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In order that a business may
continue without interruption or excessive loss of revenue in the event of
a disaster, it’s crucial to develop and rehearse a preconceived disaster
plan. In the recent past, New York City experienced numerous unforeseen
disasters that impacted business, including the recent crane catastrophe in
midtown, the steam pipe explosion near Grand Central Station, power
outages, 9/11 and more. Additionally, computer viruses, potential sabotage
and even accidental deletion of important information can devastate a
business.
The most essential elements of any contingency plan are the safety and
security of employees, the protection of technology and business data, and
maintaining communication. Insurance coverage offers financial relief, but
is only a piece of the larger picture. Having a disaster plan in place -
even something as simple as an evacuation procedure and muster point in
case of fire - can help ensure the safety of employees.
Even if key personnel are unable to perform their duties, normal telephones
are inoperable, or computer systems are down, backing up critical data
off-site and having an alternative communications system in place can allow
business to continue.
No matter how large or small your organization, a disaster plan can ensure
continuity. If you do not have a disaster plan in place, do not delay.
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by Nancy Molloy
President,
Legend Global Search, Inc.
Most of us in the compliance and legal businesses are treading
water. Some of us are downright scared in light of the Bear Stearns
takeover. Some of us will lose our jobs; where you sit may well dictate how
safe you feel.
The compliance and legal sectors are stable, if not robust, in select areas
of practice. Business groups such as litigation, bankruptcy and
restructuring, risk management and equity trading compliance, for example,
are showing strength. Know Your Customer (KYC) and other rules governing
investments, such as Anti-Money Laundering (AML) show no sign of waning.
Some areas, such as registration, are experiencing downsizing in the face
of increased outsourcing.
In the compliance arena, efforts to manage risk, to evaluate debt exposure
and to ensure compliance in an ever-changing regulatory climate, will
continue to present challenges at the local, federal and global level. As
always, however, the integrity with which we run our businesses matters.
The public is watching; we are under the scrutiny of regulators and, of
course, our own best practices.
Preparing for Change
With increasingly complex regulations affecting compliance and legal, rules
such as net capital requirements need to be closely monitored for the
changes they may impose. As new regulations pass (and many will),
additional headcount will be required to implement and to monitor
compliance.
Rather quietly, law firms are “rightsizing” in some practice areas such as
real estate, corporate and especially structured finance, which has been
acutely affected by the credit crunch. Hiring in some practice groups has
slowed. However, the law follows the market and therefore, hiring practices
remain stable overall, even if a bit sluggish for today.
Legend's recruiters are keeping abreast of the changes that affect your
business. We have a unique perspective on hiring trends in the legal and
compliance arenas as we are on the front line everyday.
Please call me confidentially at 212-293-8920 to discuss your hiring needs
and how Legend’s network of pre-qualified, A-level talent may benefit you.
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During times of economic uncertainty, flexibility is key. Did
you know that temporary staffing may offer the agility you need in a
changing economic climate?
Since many legal and compliance professionals are highly specialized, they
may not shift well into other departments. Strategically speaking,
temporary staffing enables you to respond to business conditions as they
change – quickly and within budget. The ability to staff up during peak
demand, or to release employees in direct response to workload
fluctuations, does not impact morale and eliminates company liability such
as severance, unemployment and COBRA.
Legend has expanded its temporary services in order to better serve you. At
Legend we pre-qualify candidates with all levels of experience in both the
legal and compliance arenas. Please call us first when planning temporary
hiring.
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