Think you could turn around a prompt and thorough due diligence report verifying your company’s net worth if a potential investor or buyer came along? It is estimated that every year 7.5% of all company documents are lost and 3% are misfiled at a huge aggregate cost to businesses to locate or recreate these files. Not to mention that failure to provide complete information could cost your company the deal. So don’t let this be you! A large part of proving your company’s net worth includes real estate, assets and all intellectual property and this needs to be chronological, up-to-date and accurate. As a CEO, CFO or Legal Counsel, you might have most of this information on hand, but it doesn’t hurt to consolidate what you do have and areas you may need to address.
If you think your job is more demanding and time consuming than a year ago, you are not alone. About 3/4 of in-house lawyers say workloads have increased compared to 2016. The question is, how can small legal departments cope with this increasing workload? For small legal departments that lack the budget to increase headcount or outsource legal work, this increased demand for legal services from their businesses means more operative work, often at the expense of providing strategic counsel. In fact, many GCs are only able to spend 32% of their time providing strategic counsel while more than 50% of their time is spent on admin tasks like filing, searching for documents and sending emails.
The importance of risk mitigation planning and different approaches to reduce or mitigate risk is becoming a popular topic in industry events and reading. The most common take-aways from specialized conferences and research are almost always the same: don’t wait for disasters to strike, or, risk management planning needs to be an ongoing effort. Although this sounds good in theory, it is far easier said than done.
Many legal departments set out to become more efficient at the beginning of the year, but how many of them actually follow through? While it’s easy to get caught up in touchscreens, mobile devices and customized features, legal technology is about finding ways for legal departments to work more efficiently so you can spend more time focusing on strategic business priorities instead of administration and repetitive tasks.
Whether you like it or not, your colleagues are most likely talking about your organization on social media or browsing their timelines during office hours. Sometimes common sense isn’t enough to prevent colleagues from a thoughtless Facebook post or an untimely tweet. A lapse of judgment can turn into a huge problem, which is why it’s time for you to review your organization’s social media policy (you do have one, don’t you?). Here are 10 essentials you need to take into account.