As part of the research ALM conducted with global general counsel about horizon scanning, one question seemed to elicit a lot of head scratching:

Please give a brief example of an instance where an outside adviser (e.g., law firm, consultancy, ALSP) provided your business or organization with valuable insight by Horizon Scanning…

Many simply noted that they could not think of an example. Others gave general examples but noted that the information came late or without context. Nonetheless, there were a few examples of valuable insight provided by firms or consultants conducting horizon scanning.

1. An outside law firm initially hired to defend an employment-related matter later provided valuable insight and information regarding data privacy and security of a nature specific to our business.
2. One of our firms works for a business that is very similar to ours, but in another jurisdiction. There were able to share what they are seeing there and translate that to what might happen in our jurisdiction and what we could do about it.
3. Interesting and important market insights into the evolving ESG-themed appetites of capital market investors when considering new lending products.
4. Privacy counsel knows our business very well and provides great value on Horizon Scanning. We have bi-weekly meetings and plan the year's objectives up front. Our biannual law firm summit helps too.

Key Takeaway