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The “Winter is Coming” Reality of the Global Economy Should Inspire Bold Thinking in Legal Strategy

As the economy retracts, it’s more important than ever for businesses to alter their ways of thinking to favor bold strategies instead of settling for the status quo, and legal is no exception. 

UnitedLex CEO Dan Reed for Fast Company

“Change is important, just not right now” is a common refrain in business—but it’s also a dangerous one. In a recent keynote program moderated by UnitedLex, two highly regarded legal industry innovators, Richard Susskind and Mark Cohen, discussed why stagnation in legal can be so damaging, and why sticking with the status quo is no longer an option.

In a new article for Fast Company, UnitedLex CEO Dan Reed highlights one theme, in particular, that stuck with him from that discussion: the importance of examining long-standing practices and procedures to ensure they’re not standing in the way of innovation. As the economy retracts, it’s more important than ever for businesses to alter their ways of thinking to favor bold strategies instead of settling for the status quo, and legal is no exception. 

In this timely article, he reveals common troves of value creation opportunity (patent portfolios, knowledge management, and hiring practices) and offers practical ways for legal to think differently and become true business partners within their organizations.

As a challenged global economy puts pressure on all corporate functions to find value in basic and creative ways, outdated ways of operating put both the legal department and the entire business they support in jeopardy. Legal can still be the staunch organizational defender it’s always been, but especially in times of economic retraction, it must also become a revenue generator and inform the best business decisions, not just the best legal decisions.

Read Dan’s full article, The “winter is coming” reality of the global economy should inspire bold thinking in legal strategy, at FastCompany.com.

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