A perfect storm has been brewing in the energy sector: a weak economy, low energy prices, the offshore drilling moratorium followed by stricter offshore drilling rules, and new regulations governing energy derivatives and trading. During this time of economic crisis, there are a number of ways in which outside and in-house counsel can help energy clients reassess their business functions to meet these challenges and obtain value in today’s economic environment.
• Act sooner rather than later. This is the most important point for attorneys seeking to add value for their clients. The sooner a business identifies financial, legal, operational or other issues, the better. Attorneys must encourage their clients to plan for and think through potential problems. Advance warning allows more time to address the issue and avoid or minimize the impact of a crisis.
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