In the world of 2020, digital tools and online processes have come to the fore, as businesses seek to adapt to the unique challenges of lockdowns and social distancing. The scale and speed of transformation is unprecedented – creating both threats and opportunities. But business leaders also see the potential to harness the growing array of emerging, often disruptive technologies to drive change, expansion and innovation. And to use existing technologies in new ways. Every part of the business will be affected. Often speed is of the essence, timely delivery vital. In the race to compete and complete, legal strategies shouldn't be seen as an add-on. Entering into a major change programme without considering the role of a legal team in helping to shape and protect business, mitigate threats and deliver on the strategic objectives, puts success at risk.
Digital disruption is being driven by a portfolio of both new and old technologies. The coronavirus pandemic has powered an extraordinary acceleration in understanding their game-changing potential. Business models are changing. People are interacting in new ways. Organisations are focusing on how they can automate tasks and processes for competitive advantage and to optimise business continuity. The impact of change can’t be overstated. In all aspects of life – both at work and away from it – what we do, how we perceive the world and experience it, and what we can achieve are being transformed forever. Osborne Clarke has long been at the forefront of advising on these ground-breaking transformations. So when you’re embarking on the digitalisation process, harnessing the power of next-generation technology, our longstanding pedigree means you benefit from cutting-edge legal knowledge and insight across your business.
The impact of regulation on a business can’t be underestimated, so recognising the cost of compliance and risk of non-compliance in an ever-changing landscape is vital, particularly where change is rapid. Fundamental to success is understanding the aims and motivations of regulators. Regulations exist to protect citizens and businesses, correct market failures and make many aspects of our lives easier. Their effectiveness is being tested in the crucible of the coronavirus crisis. But more widely, they are having to change to respond to the explosion in digital technology that is impacting on all aspects of society on a global scale. To achieve a balance between serving the public good and remaining sympathetic to business needs, regulators are harnessing digital transformation in their own operations. From the impact on data privacy to environmental obligations and beyond, it's essential to consider the impact on risks and compliance of any digital transformation programme that a business undertakes.
The digital era continues to challenge and change the way businesses operate, just as digital technology offers powerful, rapid responses to wider challenges and change. Sometimes the pace of that change is the biggest issue. Dealing with the need for new capabilities and introducing activities such as advanced analytics, task automation, transforming your legacy processes – all while staying on top of cybersecurity – carries a multitude of practical and legal implications. What's more, evolving corporate strategies – or rapid crisis-driven change – can result in business restructuring and/or technology-centric acquisitions and mergers. These create complex legal issues and need careful consultation and employee engagement. Attracting and retaining talent is always a boardroom priority. So partnering with expert lawyers who understand the breadth of issues you're facing, and who can work with you at all stages of the process, is paramount.
If you are applying technology to a business process or to address a challenge, you're probably coming up against some complex issues around data. Questions such as: 'Who owns the data?', 'What can it be used for?' 'How can you monetise it?' and, 'What is 'personal data'?' are being examined by organisations across the globe. The answers for your business will define your data strategy. Whether it's fully formed or being crafted, it's crucial that you have a strategy that can shape opportunities and reduce risk. We work with our clients internationally to find practical solutions – developing data strategies that can support and protect their business today and tomorrow.
Digital transformation increases reliance on IT systems and software to deliver products and services. The impact of malfunction, outages and cyber-attacks becomes all the more serious. Crisis plans may need to be triggered. And rapid adoption under pressure of new digital tools and remote working only increases the need for robust cybersecurity practices. Our crisis management team steps in to navigate complex crisis situations from international data breaches and cyber-attacks to major software malfunctions and IT outsourcing disputes. Offering more than just legal and regulatory expertise, our clients appreciate our common sense and project management skills. Our war game simulations ensure clients' incident response plans are more than just box-ticking exercises. Preparation is a fundamental reality of our increasingly digital world, and having the right lawyers for that process is key.
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Many companies are receiving very large payments from HMRC under the job retention scheme, with the government reported to be spending as much on the initiative as it spends on…
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More and more businesses are facing change on multiple fronts – with that comes disruption, but also opportunity. Which is possibly why we’ve always been happy to embrace change. The opportunities it creates intrigue and fascinate us – because it’s those opportunities which enable us to help our clients succeed.
It’s the challenge of change we like. When you really know your stuff, when you are out-and-out experts, then using that expertise to think differently, to see round corners and to find better solutions is what makes being an expert fun.
From crowd-funding and data commercialisation to digital health and the sharing economy, we profile the latest thinking in consumer trends online.
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