In this week’s episode of the Law Practice Doctor, Sam Gaylord interviews Theodore Monroe. Theo is specializes in copy infringement and trademark litigation while representing merchants, payment processors, and banks.
Main Questions Asked:
- Who is Theo Monroe?
- How long have you been with your law firm of Theodore F. Monroe?
- What is the match list?
- What’s involved with the trademark and copy infringement work?
- Are there ways for payment companies to mitigate their risks?
- Do you have specific recommendations for payment companies?
Key Lessons Learned:
- There are a lot of things that can go wrong when transacting over the internet, chargebacks, leaked or hacked info, and more.
- Payment law clients usually involve large online merchants or banks, rarely the consumer.
- There isn’t a library of case law for this area so it’s a new area of the law.
- Most clients are derived from referrals from past clients and people that know you.
- Position yourself as the expert of whatever niche you choose to focus on.
- Visa and MasterCard keep a list of merchants that they don’t want to do business with.
- It’s important to look for multiple revenue streams within the niche you’ve chosen.
- The internet and nation wide nature of the companies that utilize it makes practicing law more complicated. Sometime you’re working in multiple jurisdictions.
- The majority of cases occur in Federal court.
- The main kinds of lawsuits are contract disputes
- Many young, aggressive marketers get in trouble by making claims that may not be true.
- Asset freezes are a common tactic of the FTC at the beginning of a lawsuit.
- Payment companies are being targeted by the FTC if they are processing for shady merchants.
- Payment companies need to vet their merchants and review them on a regular basis. Errors and Omissions Insurance would be a good investment as well.
- Cases are usually civil but can become criminal as well.
- Get good insurance from a reputable broker.
- Deal with your contracts in an honorable manner, read them and keep them.
- Most disputes are determined by who has leverage, not who’s right or wrong.
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Links to Resources Mentioned