In the midst of conflicting reports about the nation’s economic recovery, questions abound among the tri-state’s business leaders and entrepreneurs. Are lenders ready to make loans again? When will we see unemployment numbers stabilize? What industries are showing signs of growth? Essentially, are we there yet?
If you ask most pundits, they will tell you “no,” while many business owners are hopeful we are turning the corner. And while there seem to be more questions than answers, there is one certainty about this recession--it has been and remains different from any other since the Great Depression. The circumstances are different. The media response is different. And certainly, the effect on business cultures is different. The downturn has impacted every segment of business, and has changed the way many companies operate.
We recently held a roundtable discussion featuring four of our leading attorneys who are experiencing the recession from divergent points of view--that of their clients. Covering areas from commercial lending to merger activity to the increase in bankruptcies and workforce reductions, our panelists shared candid insights on the effects of this recession on local businesses. They also offered opinions on where they see recovery occurring and some best practices to help tri-state businesses prepare for future economic cycles.
We hope this information is helpful to you in managing risks and finding opportunities for growth in years to come. We welcome your comments and questions about this publication and encourage readers to contact us for more information.
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