Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Corporate Resiliency Revisited: Ensure Financial Health Ahead of an Economic Downturn
As we all know, COVID-19 caused a shutdown of many aspects of the U.S. and world economies. Due to, among other things, funding and other relief from the U.S. government, the economic downturn that many had initially projected has not yet materialized in the ways that were anticipated. Bankruptcy filings are down 29.1% for the 12-month period ending on Sept. 30, 2021, accordingly to the Administrative Office of the U.S. Courts. Nevertheless, many businesses and industries continued to be impacted through the end of last year by issues such as worker shortages and supply chain problems, as U.S. ports had historic backlogs of cargo ships waiting to offload their goods ahead of the 2021 holiday season. Additionally, inflation is on the rise, leading to increased pricing, and the country is going into mid-term elections in 2022, all of which can negatively impact economic outlooks for 2022.
Given these issues, which do not appear to have a quick solution, now is a critical time for companies to reassess their business and finances if they have not already, 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.
A good starting point is the budget and plan you have for this year. Consider: How have revenues changed since the beginning of the pandemic to now? Although many pandemic-related restrictions and mandates have ended and business have opened back up, customers may not have the same spending habits as they once did, particularly if your prices increase to account for supply and/or inflation issues. Are there ways that the business can transition to take into account the "new normal" and changing customer preferences? Many customers got used to restaurants' take-out and delivery services and retailers' curbside pick-up alternatives. Are these services that those companies can continue to offer going forward? Be creative with the solutions, but also be careful of solutions that have associated costs and expenses that may not be justified.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Role and Responsibilities of Practice Group Leaders
Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?