Acres of Diamonds

The other day I was reading an article in Fortune magazine about M&T Bank in Buffalo, New York. In an industry that is reeling more than most, M&T Bank seems to be thriving. Fortune wanted to find out why. Turns out M&T is a big bank that never lost its small town focus. It contributes money to local schools, participates in community events, and pays attention to the payment patterns of its borrowers. When a customer begins paying their mortgage at the end of the month, instead of on the first, a bank employee calls up to check and see if all is well. (It usually isn't.) Often, someone has just lost their job, or suffered some other financial loss. The bank works with them, by changing the payment due date, reducing the interest rate, or even lowering the principal balance, if all else fails. M&T has reduced the redefault rate on its portfolio to 17% of its loans-significantly below the average of 30% to 40% calculated by Hope Now. They've modified 1,169 consumer mortgages, stupendous in comparison with the paltry 752 that Congress' nationwide Hope for Homeowners program has completed since October 2008. Instead of kicking their customers when they are down, they have helped them up. And the results are making M&T shine.

In tough times like these, it's easy to look far off in the distance for greener pastures. But the truth is, even in times like these, we are surrounded by acres of diamonds in our own backyard.

At LADY4JUSTICE, we took a hard look at our practice, and our clients, when the economy plummeted. We realized that tough economic times make marital strife even worse, just at a time when people can't afford expensive court battles and lawyers. Then, we created the Divorce Bailout Package to serve their needs. A failed marriage is never a happy event. But we resolved to make it as stress-free, and peaceful, as we possibly could. We created a package that, for a flat fee, gave couples 6 hours of time with a trained mediator to help them craft their own solutions to questions of custody, support, and property. (The mediator helps facilitate communication, but the couples are the decision makers, not some court.) Once a decision is reached, we then prepare, file, and serve all the legal paperwork for the parties. We even include a one-time court appearance to help the couple state the terms of their judgment in court.

The result? So far, some clients have called it a "godsend," while others say it is a "lifesaver." Best of all, by eliminating the whole unhappy court process, there are no bitter memories of court battles to keep the couple from working together to raise their children. The children don't have to deal with their parents' baggage from months of grueling litigation. By saving clients money, we are achieving what drew me to practice family law in the first place: Helping people turn a traumatic event into an opportunity for an extraordinary life, for the highest good of all concerned. That's what makes it all worthwhile for me!

How about you? Who are the people that you serve, and how can you use the pressure from this ongoing economic crisis to bring out the diamonds in your field?