Beyond Structured Settlements

SSP and NSSTA 2011 Annual Meetings - 6

Both the Society of Settlement Planners (SSP) and the National Structured Settlement Trade Association (NSSTA) featured internet experts as part of their 2011 educational programs.

SSP's speakers, Mark Wahlstrom and Joe Didier, focused primarily on internet marketing and recommended expanded business use of web-based social media tools such as podcasts, blogs, Facebook, Twitter and Linkedin. Wahlstrom offered one especially insightful and negative cultural observation about the structured settlement industry as it attempts to transition from pre-internet to web-based business models, processes and skill sets: "We do not share ideas well in our industry."

NSSTA's speaker, LuAnn Reeb, also discussed internet marketing and social media tools in the context of "business communications today". Her emphasis, however, was more on the importance of learning web-based skill sets and how web-based conversations are replacing traditional one-directional marketing techniques.

How far structured settlement stakeholders must still go to successfully transition their business to the Internet was summed up humorously by one SSP wag who asked speaker Didier at the conclusion of his presentation: "So, are you saying that this Internet thing is really important?"

Assuming the answer is "yes", neither SSP nor NSSTA has articulated any identifiable learning strategy to help members transition from pre-internet to web-based business models, processes and skill sets. At best, their 2011 educational programs will encourage some members to sign-up for Linkedin, Twitter, or Facebook.

S2KM comments and recommendations:

• The structured settlement and settlement planning industries currently function primarily using old (pre-internet) business models, rules, skill sets, tools and culture.
• Web-based business activity introduces new business rules, creates new business models and culture, and requires new skill sets and tools.
• In the words of Kevin Kelly, an internet business pioneer: “as innovation accelerates, abandoning the highly successful in order to escape from its eventual obsolescence becomes the most difficult and yet most essential task.”
• Lectures represent an ineffective teaching method for learning Internet skill sets and tools.
• To help their members accelerate and improve their business transition to the internet, SSP and NSSTA could:
  • Place a greater educational priority on helping members understand the Internet business environment and learn web-based skill sets and tools.
  • Sponsor related workshops utilizing appropriate educational venues. See, for example, The METS Center.
  • Begin utilizing web-based tools (other than email and listserves) to improve committee functions and teach committee members how to collaborate online.
  • Encourage more members to publish, read and subscribe to online blogs, podcasts and wikis.
  • Expand (or create) references in Wikipedia for "structured settlement", "settlement planning" and related vocabulary.
• Advice for structured settlement and settlement planning stakeholders who consider themselves knowledge workers and want to successfully transition their knowledge and work processes to the internet - with or without assistance from SSP and NSSTA:
  • Learn more about web 2.0 and web-based knowledge management (KM).
  • Identify (inventory and/or map) your personal and collaborative (company; industry) knowledge.
  • Learn how to capture your knowledge in formats you can publish and share online (publicly and/or privately).
  • Identify and connect with online knowledge leaders and resources for structured settlements and/or settlement planning.
  • Learn more about web-based organizational concepts such as personal KM, social networks, communities of practice (COPs) and folksonomies.
  • Learn to utilize web-based cultural best practices such as knowledge sharing and continuous learning.

For visual examples of how one company captures structured settlement knowledge, see this Flickr page created by The Settlement Services Group (TSSG). Click on individual diagrams to enlarge.

For complete S2KM reporting about the SSP and NSSTA 2011 annual meetings, see the structured settlement wiki.

NSSTA and NASP 2010 Educational Conferences - 3

"Protect and Preserve" or "Improve and Grow".

These polar-opposite imperatives for the structured settlement industry represent S2KM's two strategic lenses for reporting and analyzing simultaneous educational programs this week in Las Vegas sponsored by the National Structured Settlement Trade Association (NSSTA) and the National Association of Settlement Purchasers (NASP).

S2KM's Managing Director, Patrick Hindert, will attend portions of the NSSTA conference (as a NSSTA member and former NSSTA President) and participate in NASP's Friday morning "Industry Analysis" program (as a moderator and speaker). S2KM's continued reporting and commentary about the NSSTA and NASP conferences will appear on this S2KM blog ("Beyond Structured Settlements") as well as S2KM's structured settlement wiki.

NSSTA's strategic mandate is to "protect and preserve".

Question: what exactly does NSSTA want to "protect and preserve"?

