Business radar
What type of reaction process should be set up?
An event such as a competitor firm going bust, or two of your rivals merging, is likely to be a sudden event that you’ve not seen coming. Time is of the essence, from both a protective and opportunist perspective, so an evening meeting of partners the same day is a good starting point. Try to ascertain what the facts are and what is still unknown – information may drip out over a few days. A dedicated early follow-up meeting should be set.
What should our “quick reaction” process involve?
Once the key facts are clear, it will be appropriate to ask a few key questions and produce a short term action plan:
- Do we need to take any protective action right now, such as client care?
- Are there opportunities that come out of this, and how can we seize them?
- What are the expected “knock-on” effects of the event, and do any of these constitute a threat or opportunity? Some creative thinking may be required here.
- Should we make any public statements?
What about less immediate reactions?
At the same time as agreeing the quick reactions, debate should begin (at least at strategic level) about the less urgent implications of an event. Key questions would include:
- Are there any medium term protective actions to be set up?
- What steps should we take regarding any medium term opportunities, directly or indirectly coming from the event, such as new hires or training?
- Do we need more analysis or information on the strategic impact, so should someone dedicate some time to this?
In this issue
- Separate representation for borrower and lender
- Market abuse and regulatory enforcement
- Choosing to die: the defence dilemma
- The rise of the partnership tribunal
- Evolving marriage rights
- Margaret Paterson Archer: an appreciation
- Reading for pleasure
- Street level insights
- Opinion column: Malcolm Cannon
- Book reviews
- Council profile
- President's column
- Land mass coverage heads for milestone
- Bidding for success
- Across the divide
- Blades running?
- Welfare still rules
- Protected conversations
- Over the border
- Sum of the parts
- Holding out for reform
- Form 13A: a step forward
- System in chains
- Buildmark: online update
- Scottish Solicitors' Discipline Tribunal
- From the Brussels office
- Law reform roundup
- The earlier the better
- Ask Ash
- Business radar