The opening session for this year's Connecticut Maritime Association Shipping Conference is titled, "We've always been an industry, now we need to be a business." The subtitle explains that the session will explore how the maritime industry can "contend with a world of challenges and still make money." These are, perhaps, not new questions, but they are ones that have assumed increasing importance as we start the ninth year of what seems to many to be an eternal economic hangover.
Not all areas of the business have been stagnant, of course, and there have unquestionably been opportunities to make money in these past few years. But there have been many pitfalls as well, and we have seen the effects on many fronts, from a proliferation of maritime arrest and attachment actions, arbitrations and litigation, bankruptcies, and distressed workout deals, to ever-expanding and stricter regulatory activity, to active and aggressive criminal environmental enforcement actions. Add to that the increase in outside investment in the industry, from public share offerings to private equity investments, and it seems clear that the world's attention on the shipping industry is only increasing. With that attention comes an increased pressure to provide a return on investment and to employ "best practices" in all aspects of the business.
The need to excel goes beyond the technical and operational responsibilities of running the business; companies these days increasingly recognize that they must employ "best practices" from a legal perspective as well. That means everything from ensuring the company is protected from cyber attacks, both technologically and legally; anticipating and preparing for changing regulations on operations, navigation, and environmental impacts; analyzing corporate organization to minimize liability and tax exposure; auditing operations to prevent non-compliance with regulation and reduce risk of casualties; and so on. As a law firm, we are increasingly asked by our clients to help perform this critical self-analysis as part of their ongoing effort to improve their businesses and reduce their risk.
Blank Rome was very proud to receive Lloyd's List 2015 North American Maritime Award for "Maritime Services – Legal." The maritime services award, as stated by Lloyd's List, is awarded "for exceptional achievement or contribution to any service sector of the North American maritime industry by a company, individual or organisation." We would like to think that this award recognizes the value we place on providing a truly "full service" approach to servicing the maritime industry's legal needs. We take this opportunity to thank Lloyd's List for this great recognition, but more importantly, we thank our clients for continuing to give us the opportunity to prove our worth.
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