Shook Partner Gregory Fowler talked to the International Bar Association (IBA) about the risks to credibility and reputation than in-house counsel must manage in crises in "Reputational Risk - How to Plan and Respond to Crisis." Fowler is Managing Partner of Shook London and Co-Chair of the IBA Product Law and Advertising Committee.
"By definition, you can't anticipate unforeseeable event, but you can prepare and be ready to address them," Fowler said. "Companies need crisis management plans and teams in place and, if they produce consumer goods, a good product recall policy. But they really need to practise, modify and improve them, based on simulations."
Fowler told IBA that companies should establish record retention polices and creation training programs to help employees accurately convey the truth during crisis response and, if necessary, litigation.