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As we all know, over the last few months, COVID-19 caused a shutdown of many aspects of the U.S. and world economies. While the Great Recession of 2008 was caused by factors that were more industry-specific, such as the subprime mortgage crisis, the economic downturn that is projected to come out of the shutdowns mandated due to COVID-19 is likely to be more wide-ranging in light of the non-discriminative impact of the virus. Even hospitals, which are on the frontlines of combating COVID-19, felt the impact as fewer patients came for non-emergencies and as elective surgeries were postponed. Given this outlook, now is a critical time for companies to reassess their business and finances so that they can be prepared for the future. Proper planning is key to ensuring a company’s financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.
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Preparing for the LIBOR Phase Out: Contract Remediation Starts with Contract Intelligence
By Ryan Drimalla and Karl Dorwart
The London Interbank Offered Rate has long been the global basis for agreements that include a variable interest rate component. However, LIBOR would be replaced by other benchmarks by the end of 2021. Key to assessing risk of exposure, quantifying the financial impact, developing remediation plans and communicating material information to stakeholders will be the identification, analysis and remediation of LIBOR-based contracts.
How Cultivating Existing Client Relationships Can Boost Business Development
By Scott Wallingford
Strategic business development is critical to support firm growth, and CRM software is the backbone of a data-driven approach. It not only helps your firm prospect for future clients, but also helps you strengthen and expand existing client relationships.
Introducing Pricing Transparency to Legal Services
By Nathan Cemenska
The COVID-19 crisis has caused a money crunch across industries, and CLD budgets are tightening. This downturn demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.
Legal Analytics and the Evolving Practice of Law
By Josh Becker
While we may use analytics differently in our respective companies, one thing is certain: Legal analytics is the future and it’s time to jump on board.
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