The simple answer: Internal Revenue Code sections 104(a) and 130.

More strategically, what NSSTA wants to "protect and preserve" (to the extent possible) are business models and business practices ("good old days") that existed prior to:

• 1986 - Jim Lokey completed the first structured settlement transfer;
• 1991 - Executive Life insolvency;
• 1993 - Congress enacted IRC 468B and introduced qualified settlement funds;
• 1994 - Weil lawsuit settlement permitting structured settlement agents to work directly with claimants and plaintiff attorneys;
• 2001 - Congress adopted IRC 5891 and defined "structured settlement" as well as rules for structured settlement transfers;
• 2010 - Hartford settled the Spencer class action lawsuit (and departed the structured settlement business) following allegations of civil RICO and state fraud violations by Hartford, its agents, brokers and attorneys.

One result of NSSTA's "protect and preserve" mandate has been a "dumbing down" of NSSTA's educational programs - at least from a strategic perspective. Some of NSSTA's technical discussions are excellent. For example, NSSTA's legal committee has re-emerged as a leading structured settlement educational resource. And NSSTA's CSSC certification program continues to receive positive reviews despite low attendance and the lack of a continuing education (CLE) requirement.

NSSTA's primary educational problem is the application of its narrow and political strategic framework ("protect and preserve" as opposed to "improve and grow") for its educational programs. For example, NSSTA never invites knowledge leaders from NASP or SSP (or anyone critical of NSSTA political objectives) to participate in NSSTA's educational programs. For another related example, NSSTA educational programs never provide strategic discussions ("Industry Analysis") with alternative perspectives.

Bottom line: NSSTA's educational programs have fallen behind NASP and SSP who now represent the benchmarks for structured settlement educational excellence. For further S2KM reporting about NSSTA's educational demise, see: S2KM's analysis of NSSTA's 2009 educational program. Unfortunately, NSSTA's announced 2010 educational program looks like "the same old, same old" - at least from S2KM's strategic perspective.

By comparison with NSSTA, NASP will devote three hours of its 2010 educational program this week in Las Vegas specifically to "Structured Settlement Industry Analysis". This portion of the NASP program is subtitled: "How to Improve and Grow the Structured Settlement Industry".

Announced participants for this strategic discussion include industry knowledge experts who are members of NASP, SSP and NSSTA plus Jeremy Babener as an independent writer and analyst. Other participants include: Robin Shapiro, Earl Nesbitt, Matt Bracy, Andrew Savysky, Peter Vodola, Richard Risk, John Darer and Patrick Hindert - and continues prior NASP strategic discussions that featured: Stephen Harris, Jack Meligan and Michael Upchurch among others.

NAELA Special Needs Summit - 3

This S2KM blog post strategically analyzes the National Academy of Elder Law Attorneys (NAELA) 2010 Special Needs Summit from an Internet-based knowledge management (KM) perspective. The NAELA Special Needs Summit occurred February 25-27 in New Orleans. Prior S2KM blog posts summarized the NAELA Special Needs Summit and analyzed the NAELA Special Needs Summit from a structured settlement perspective.

This S2KM review also considers a March 9, 2010 Web 2.0 webinar for NAELA members by Mark Miller titled "Web 2.0: The Good, the Bad and the Ugly". Miller is Chief Operating Officer of ElderLawAnswers; General Manager of Lawyers Life Network; and Director of Operations and Business Development for the Academy of Special Needs Planners. Miller has more than 15 years experience in sales and business development for web-based service providers.

Positives

• Knowledge resources - Whether the subject is elder law, special needs law or personal injury settlement law, NAELA's membership possesses substantial knowledge resources. Specific to disabled persons, NAELA's knowledge encompasses technical legal knowledge as well as relationship knowledge with disability leaders and disability community stakeholders.
• Knowledge culture - NAELA promotes and prioritizes legal scholarship. Examples include: the NAELA Journal and NAELA's annual writing prize for law students. NAELA promotes and practices knowledge sharing. NAELA's unprograms offer a non-hierarchical and interactive learning alternative to traditional lectures. Compared with traditional lectures, NAELA's unprogram learning model is more comparable with how collaborative learning occurs on the Internet.
• Focus on web 2.0 - NAELA has identified and offered learning resources on web 2.0 and social network technologies. In addition to Mark Miller's March 9, 2010 web 2.0 presentation, NAELA also featured S2KM's web 2.0 for lawyers wiki at its 2008 National Symposium.
• Mark Miller's web 2.0 presentation - Miller's 90 minute web 2.0 presentation was comprehensive. It highlighted many web 2.0 features, tools, and developments and offered advice for NAELA members about blogging; podcasting; web-site design; search engine optimization; news feeds; key word searches; social media; and emerging tools.
• Web 2.0 examples - a growing number of NAELA members, and non-NAELA special needs attorneys, have experimented with web 2.0 tools - especially blogs and podcasts. Examples of special needs and elder law blogs:
  • Harry Margolis
  • David Lillesand
  • Frank Johns
  • Patricia Kefalas
  • John Campbell

