Every business faces legal risks that can threaten its very survival. To protect your business and keep it thriving, you need to discover, understand, and manage those risks proactively. However, with every legal issue comes a wide array of questions and concerns. How should you deal with the risk? What are the best strategies to protect your business? These are just some of the many questions you’ll want to answer as soon as possible. After all, the sooner you start protecting your business against a potential threat, the sooner you can get back to thriving instead of worrying about it. Below, Amiel Gross who is General Counsel at Center for Breakthrough Medicines, shares his top five tips for protecting your business against a legal issue.
Don’t ignore the red flags
This is something that you simply can’t do. Red flags are the signs your business is experiencing an issue that may cause serious legal issues. However, these issues aren’t always clear or obvious. In fact, most red flags are subtle. This is why it’s so critical to actively and proactively manage these issues from the outset. By not ignoring the red flags, you can not only protect your business from the threat, but you can also protect your employees and assets. Every company faces risks. But, if you identify and address the red flags before they become problems, you can prevent them from affecting your business.
Communicate your strategy up front
Managing a legal issue is a lot like managing an illness. If you’re not actively managing the symptoms, you’ll have a much harder time treating the root cause. This is true in both cases. In order to effectively manage a legal issue, you need to communicate it up front. Don’t wait for the issue to become a problem before you communicate the best strategy for dealing with it. You need to communicate your strategy for addressing a potential legal issue from the outset. This will allow you to actively manage the risk and prevent it from becoming a problem. By actively managing the risk, you can manage the symptoms and prevent them from affecting your business. This can prevent having to make difficult decisions, explains Amiel Gross.
Establish a legal team you can trust
When you start protecting your business against a legal issue, you need to establish a legal team you can trust. This legal team needs to be an extension of your management team. This team needs to have knowledge of all the legal issues your business faces and their potential impacts. They also need to have knowledge of the laws that govern your specific industry. By establishing a legal team you can trust, you can actively manage a potential legal issue from the outset, adds legal adviser Amiel Gross. This will allow you to prevent it from becoming a problem. At the same time, you can ensure all your legal team members have the knowledge and resources they need to address the issue effectively.
Document everything
While you need to communicate your strategy for managing a potential legal issue, you also need to actively manage it. This means you need to document everything. This includes everything related to the issue, including everything related to the risk. You also need to document the actions, conclusions, and actions that result from all this information. This will allow you to quickly resolve any issues and resolve them in a timely manner. Without documented information, you can’t quickly resolve issues that arise. This means you can’t quickly resolve any issues that become legal issues. Without documenting what occurs and what leads to the resolution of the issue, you can’t resolve it. In addition, you can’t resolve it in a timely manner.