In today’s ever-changing business world, transactional attorneys are tasked with spotting issues faster and more efficiently than a first-year law student during a final exam. This task is complicated by the ever-changing world of social media. In its most simple definition, social media is a set of online or web-based technologies, tools and platforms, which allow the creation and exchange of user-generated content in a social setting. Examples of major social media sites include Facebook, LinkedIn and Twitter.
In a transactional practice, social media presents several challenges. Among those challenges are: (1) a lack of guidance due to an undeveloped body of law; (2) a lack of complete understanding of social media as a whole; and (3) failure by many lawyers and business-client counterparts to clearly and thoroughly address social-media issues in transactions. Social media is viral in nature, whereby one minuscule misstep can grow into a devastating and newsworthy event very quickly if not managed and controlled properly. The focus of this article is to briefly inform the reader on the applicability of social media within the area of transactional law.
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