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LawBiz® TIPS – Week of May 31, 2016

Election Year: Elect to Be Prepared

In any given year, new laws might be passed into legislation that could affect your business and the decisions that you make. After an election in which the reins have changed hands, this possibility becomes more likely.

So what should you do about it? Well, unless you want to become an activist and lobby your legislators, the best that you can do is be prepared. Is it possible to prepare for every eventuality? Of course not. However, it would be imprudent not to make the most basic preparations.

One basic way to prepare is to have a solid, varied base of clientele. You should make sure that all of your paperwork, such as letters of engagement and contracts, is in order. Make sure that you have policies in place for technology use. Furthermore, make sure that all of your colleagues and staff follow those policies. Check that all of your bank paperwork is on file and up-to-date.

Is it possible that a new administration will drag the country into a war? Plan for the worst with insurance.

One type of insurance to look into includes business interruption insurance, which covers the business side of your law practice when it is interrupted by a disaster that drastically reduces or even eliminates current revenues. Business interruption insurance includes business income insurance, extra expense insurance, and contingent business interruption insurance.

A disaster can jeopardize confidential client records, work product, and other documentation, such as master files, time and billing records, court filings, wills, powers of attorney, corporate records, and any other materials that law firms are required to keep. Many such documents are kept as active computer files and could be compromised by a hacker. Thus, cyber insurance might be a worthwhile investment.

As with any major event, the election will lead to some changes. We will all hope for the best—but definitely prepare for the worst.



Election Year: Elect to Be Prepared

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