Preventing claims – Economic downturns

The following summarizes Hard Times: Managing risk in a troubled economy, Insurance Issues: Risk Management, December 2008

"Most wrenching financial crisis since the Great Depression"
"Meltdown of historic proportions"
"Serious financial turmoil"

When we enter a period of prolonged economic instability, the news headlines are provocative. For lawyers, particularly those practising in the commercial law areas, difficult economic times increase certain risks: 

  • Financial distress
  • Devalued assets
  • Great expectations (client and third party expectations that will not be met)
  • Conflicts
  • Fraud
  • Theft
  • Inadequate insurance

Read more about the risks and the suggestions — and resources — we offer to help you manage or avoid them.