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We wrote in April about how businesses could build resilience and prepare for recovery. Seven months on, it is pleasing to see that our clients and many other businesses have adapted to our changing world and found opportunities thrown up by Covid-19 and Brexit.
People and organisations have not allowed uncertainty to paralyse their business, instead seeking creative solutions which we have helped them deliver. We have seen an acceptance amongst businesses that no one can control all outcomes and timescales. They have turned their attention to what they can control and influence, including revisiting their purpose, values and differentiators and understanding where scrutiny may come from beyond shareholders, making changes to their technology and finances accordingly.
Over the course of 2020, we have been talking to clients and others in the market to garner insight into changing commercial practices. We have gathered this together below, in the hope that it offers some food for thought for businesses as well as highlighting some of the areas we can help with.
I am a convert to WFH, having previously been sceptical, and my team have adapted really well. Communication and sharing of information and ideas has improved.
General Counsel
Many businesses have adopted more flexibility in the office working culture and there now appears to be a much wider acceptance of flexible working in the market. One General Counsel told us how he had become a convert to working from home, recognising that his team was more productive, they had built better relationships across the business and the use of technology had made internal communications better and more efficient.
This type of working can be beneficial for employees, as it may improve work-life balance, and can be mutually beneficial for businesses who may be able to reduce their real estate costs (i.e. downsizing their office space).
Some of our clients have previously found it difficult to recruit due to their base locations, however, with the move to remote working, these geographical barriers have been removed and so they are able to attract a wider pool of candidates.
Innovate and build for better
The greater focus on business resilience and risk awareness is a silver lining
The focus on supply chain resilience is good, we are seeing a move away from 'just in time' supply chains to 'preparing for the future'. This will be very relevant for Brexit too and will drive automation and the skills agenda. It is condensing a lot of pain that we would have experienced over to the 4th industrial revolution. We will now be able to deal with these changes more quickly when they come.
We have also seen an increased agility – the response to the pandemic has reminded business what can be done with a "can do" attitude. It has shifted the dial in terms of appetite for risk. Head of Legal of a retail business commented to us that the greater focus on business resilience and risk awareness is a silver lining.
Technology Review
The pandemic accelerated our customer facing digital transformation – to introducing things we should’ve had anyway like live chat, to adding things that are more cutting edge like virtual video appointments.
Leading retailer
Many businesses, through necessity, have had to fast-forward their plans for technology adoption and have been thrust into remote/paperless working. One of our clients, a jewellery retailer said to us that the pandemic has accelerated their customer-facing digital transformation and they have introduced virtual video appointments and live chats.
The pandemic has witnessed an increased use of technology, particularly "DocuSign" for remote deal completions. This has led to overall increased efficiency and shown that deals can be completed remotely.
Necessity has driven a lot of invention and, because banking and finance have had to continue to do work and support clients and customers despite being remote, they have adapted. Things that banking clients thought they didn’t want to do or couldn’t do have been accelerated. So, the issues of virtual completions, doing deals remotely, and not having people attend completion in person with wet-ink signatures has been overcome.
The adoption of technology and enforced remote working has in some cases, opened up lines of communications, as there are fewer barriers to holding meetings (i.e. geographical). This is something which businesses are seeing both internally and externally. Whilst everyone is a bit "zoomed out" now, the embracing of Zoom has meant that it is now easier to catch up with geographically distant clients, as it doesn't feel so "weird" to suggest online catch ups as it may have done previously, when you might wait until you were next in their area or make a special journey, both of which take longer.
Communication has also improved for many businesses internally, with one of our clients commenting that their business is more collaborative and more agile at problem-solving - online meetings facilitate that as meetings can happen quicker.
As mentioned above, the actions of businesses often come under scrutiny from the public and Environmental and Social Governance is high up on the public agenda. The roll out and acceleration of the use of technology means that some businesses will not require their employees to travel as much, which will have a positive impact on businesses' green credentials.
Companies are focusing on long term sustainability and will be buoyed by recent positive developments regarding vaccine trials. The focus on what the business needs to look like for customers, employees, suppliers and community is enabling them to look forward beyond survival.
It has been rewarding to work alongside clients, making creative and commercial suggestions based on our understanding of them to help them implement their objectives as well as identifying potential opportunities. One of our clients commented that this time has made them realise the value of lawyers that understand their business.
If this resonates with you, please do get in touch to see how we can help your business rebuild and innovate for the future.
