Globalisation and the sheer pace of innovation in digital technology mean that it is more important than ever for businesses to develop and adapt to the ever changing environment they work within. The development of products and services are among the considerations, but companies also need to stay abreast of changes in regulation and laws – so, here we ask how important is legal advice for businesses?
General Data Protection Regulation (GDPR)
The new set of data protection Laws (GDPR), that come into play on May 25, are a prime example of how businesses must continually keep on top of new legislation. GDPR represents a major overhaul of how companies handle the personal information of customers and other individuals that they have dealings with.
While the new laws are a much needed update to the Data Protection Act 1998, they do pose significant challenges to businesses, in terms of resources and time, as they wrangle with the intricacies of compliance. GDPR also reflects the continued need for businesses to seek and act on sound legal advice in order to operate effectively.
Brexit and the Law
Another example of where companies may need to take legal advice is Brexit and the UKs impending divorce with the European Union (EU). It may be the case that a business employs workers from abroad or that it has offices in EU countries and therefore may need to adapt and develop its business strategy accordingly. It isn’t just where big changes to regulation and legislation are made that businesses need to take legal advice however, it is often needed for the day-to-day running of a company.
Protecting New Products
Businesses who are involved with developing new products, for example, may need to seek out advice from specialists in patent law, like Withers Worldwide. This is particularly important in sectors such as technology, where failing to protect intellectual property can result in missed opportunities and therefore huge losses in revenue.
Saving Money Over Time
For businesses, taking legal advice from the outset, although representing an additional cost, can save money over time. Ensuring that leases on premises don’t leave businesses open to the risk of unexpected increases in rent or other charges, like maintenance for example.
Whether the legal advice businesses take is used in a formative respect or used to help them anticipate and react to change it is paramount to success and therefore needs to be an ongoing an integral part of a wider managerial strategy.