to the country’s small-scale carbon reduction projects. Although these projects are registered under the UN Clean Development Mechanism, or CDM, they are currently building up a frustrating backlog of tradable credits, due to problems with administrative red tape. The auctions, operated by the Brazil Mercantile and Futures Exchange (BM&F), will be regulated by Brazil’s financial regulator, the Securities and Exchange Commission (Comissão de Valores Mobiliários)

U.S. court reins in overseas surveillance

A classified U.S. court in Washington has reined in what intelligence agencies can capture from telephone and e-mail communications from abroad. The Foreign Intelligence Surveillance Court's ruling in recent months only became known in the past week. It prohibits intelligence services from listening in on terror suspects in other parts of the world where the communication could come through the United States.

Ethics overhaul heads to White House

Congress on Thursday sent President Bush a bill aimed at reining in the influence of special interests, completing a long-debated overhaul of ethics and lobbying rules spurred by scandals that rocked Capitol Hill. The legislation would ban lobbyist-paid gifts, limit privately funded travel and double to two years the "cooling off" period that senators must wait after leaving Capitol Hill before they can lobby their former colleagues. For ex-House members, the waiting period remains one year. The measure would require senators to pay the full charter rate to fly on corporate jets; the House decided to ban its members from traveling in such fashion. And it would require the disclosure of campaign contributions gathered by lobbyists from clients, friends and others, a practice known as "bundling" that has been used to curry favor with lawmakers.

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• Crumbs!

1 - BAA ‘tried to criminalise 5 million people’ over protests at Heathrow. (Read more)

2 - 'Flashing' judge will not face further charges. (Read more)

3 - Scrap unfair exit fees or face court, FSA tells lenders. (Read more)

4 - Inequality still deep despite laws. (Read more)

5 - Up to 50 vehicles trapped in bridge wreckage, officials say. (Read more)

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• MiMIC Journal

Chinese officials admit to graft

Almost 1,800 officials confessed to corruption in June, a Chinese Communist Party watchdog has announced. The officials were taking advantage of a month-long leniency offer that began on 30 May, the Central Commission for Discipline Inspection (CCDI) said. Over the month, 1,790 people confessed to corruption totalling 77.89m yuan ($10.2m). 

Week's third record for Shanghai

The Shanghai Composite Index closed at a record high on Friday for the third time this week. The index ended the day up 3.5% at 4,560.77 having also set records on Monday and Tuesday. Hopes for strong corporate earnings helped Chinese shares claw back the losses they had made on Wednesday amid concern about the US housing slump.

China defends use of death penalty in political corruption cases 

Chinese Communist Party discipline commission spokesman Gan Yisheng said Thursday that China's use of capital punishment in political and economic corruption cases is appropriate and effective. Gan justified the punishment saying that it had "been endorsed by the Chinese people and also recognized by the international community." In July, China executed former State Food and Drug Administration commissioner Zheng Xiaoyu  for accepting $850,000 in bribes during his tenure as head of the agency. China is believed to have the highest execution rate in the world, and has been criticized  by Amnesty International  for not doing enough to remedy human rights abuses.

China faces backlash at home over Blackstone investment

The government has started chasing higher returns and is now learning that this involves greater risk and sometimes losses.

• Law Firm Marketing

Tips to help your receptionist answer the phone

By Trey Ryder

Lawyers who fail to promptly return phone calls can be the source of great frustration to the person who left the message -- and the professional responsible for attorney marketing. One reason is because the caller might be sitting around waiting for your return call, which might not come for several hours or even days. If you're responsible for marketing legal services, make sure your lawyers return calls promptly.

You can help prevent bad feelings about returned phone calls by training your receptionist to take messages in ways that minimize callers’ frustration.

1. When a client calls at a time you’re not available, ask your receptionist to set a specific time for the return call that is convenient for both parties. When you treat a returned phone call like a phone appointment, the caller knows exactly when to expect your call. This saves the caller from sitting around waiting for your call, all the time wondering why you haven’t called sooner. If something comes up and you can’t place the return call as scheduled, ask your secretary to call the person and ask to reschedule the phone appointment.

