INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Daniel A. Cotter, Attorney, and Counselor.
Welcome to “Your Attorney as a Trusted Advisor with Daniel Cotter.” I’m Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC. For more information, please visit howardandhoward.com.
Today, in the final report of the year, we are going to discuss getting into the new year with a good start. As things wind down for the holidays and end of year, with the unknowns ahead, and as you start planning, one essential element of that process of looking ahead is getting together with your trusted advisor for an annual “legal tune-up.”
Many businesses establish policies and procedures and processes, then leave them on the shelf. Rather than being reactive to crises or issues that might arise, set up a yearend review with your trusted advisor. Outline the challenges you have faced, the successes, and the goals for the next year. That will allow your trusted advisor to work with you to identify the potholes and detours that might be presented. But more importantly, the trusted advisor will be your ally in tackling those hurdles so that you as a business person can accomplish your objectives with strong confidence you will not be impacted negatively.
In our last newsletter, we spoke of cyber and privacy and, while that is always something that has to be front and center, so many other areas are equally crucial to your continued success. Depending on your plans going into the new year, your human resources area will be one to make sure you are familiar with, as things change. In addition, if planning layoffs, you will want to make sure the process complies with state and federal and local laws that apply. Some states, such as Illinois, require most employers to engage in annual sexual harassment training. Your trusted advisor can help with such issues.
Another area that is important as renewals come is your insurance programs. Speak with your trusted advisor about your current insurance program and ask questions about the coverages and renewals.
As we have noted, you as a business owner are busy implementing your vision and mission of selling the goods and services you have to offer. The legal and compliance issues are not something that you should need to spend your time keeping abreast of changes and issues. Your trusted legal advisor is someone who can periodically update you on changes and keep abreast of ways to help you mitigate your compliance risks.
We see reports daily of companies suffering fines and penalties, large verdicts, and other negative impacts from not keeping on top of compliance and legal risks. The annual tune-up/checkup with your trusted advisor will help you mitigate those exposures.
For the trusted advisor, it is a partnership role and working with the business owner’s goals is primary on our minds.
This is “Your Attorney as a Trusted Advisor with Daniel Cotter.” I am Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC, and your trusted advisor. Happiest of holidays to you and a successful 2023 to you. Please visit howardandhoward.com for more information.
As a lawyer who started out of college as an accountant, and passed the CPA exam, Daniel Cotter tries to use that knowledge and business acumen to truly partner with his legal clients. He also spent more than 16 years of his 27 years as a lawyer in house. Clients want to have pragmatic, digestible, understandable information and advice, and someone who acts as a partner and trusted advisor.
He graduated with honors in accounting from Monmouth College and a law degree with honors from the John Marshall Law School.