ARTICLE
27 April 2020

COVID-19: Business Continuity and Succession Planning

AG
Akin Gump Strauss Hauer & Feld LLP

Contributor

Akin is a law firm focused on providing extraordinary client service, a rewarding environment for our diverse workforce and exceptional legal representation irrespective of ability to pay. The deep transactional, litigation, regulatory and policy experience we bring to client engagements helps us craft innovative, effective solutions and strategies.
The COVID-19 outbreak has shown the importance of having a business continuity plan and succession plan in place that accounts for emergency and disaster events. If companies do not already have one in place, now is the time to do so.
United States COVID-19
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The COVID-19 outbreak has shown the importance of having a business continuity plan and succession plan in place that accounts for emergency and disaster events. If companies do not already have one in place, now is the time to do so.

In adopting a business continuity plan, companies should identify essential and non-essential business operations. They should consider whether a centralized system is in place that allows for fluid transfer of information and communication among its management and employees, as well as access to and retention of documents. As more cities and states have implemented a shelter-in-place policy and limitations on non-essential travel as a result of the COVID-19 outbreak, business continuity plans should also account for any technological infrastructure that may be required to handle a significant increase in employees working remotely and related cybersecurity risks. Moreover, business continuity plans will need to reflect the impact of the practices of vendors and suppliers on a company’s business interruptions during events, such as the COVID-19 outbreak.

The COVID-19 pandemic has shown us further that the CEO and key officers are not immune, and companies should adopt a succession plan that accounts for unforeseen emergencies. Succession and contingency plans should include identification of successors, interim personnel and/or shared duties and responsibilities among existing personnel in the event that certain personnel become unavailable to ensure continuity in the management and daily operations of the company.

Lastly, as additional challenges from the COVID-19 outbreak emerge, cooperation among management and the board of directors has proven crucial in developing business continuity and succession plans that are reassessed and adjusted as often as necessary.

Take Note
This document is not intended to create an attorney-client relationship. You should not act or rely on any information in this document without first seeking legal advice. This material is intended for general information purposes only and does not constitute legal advice. If you have any specific questions on any legal matter, you should consult a professional legal services provider.
ARTICLE
27 April 2020

COVID-19: Business Continuity and Succession Planning

United States COVID-19

Contributor

Akin is a law firm focused on providing extraordinary client service, a rewarding environment for our diverse workforce and exceptional legal representation irrespective of ability to pay. The deep transactional, litigation, regulatory and policy experience we bring to client engagements helps us craft innovative, effective solutions and strategies.

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