Last year, the world was thrown into upheaval thanks to COVID, and most industries are still reeling. Hospitality, entertainment, travel—so many once-thriving businesses are either closed down or hanging on by a thread. What can be done to ensure that your business isn’t one of those lost to the pandemic?
An LFJ Conversation with Jonathan Stroud
Last year, the world was thrown into upheaval thanks to COVID, and most industries are still reeling. Hospitality, entertainment, travel—so many once-thriving businesses are either closed down or hanging on by a thread. What can be done to ensure that your business isn’t one of those lost to the pandemic?
Burford Capital is clear in stating that the economic impact of COVID is far from over. Taking a long look at expenses and incoming cash can help businesses understand what needs to happen in the coming year.
Infrastructure changes are probably underway in your business already. Remote working, security challenges, and staffing changes are just the beginning. A legal operations department, when implemented, can maintain focus on prioritizing tasks, resource allocation, efficiency, and help remote workers stay abreast on company goings-on, which can all be a huge benefit.
Optimizing legal assets is a modern way to free up cash that can be used for operating expenses or upgrades. Gaining instant liquidity from pending claims is an opportunity savvy legal teams will surely jump on.
Outstanding litigation is sometimes seen as a liability. If cash is tied up in a case that seems to be dragging on without resolution, it may make sense to transform meritorious litigation into revenue by entering a risk-sharing contract with a legal funder. Now is an opportune time to make use of litigation finance as a way to manage assets and free up liquid capital.
Retaining talent is another vital aspect of staying on top during the pandemic. Maintaining top performers can come down to revenue. If you aren’t prioritizing talent retention with high payouts, you risk losing your best team members to other firms.
Ultimately, innovation—financial and otherwise—is the key to adapting and thriving in a post COVID world. Building a flexible pandemic plan is essential, and litigation funding can help.
