After a tumultuous 2020, many business owners wonder what the economy both in the United States and abroad will look like in the new year. While all the effects of the coronavirus pandemic are far from predictable, the experienced team at the Dallas law firm, Ritter Spencer PLLC, has researched a few possible directions the 2021 economy will go. Read below to learn about our thoughts on economic recovery in 2021 and what businesses can expect.
Recovery will likely be slow.
Economic recovery will likely be slow and steady over many months. With the return to normal life on the horizon, companies can begin to transition back to some of their pre-pandemic operations. However, it may be several years before businesses and the global economy have fully recovered from the damage caused by this global pandemic. Many companies may even face litigation related to late payments to creditors, delayed rent payments to landlords, or breach of contract suits. In these situations, businesses can work with a commercial business lawyer to address these cases and get back on the road to financial recovery.
Consumers are expecting a more streamlined digital experience.
For consumer-facing businesses, there may be an increased shift towards a digital experience. Even establishments as timeless as grocery stores are finding ways to streamline the buying process with online shopping and curbside pick up options. Companies that are working on their transition to a more digital world will need to ensure their contracts reflect the current times and cover any possible disputes that could arise as a result of digital activities. A contract dispute lawyer from Ritter Spencer PLLC works with businesses to ensure all contracts are tailored to their specific needs and avoid potential litigation in the future.
Bankruptcy may be the path for businesses to bounce back.
From small-town businesses to massive global corporations, no organization made it through 2020 unscathed. Some of the world’s biggest companies filed for bankruptcy, including J. Crew and AMC Theater Holdings, in an attempt to weather the pandemic. The number of bankruptcies is likely to continue increasing in the coming months as businesses work to recover from innumerable challenges. Although no organization wants to file for bankruptcy, this may be the most straightforward path for some companies to bounce back in the new year. Businesses can plan for a fresh start with the commercial bankruptcy attorneys at Ritter Spencer PLLC.
It may take years to discover the full ramifications of the global coronavirus pandemic, but businesses can begin their recovery by starting the year off strong. The economy will take time to recover, and the behaviors of consumers and business owners will likely continue to evolve throughout the next year. Work with the Dallas law firm of Ritter Spencer PLLC to ensure your business adapts and grows in our evolving economy. Our team of Texas business lawyers has experience in everything from commercial litigation and contract disputes to trademark and bankruptcy cases. Contact us today with specific questions or concerns.