Negatives

• Web 2.0 learning disconnect
  • Neither the NAELA Special Needs Summit nor Miller's web 2.0 webinar made any attempt to integrate the web 2.0 medium itself into their learning programs.
  • If "the medium is the message" (to quote Marshall McLuhan), NAELA has not yet processed or responded to that message from a web 2.0 learning perspective.
  • NAELA's conference was typical of almost all professional association education conferences. Learning takes place in multi-purpose hotel meeting rooms with no Internet resources or integration. Laptops are discouraged by the general failure to provide power outlets. With the notable exception of NAELA's unprograms, the speakers lecture with limited audience interaction. Supplemental learning resources include power points, hardcopy handouts or web 1.0 flash disks.
  • Miller's web 2.0 webinar utilized a traditional web 1.0 powerpoint. His extensive presentation was lecture format with limited interactivity and no asynchronous features.
  • Typical of most introductions to the Internet, Miller's web 2.0 webinar focused primarily on identity and marketing - with no discussion about whether and how web 2.0 can enhance and accelerate learning or what learning issues and strategies occur with web 2.0.
  • As one example of a web 2.0 learning issue, many college professors (the paragons of old school learning) are banning laptops from their classroom and view in-class Internet surfing as a distraction. These paragons, however, typically lack any ability to integrate discussions (example: Socratic teaching) or Internet resources into their classroom experience. Their teaching model is a hierarchical lecture which is contrary to how the web 2.0 Internet functions.
  • Teaching web 2.0 using web 1.0 (or predecessor technologies) is akin to trying to teach people to swim or play basketball in a traditional classroom - using hardcopy text with no diagrams - instead of utilizing a swimming pool or a basketball court. After an hour or a semester in the classroom, the students still won't be able to swim or play basketball.
• Role of knowledge management
  • NAELA's members all qualify as knowledge workers. Without specifically studying knowledge management, NAELA has spent 25 years helping its members identify, expand and manage knowledge.
  • The changing Internet medium (currently web 2.0 featuring social network technologies) prioritizes knowledge and how you manage knowledge:
    • Knowledge generally becomes more transferrable and complex.
    • New knowledge tools, systems, networks, teams and leaders emerge.
    • New business models evolve requiring online skill sets and related knowledge services.
  • Unless NAELA and its members study and understand Internet-based knowledge management, how will they successfully transfer their professional knowledge (including relationship knowledge) to web 2.0?
  • And what happens to those professionals and professional associations who are slow (or unable) to successfully transfer their knowledge to the Internet? How will they compete? Who will want (or allow) them to participate on Internet-based knowledge teams and networks?
  • Neither Miller's web 2.0 webinar nor NAELA's first-ever Special Needs Summit discussed knowledge management.
  • How could knowledge management have improved the NAELA Special Needs Summit? As one example, the NAELA Summit made no attempt to define special needs law or to differentiate special needs law from elder law or personal injury settlement law. NAELA could have used (and still could use) various types of knowledge maps to:
    • Define these strategically important knowledge domains and related knowledge boundaries;
    • Identify stakeholders and online learning resources within each community of practice;
    • Highlight transactional events and transferable knowledge opportunities for NAELA members within each knowledge domain.

Unsolicited Recommendations for NAELA

• Continue to study Internet-based knowledge management - focusing on web 2.0 and social network technologies.
• Develop a web 2.0 learning strategy:
  • Utilizing appropriate learning environments, teachers and tools.
  • Introducing participants to online culture, organizational theory and functional skill sets through actual experience.
  • Integrating web 2.0 learning into NAELA's other educational programs.