2. Ask your receptionist to inquire about the nature of the call so you can have the file in front of you when you call back. Your receptionist might say something like, “Ms. Simpson asked me to inquire about the subject you want to discuss so she can have your documents in front of her when she returns your call.” Make sure the receptionist maintains an attitude of helpfulness and doesn’t sound as if she is trying to pry or screen the call.

3. Ask your receptionist to inquire whether the matter is urgent. If so, the receptionist should find someone else in the office who can help the caller or calm the situation until you return.

4. If you expect to be out of the office for an extended period, ask your receptionist to explain this to the caller so he doesn’t think you’re trying to avoid calling him.

Your preventive measures -- combined with your receptionist’s skills -- ensure that your client knows his call is important, that you are not avoiding him, and that you will return his call at your earliest opportunity.

You improve your attorney marketing efforts -- and make marketing legal services much easier -- when lawyers return phone calls promptly.

© Trey Ryder

FREE LAWYER MARKETING ALERT:  If you'd like to receive Trey Ryder's weekly Lawyer Marketing Alert, send an e-mail to [email protected]. 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

• Brief News

Senior London Cop Eyed in Shooting Coverup

Did a senior police officer in London withhold information from his superiors and mislead the public over the death of an innocent man? The Brazilian man was shot dead two years ago by officers who said they feared he was a suicide bomber.

South Asia floods strand millions

Millions of people are displaced as South Asia battles against some of its worst floods in recent years.

Russian mini-subs lay claim to Arctic wealth

Russia symbolically staked its claim to billions of dollars worth of oil and gas reserves in the Arctic Ocean yesterday as two mini-submarines reached the sea bed more than two and a half miles beneath the North Pole. In a record-breaking dive the two craft planted a one metre-high titanium Russian flag on the underwater Lomonosov ridge, which Moscow claims is directly connected to its continental shelf. But the dangerous mission prompted ridicule and skepticism among other contenders for the Arctic's energy wealth, with Canada comparing it to a 15th-century colonial land-grab.

Mattel Recalls Fisher-Price Toys Made in China

Mattel, the maker of Barbie dolls and Hot Wheels cars, is recalling nearly one million toys in the United States today because the products are covered in lead paint. According to Mattel, all the toys were made by a contract manufacturer in China.

Brazil to require 25 percent ethanol blend

Brazil announced an increase of the nation's required ethanol blends in automobile gasoline up to a 25 percent mixture. 20 billion liters (5.28 billion gallons) of ethanol to be produced in Brazil from the 2007-2008 sugarcane crop. This amount would cover domestic demand (4.2 billion gallons) and exports (951 million gallons).Local ethanol prices have recently declined, and the increase was enacted to reduce price volatility. 

House Passes Vacation Bill for Iraq Troops

The House passes a measure sponsored by Democrats requiring that regular U.S. troops spend as much time on home leave as they have spent in Iraq. Republicans call it a disguised plan to force troop cuts. Meanwhile, Sens. Hillary Clinton and John Kerry ask the Pentagon to brief Congress on contingency plans for withdrawal.

France and Libya sign arms deal

Libya has signed contracts with France to buy anti-tank missiles and radio communications equipment worth $405m. The arms agreement is Libya's first with a Western country since a European Union embargo was lifted in 2004. Last month Libya agreed to release six Bulgarian medics convicted of infecting children with HIV. France denies that the move was linked to any arms deal.

Google holds its line as mobile rumours increase

Google has been secretly developing prototype mobile phones and testing a host of new software and mobile services, with some estimates putting its investment in the project at hundreds of millions of dollars. The company is being increasingly open about its desire to crack the market for mobile phones, but speculation still swirls about whether it will develop its own handsets or just work to have its search software pre-installed in other phones. It is also mulling a bid for parts of the radio spectrum in the US, which could turn it into a mobile phone operator in its own right.

Uribe offers Colombia talks zone

Uribe has offered to create a temporary safe haven for peace talks, if left-wing guerrillas free hundreds of hostages. He said he would then also be willing to release rebel prisoners.

