The same angst many companies experienced as the effective date for the California Consumer Privacy Act (“CCPA”) approached is resurging again as they prepare for the July 1 enforcement date. The Office of the California Attorney General Xavier Becerra estimates that compliance with the CCPA could cost businesses as much as $16 billion over the next 10 years. The Act is intentionally vague when it comes to how companies should operationalize requirements described in the law, allowing businesses to account for their unique resources and limitations. Some organizations may be tempted to pause in their preparations while California awaits the fate of the proposed California Privacy Rights Act (“CPRA”). If the CPRA is ultimately included on the California November 2020 ballot, voters will likely support the expanded law, although it will not take effect until January 1, 2023. Regardless of what happens in November, it is important to focus on compliance with the existing law now. One...
Due to pandemic-related disruption, the legal industry is bracing for a sustained downturn. HBR Consulting and The Managing Partner Forum recently conducted a poll of 75 mid-sized firms (<500 lawyers). Responses revealed that more than 60% of respondents are forecasting up to a 25% decrease in top line revenue for 2020. Fewer than 5% of polled firms are predicting no revenue loss at all. This begs the question, what can firms do now to adjust pre-existing 2020 plans to weather this unprecedented storm and, if possible, emerge stronger on the other side
This is the final post of a three-part series focused on preferred outside counsel programs/processes.
During the coronavirus pandemic, only one thing is clear: everything you think you know will change—and probably more than once. In these ever-shifting economic and market conditions, law departments must be nimble and responsive, which demands the effective allocation of the people on your team.
This is the second post of a three-part series focused on preferred outside counsel program processes.
During this time of economic uncertainty, deepening relationships has proven to be a high priority for corporations and law firms alike. In the long run, forming tighter partnerships and working through this challenge together will benefit all involved. Preferred outside counsel programs are one way to better define and strengthen relationships.
More than ever, information governance is critical. With companies and organizations working to manage the economic fallout from the COVID-19 pandemic, information governance professionals are more essential than ever. While the pandemic is sweeping the country and world, information governance professionals have a responsibility to step up and provide leadership by helping their organizations avoid or mitigate some of the information governance challenges likely to arise from the pandemic.
Perhaps now more than ever, technology is critical to law firms’ businesses, even as the threat of an economic downturn makes it particularly important for firms to manage IT costs. In-depth reviews of multiple law firm IT environments have shown a tendency for many to rely on their IT suppliers — including the original equipment manufacturers (OEMs) and the value-added resellers (VARs) from whom they purchase hardware, software and services — when they need external advice on design and configuration (not to mention optimal pricing) for the products and services they need. If this describes your firm, you may inadvertently be inviting the fox to guard the henhouse.
The U.S. legal industry headed into March with a full head of steam, aside from some growing concerns about a novel coronavirus that appeared to be spreading. By the end of the month, our very way of life in America had been turned upside down and organizations from every business sector have been forced to change the way they do business in response to the COVID-19 pandemic.
“Wherever there is change, and wherever there is uncertainty, there is opportunity!”– Mark Cuban