For Additional Information see:

• Denham Grey's KM wiki
• S2KM prior blog posts
  • Web 2.0 for Lawyers Concept Map - featuring Barbara Bowen
  • Knowledge Management and Structured Settlements

Re-thinking Structured Settlements

S2KM's strategic analysis of the structured settlement market continues with an update and re-publication of the structured settlement wiki.

Structured Settlement Credo - 2

If the structured settlement industry is experiencing  "transition", what exactly is changing and why?

Structured settlement industry transition:

• Internet technologies - their impact on business models, strategies, tools and skill set requirements.
• Legislation and regulations - the secondary market; Medicare; Medicaid; and IRC 468B;
• Financial meltdown - the impact on AIG, J.G. Wentworth and others.
• New U.S. President - expected legislative and regulatory change.
• Aging industry leadership - the need for a new generation of younger and more intelligent industry leaders.

How will the structured settlement "transition" impact industry:

• Credo
• Ethics
• Values
• Standards 
• Public policy?

And vice versa?

When and where will these "transition" issues be addressed?

Assuming ability to adapt is critical for survival, how will the structured settlement industry "adapt" its historic structured settlement credo to the new settlement planning landscape?

2008 NAELA Symposium - 2

This blog post looks at the National Academy of Elder Law Attorneys (NAELA) and elder law certification (CELA) from the perspective of knowledge management (KM) and web 2.0. S2KM's prior blog post (2008 NAELA Symposium-1) featured S2KM's "Web 2.0 for Lawyers" wiki  plus a NAELA-specific podcast interview by Scott Drake for the Legal Broadcast Network (LBN) with Patrick Hindert, S2KM's Managing Director and blog author.

Knowledge Management (KM) means organizing knowledge to achieve productive work, competitive advantage and business value. KM provides a professional discipline to personalize advancing Internet technologies and to help knowledge workers understand and manage personal, organizational and industry knowledge.

Here are some recommended KM learning resources for NAELA members:

• Wikipedia definitions for
  • Knowledge management
  • Elder law
• Google searches for
  • Knowledge management
  • Elder law
  • Elder law wikis
  • Elder law blogs
  • Elder law podcasts
• Denham Grey's
  • KM wiki
  • Knowledge Sharing and Social Software
• Web 2.0 for Lawyers Concept Map - Dr. Barbara Bowen
• Selected blogs featuring KM and law
  • Lessig 2.0 - Lawrence Lessig
  • DennisKennedy.com - Dennis Kennedy
  • Law X.0 - Ian Best
• S2KM blog posts
  • Web 2.0 for Lawyers
  • Concept Maps
  • Introduction to Podcasting
  • KM and Law
  • KM and Structured Settlements

From a traditional (pre-web 2.0) KM perspective, NAELA represents an "advanced" and knowledge-intensive community of practice. NAELA's community knowledge is displayed on the NAELA website as well as the website of the National Elder Law Foundation (NELF) which sponsors and manages the Certified Elder Law Attorney (CELA) program.

In addition to the CELA program and the several hardcopy elder law textbooks CELA recommends as learning resources, NAELA captures and distributes knowledge in many formats including:

• NAELA's website - an excellent example of a web 1.0 website;
  
• NAELA conferences - including hardcopy handouts, CD Roms, and audio tapes;
• NAELA Journal - an academic journal featuring articles by leading elder law attorneys and professors;
• NAELA News - a magazine featuring additional articles by leading elder law attorneys and professors;
• NAELA Listserv - an online tool for NAELA members to communicate about substantive legal issues.  

Question: what is striking about NAELA's "advanced" knowledge-intensive community of practice?

Answer: NAELA currently does not offer its 4400 members any:

• Web 2.0 resources; or
  
• Web 2.0 applications; or
• Web 2.0 learning strategies.  

NAELA's web 2.0 shortcomings are shared by almost every other professional trade association S2KM follows. AAPD, featuring two association blogs, represents the singular exception that proves the rule. Because of NAELA's strong knowledge foundation and orientation, however, this author predicts NAELA and its professional members will become successful adapters of web 2.0 tools and technologies.  It is time for NAELA to begin this transition.

