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How a Lawyer Can Help in Crisis Management

May 05, 2017 |

There is more corporate risk today than ever before. With such a risky economic environment, it can pay big to have the right lawyer on your side. However, it can be difficult to discern what is needed from a lawyer during a crisis and what you should expect out of paying them for the management. Since every crisis is unique, there is not an exact list of what to expect or what to look for.

There are three basic steps to help guide businesses through a crisis.

Build a Team Prior to a Crisis

The last time you want to bring on someone new is when everything is going wrong. It is the highest stress time and it is difficult to communicate when all hands need to be on deck. Rather than hiring new people or a new firm after everything has gone wrong, it makes good financial sense to have a team in place to handle a crisis before one ever happens.

Of course, this is often easier said than done, as it is hard to see a crisis coming. If it were, it would be unlikely that a crisis would occur. The hidden benefit of having such a team is that they can mitigate the risk of the crisis happening to begin with. By hiring people with good experience in handling a crisis, you are also hiring the best possible team to handle your affairs to keep you out of the lurch.

Skills should include everything from public relations to financial advisors. This expertise will keep you above water and will help support your business should a crisis arise.

Define Roles

By giving individual members of the team a defined role and giving them individual responsibilities ahead of time, there will be a lot fewer questions to ask when a crisis happened. Even further, those people can oversee those roles and responsibilities to help avoid a crisis.

Future Strategic Planning

The best way to handle a crisis is to be prepared. Once you have a team that knows what their role is, you can plan for when a crisis should arise. You can also work with that team to develop a plan for when a crisis doesn’t arise and have a full strategy for both the best and worst case scenario for your business.

If you are experiencing a business crisis and didn’t plan ahead, we can still help. At Liebling Malamut, we know it’s impossible to know a crisis is coming. Our team of attorneys can help handle the legal and financial issues that arise when a company goes through a major event.