Here’s How In-House Legal Leaders Can Help Companies Weather a Recession
In a recent Q and A with Corporate Counsel, Davis Goldman Co-Managing Partner Jason Goldman discusses the challenges a recession could present to legal departments, and how in-house lawyers can prepare.
As in-house legal departments are generally overloaded, to begin with, a recession could significantly increase their workload with matters likely involving employment litigation, bankruptcies, collectings actions, and shareholder disputes. Jason advises departments without a plan to get started sooner rather than later, as proper planning and transparency among stakeholders are essential to surviving an economic downturn.
“The natural result of a downturn could be stagnant wage growth, layoffs and cutting back on intangible perks, no free lunches, holiday parties, things like that. All that equates to less happy employees or less employees. Sometimes that will lead to an opportunity for litigation. If there is a need for layoffs, being as transparent as an employer can de-escalate tensions that might otherwise result in opportunities for disputes that could turn into litigation.”
To read the full interview with ALM’s Phillip Bantz, click here: https://www.law.com/corpcounsel/2022/06/08/heres-how-in-house-legal-leaders-can-help-companies-weather-a-recession/