Resource Search

The key to success of any risk management plan is the development of an “all risk” approach that takes the entire family enterprise into account. Through a survey of more than 200 family office executives at single and multi-family offices, an uncovering of some worrying approaches has surfaced around the risks that family offices face, particularly cyber risk, family-related risk, investment risk, and employment-related/insider risks.

Business divorces are often messy. The reasons vary—personality-driven disputes, disagreements over business direction, or timing and distribution of earnings. When majority owners seek advice of the company’s attorney to formulate a plan to force out a minority owner, the company expects this advice to be covered by the attorney-client privilege. But in Illinois, minority members of LLCs may be able to obtain copies of communications between the LLC’s managers and its attorneys.

Those with ownership stakes in privately held businesses, partnerships, or family offices need to closely collaborate with and trust others. But when there is a disagreement or dispute, it can create a situation where someone is looking for ways to force out owners of non-controlling shares and seek the advice of the company’s attorney to formulate a plan. For an Illinois LLC and their majority members, there are steps that can protect otherwise privileged communications from disclosure to minority members in advance of and during litigation.

Solving disputes among business partners and owners in a privately held business can quickly become complicated matters that end up calling for access to an LLC or corporation’s privileged communications. Only in rare circumstances can there be access to those privileged communications. Most courts apply a fact-intensive test that is difficult to satisfy. A closer look at the rule explains how it applies to Illinois corporations and business entities organized in other jurisdictions.

Business closures have been immensely difficult for companies of all sizes during the COVID-19 pandemic. But reopening is proving difficult, too, especially given the ever-changing nature of the pandemic. As cases have surged in new parts of the country, businesses have been forced to reassess their operational plans in both the near- and long-term. Owners and executives are paying close attention both to customer and employee safety. And businesses must be mindful of potential legal ramifications of their decisions.

On this podcast episode, a discussion with a top bankruptcy and restructuring lawyer provides insights on the ways COVID-19 causes financial distress to businesses, the parties involved, and why it may take some time before companies become distressed. It also addresses new rules that streamline the bankruptcy process for smaller businesses to help them survive, and insurance coverage issues arising in these distressed situations.

Staying informed on the latest legal case filing developments involving COVID-19 can help businesses make better, strategic business decisions during these challenging times. Through an in-depth research and analysis of case trends—including tracking cases filed in 2,613 state and 148 federal courts from March 1, 2020 to August 16, 2020—the nature of the cases that substantively involve COVID-19 claims indicate that insurance and contract claims are at the top, with employment, civil rights, and tort claims following.

During COVID-19 it’s important that successful individuals and families know what their current day risks are and how they can be protected. In breaking down some of those risks—from preserving million-dollar art collections to mitigating cyber attacks and reviewing your insurance plan—you can implement a plan that adjusts to the new normal.

Although there is no true end-to-end encryption for securing Zoom meetings, there are a few simple measures and setting guidelines you can take to help make them more secure.

While it’s difficult to predict the near-term market and economic landscape, it’s clear that consumers and businesses will need new methods, ideas, and approaches. To scale effectively long-term, tech leaders will need to consider the balance between innovation and risk holistically and with intent. Here are few hotbeds of innovative opportunity and some of the risks these pursuits may encounter.