Understanding Structured Settlements

(Re)learning resources about structured settlement from S2KM Limited :

• Post 9/11 Structured Settlements - understanding the New Basics for Stage 3 structured settlements.
• "Structured Settlements and Periodic Payment Judgments"
  • Introducing the authors and publisher;
  • Announcing Release 38;
  • Featuring updated Chapter 5: "Role and Responsibilities of Plaintiff Counsel in Structured Settlements".
• How the Internet impacts structured settlements including
  • Knowledge Management - with thanks to Denham Grey and Eric Tsui.
  • Social Network Technologies
  • Podcasting - with thanks to Mark Wahlstrom and Ed Vogt.
  • Concept Maps (Example: Podcasting) - with thanks to Barbara Bowen.
  • Standards
• IRC Section 5891 - How the Victims of Terrorism Tax Relief Act impacts structured settlements 
  
  • Provides the Internal Revenue Code definition for structured settlement;
  • Authorizes state processes for completing structured settlement transfers;
  • Clarifies tax treatment of structured settlement transfers.
• Medicare Set-aside Arrangements - how the Medicare Secondary Payer rules are changing structured settlements and personal injury settlement planning.
• Compensation Disclosure - How the NAIC Model Compensation Disclosure requirements impact structured settlements.
• Settlement Trusts - How to select a trustee
• IRC 468B Funds - The single claimant issue
• Plaintiff Attorney Compensation - The American Jobs Creation Act of 2004
• Structured Settlement Trade Associations
  • National Structured Settlement Trade Association (NSSTA);
  • National Alliance of Medicare Set-aside Professionals (NAMSAP);
  • Society of Settlement Planners (SSP); 

Social Network Technologies

Denham Grey, a leading Knowledge Management (KM) thinker and practioner, takes on the KM lions in their own den when he moderates an online presentation this week for the "Star Series" sponsored by the Association of Knowledgework (AOK).

Entitled "Knowledge Sharing and Social Software", Denham's presentation includes a valuable and related wiki.  Among other resources, the wiki features a concept map of podcasting created by Barbara Bowen for S2KM Limited.

For additional background information about social network technologies, see Denham Grey's weblog, "Knowledge-at-work" as well as the following wikipedia entries:

• Community of practice

• Concept map

• Knowledge management

• Podcasting

• RSS

• Social bookmarking

• Social network

• Weblog

• Wiki

Plus additional information about:

• Podcasting
• Knowledge management and structured settlements.
• Membership in AOK.

Podcasting

Like millions of others, Patrick Hindert and Denham Grey are exploring podcasting - including how podcasting impacts the structured settlement and personal injury settlement planning industries as well as the legal profession generally. 

Our collaborative work includes:

• Testing podcast recording equipment designed by EAR for The Legal Broadcast Network;

• Developing a podcast concept map with Barbara Bowen;

• Introducing podcasting at NSSTA's Regional Meeting  - with assistance from Viren Patel of Structure Online and Keith Burtoft of Markers and Mice.
• Organizing a wiki repository for LBN about podcasting.

Related resources:

• LBN's Podcasting Audio Video - requires Windows Media Player
• Podcast interview of Patrick Hindert by Mark Wahlstrom;

• NSSTA powerpoint presentation - Download Podcasting.ppt

• A wiki repository with resource links;
• Barbara Bowen's concept map;

• Denham Grey weblog: podcasting for knowledge
• Denham Grey weblog: more on podcasting
• Ringler Radio

Social Networks

Online social networks (SN), and related technologies such as weblogs, wikis and VOIP, are hot topics among knowledge management (KM) practitioners. Two current online forums are featuring leading international SN experts.

CPsquare specializes in communities of practice (CoP) and sponsors research forums. CPsquare’s research forums are hosted by Etienne Wenger, John Smith and Nancy White. One of CPsquare’s current research forums features Patti Anklam as online and teleconference leader discussing “social network analysis” (SNA). Approximately 20 persons are participating. Topics discussed by Patti include: identities in networks; communities as networks; the Dunbar number; SNA software; Valdis Krebs research; Etienne Wenger’s research; “Fifth Generation Management”, SNA of “lost knowledge” problems; leadership in networks. Patti’s weblog post for February 5 summarizes portions of the SN research forum.

Group Jazz and Howard Reingold Associates are sponsoring Online Social Networks 2005 from February 9-23. Many leading SN subject matter experts will participate. One is Denham Grey, a research partner of S2KM Limited. Denham will be exploring emergent knowledge practices that use social software and facilitate awareness, learning, knowledge sharing and creation. Denham, who is also the primary author of KMwiki, previews his SN presentation on his weblog, “Knowledge-at-work".