Covid-19 is having a huge impact on the global economy. Business is being disrupted and employees, including lawyers, are having to work from home. As a corporate legal department, you can help your organisation handle this difficult situation. Here are a few things you can do, based on our experience. We hope you will find them useful.
Now is a good time to switch to digital
The Covid-19 pandemic is leading more and more companies to replace signing contracts and documents with pen and ink to signing them electronically.
Contract review; map out your contractual rights and obligations
Which agreements do you need to assess to understand your legal position in relation to Covid-19 and to act as necessary?
Embrace digital collaboration now
With legal departments now working online, it is vital that this doesn’t result in a loss of control. Especially at the moment. A smart digital infrastructure with appropriate tools to support the legal team is crucial.
Move your board meetings online
There are excellent digital resources to conduct board meetings online and ensure that all the files and documents you need are at hand. And your system can be up and running in days.
Be ready to renegotiate, refinance or reorganise
We see more and more companies becoming unable to fulfil their contractual agreements or needing to renegotiate them. This can include taking drastic steps such as refinancing or a reorganisation. What do you need to do to prepare for this?
Break out of the silo approach
Corporate legal departments typically operate as a silo within an organisation. Today though, collaboration is on the rise, especially in the current economic environment. To get started, you need a smart technical infrastructure with online collaboration possibilities.
Legal Tech Landscape selection 2020
Legal Tech helps legal departments to work smarter and faster. But how? To help you through the maze, Legadex has complied the most important Legal Tech applications and providers that you need to know about.
Virtual Data Room services for fast-track restructuring and refinancing
Covid-19 is forcing large numbers of companies to act to safeguard their financial position. Don’t leave it too late to start preparing for a possible refinancing, reorganisation or sale.