Euro rates at 4% in summer pause

The European Central Bank (ECB) has given the markets a reprieve by leaving eurozone interest rates on hold at 4% for the second month in a row. The move should alleviate some of the fears over the economic impact of the sharp rise in the cost of borrowing over the past two years. The Bank of England's rate-setting body also kept interest rates on the hold in the UK at their current level of 5.75%.

Appeals Court Rules Against Katrina Victims

A federal appeals court ruled Thursday against Hurricane Katrina victims who argued their insurance policies should have covered flood damage caused by levee breaches that flooded 80% of New Orleans during the 2005 storm. The case could affect thousands of rebuilding residents and business owners in Louisiana. An insurance expert had said a ruling against the industry could have cost insurers $1 billion. "This event was excluded from coverage under the plaintiffs' insurance policies, and under Louisiana law, we are bound to enforce the unambiguous terms of their insurance contracts as written," Judge Carolyn King wrote for a three-judge panel of the 5th U.S. Circuit Court of Appeals. As a result, she said the panel found those who filed the suit "are not entitled to recover under their policies."

Venezuela top court rules for beleaguered TV network 

The Venezuelan Supreme Tribunal of Justice  Wednesday suspended an order issued by the government's telecommunication commission requiring Radio Caracas Television (RCTV)  to register as a "national audiovisual production service" or face shutdown after agreeing to hear a case on whether cable and satellite television channels are obligated to transmit government-mandated content. The Chamber of Subscription Television, an industry group representing cable and satellite stations, had petitioned the court to clarify an ambiguity in the classification. Television Minister Jesse Chacon has said that RCTV, regardless of how it is disseminated, is considered a national audiovisual production service .

Milberg Weiss Sued

Milberg Weiss was sued over allegations the firm engaged in a scheme to secure the lead position in lawsuits by secretly paying people to serve as plaintiffs.

Chiquita Under the Gun

An investigation into payments Chiquita made to a violent Colombian group illustrates a tough posture taken recently by U.S. prosecutors even when companies turn themselves in for breaking the law -- a strategy that could cause more difficulties.

Sarbanes-Oxley law pushes up corporate audit fees, study says

The cost of complying with the U.S. corporate reform known as Sarbanes-Oxley has fallen, but most of the cost savings are because of internal efficiencies at companies, because audit fees are still rising, a survey says. Increases in audit and legal fees and a need to pay corporate directors more have added to the hefty cost of compliance with Sarbanes-Oxley's internal control rules, known as Section 404.

• Daily Press Review

Row over Kenya minister's arrest
BBC News, Centrist newscaster, London, England

Surge in gorilla killings in DR Congo sparks concern from UN official
CongoPlanet.com, Independent online news aggregator

Protect creditability of cedi - BOG urged
GhanaWeb, Online news portal, Amsterdam, Netherlands

Women in govt great, but Manto fails
iafrica, Online news portal, Cape Town, South Africa

Who is to blame for the fuel crisis?
Independent Online, News portal, Cape Town, South Africa

Rape victims 'traumatised' by identity parade
Mail & Guardian Online, Liberal, Johannesburg, South Africa

'I just sat on the floor'
News24.com, Online news portal, Cape Town, South Africa

Natal, Brazil: Sand, Sun and Solitude or Hassle, Hustlers and Hookers
Brazzil Magagzine, Independent online newsmagazine

Fully Loaded 2007 - too much drama
Caribbean News Portal, Online news aggregator

RIGHTS-MEXICO:  Victims Abound, But Few Perpetrators Found
IPS Latin America, International cooperative of journalists, Rome, Italy

'Cult politics' - Clergyman says party supporters will do anything to show allegiance
Jamaica Gleaner, Independent daily, Kingston, Jamaica

Peru: Barrick Gold Corporation Reports 14 Percent Loss in 2nd Quarter
Living in Peru, News portal, Lima, Peru

Ugandan gunmen attack boat operated by Canadian company
The Globe and Mail, Centrist daily, Toronto, Canada

