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The Changing Face of Incident Response
The drumbeat of cyberattacks is beating in an ever-faster cadence and the legal community is no exception. According to the American Bar Association, in 2020 alone, 29% of surveyed law firms said they experienced some type of cyber attack, an increase from 2019.
In its Cost of a Data Breach Report 2020, IBM reported that the average data breach cost its victim a total of $3.86 million and took 280 days to fully identify and remediate. That was the bad news. The good news, however, was that organizations that are able to act quickly to contain and stop a breach are spared a considerable portion of these expenses. Particularly, those with both incident response (IR) teams and fully tested IR plans in place saved an average of $2 million in breach costs while simultaneously limiting their legal liability and minimizing reputational damage.
Whereas IR investigations can be conducted internally by an organization's own security team, most companies will look to external investigators for support as they tend to have more in-depth, relevant knowledge, not to mention greater specialist skills at their disposal.
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In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
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The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
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Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.