Death of a good cop
Toronto Star, Liberal daily, Toronto, Canada

Indonesian activist's widow, lawyer optimistic over fresh evidence
Antara News, News agency, Jakarta, Indonesia

At Least 100 Dead in DRC Train Accident
Chosun Ilbo, Conservative daily, Seoul, South Korea

Taliban claim kidnap of Indian engineer
India Express, News portal, Mumbai, India

Heavy rains lash Mumbai
India Times, Conservative daily, New Delhi, India

Sai Ren
Japan Times, Independent centrist, Tokyo, Japan

Petronas petrol stations to remain open
Malaysian Star, Online news portal,  Selangor Darul Ehsan, Malaysia

Search for bridge victims will be 'slow and dangerous' (+ photos, video)
New Zealand Herald, Conservative daily, Auckland, New Zealand

Three U.S. soldiers killed in bomb attack in Baghdad
People's Daily Online, English-language, Beijing, China

Libs reject Towke
Sydney Morning Herald, Centrist daily, Sydney, Australia

India's offer on maritime security
The Hindu, Left-leaning daily, Chennai, India

South Asia floods strand millions
BBC News, Centrist newscaster, London, England

Israel to revise Holocaust survivors' allowance plan
BreakingNews.ie, Online news portal, Cork, Ireland

Langham on prison suicide watch after child porn conviction
Daily Mail, Conservative daily, London, England

Latvia begins switchover to 8-digit numbering system
DMeurope, Online news portal, Amsterdam, Netherlands

Outrage as the incompetence is laid bare
icLiverpool, Online news portal, Liverpool, England

A cultural haven where Cubans need not choose sides
International Herald Tribune, Independent daily, Paris, France

Fire rages all night
Isle of Wight County Press, Independent daily, Isle of Wight, England

Magistrate hid dad's crime
Manchester Online, Independent daily, Manchester, England

Suicide of asian bride
News & Star, Independent daily, Carlisle, England

Sellers in no big  rush to dodge HIPs, say agents
North-West Evening Mail, Independent daily, Cumbria, England

Number of ticks and tick-transmitted infections on the rise in Czech Republic
Radio Prague, Online news portal, Prague, Czech Republic

Boy Found Dead After 'Tombstoning'
Sky News, Independent newscaster, Middlesex, England

Picture This:  Legs of Lamb
Spiegel International, Liberal newsmagazine, Hamburg, Germany

1,800 Chinese officials admit corruption
The Guardian, Liberal daily, London, England

Iseq falls marginally after 2.5% gain
The Irish Times, Centrist daily, Dublin, Ireland

MPs say climate law should go further
The Scotsman, Moderate daily, Edinburgh, Scotland

Mum and kid in heist hell
The Sun, Conservative tabloid, London, England

Stranded whale: rescue continues
The Telegraph, Conservative daily, London, England

Terror suspect dies in Glasgow hospital
Times Online, Conservative daily, London, England

Hamas Mulling Peace Formula with Fatah
Arutz Sheva, Online, right-wing, Tel Aviv, Israel

Pakistani Opposition Leader to be Freed
Asharq Al-Awsat, Pan-Arab daily, London, England

Man burned in Glasgow airport attack dies
Gulf News, Independent daily, Dubai, United Arab Emirates

Hamas bans Gaza TV program, angering journalists' union
Haaretz, Liberal daily, Tel Aviv, Israel

FINANCE-US:  As Iraq Costs Soar, Contractors Earn Record Profits
IPS Middle East, International cooperative of journalists, Rome, Italy

Several reasons behind suspension of ATV launch - Jiordan
Middle East North African Network, Online financial portal, Amman, Jordan

Thousands of U.S. Bridges Rated Deficient, Repair Costs Billions
Nahamet, Online news portal, Beirut, Lebanon

US 'underestimated' mistrust in Iraq
The Daily Star, Independent daily, Beirut, Lebanon

Walking police prevent riots during journalist sit-in 
Yemen Times, Independent weekly, Sana'a, Yemen

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