Reference: See hereKeeping up with ever-evolving regulatory and legal trends can be challenging for small businesses, but the right advisory support can make a difference, according to local attorneys.
"There's no substitute in an area that's this complex for talking to an attorney," said Katarina (Kate) B. Polozie, CIPP/US, AIGP, a partner at Woods Oviatt Gilman LLP, about data and privacy laws and regulations specifically. "You can go down a rabbit hole with every minute regulation, not understanding whether or not it will impact you, or thinking that it doesn't impact you when it does."
Polozie is the firm's practice group leader for the Data Privacy and Data Security practice group. A notable trend she's seeing in the data and privacy realm is an increase in privacy regulations by individual states. This is something that can be especially challenging to stay on top of for business owners of all sizes.
"These regulations are hard to identify on a state-by-state basis if you don't discuss them with an attorney," Polozie said. "The best advice I can give is to find somebody who is a privacy attorney that is practical, that you can trust and that can say, 'This is the area you are in, this is what you need to look out for, this is the trend of what's coming and this is how you can prepare.'"
Eliza P. Shea is a partner in the Corporate and Securities Practice Teams at Lippes Mathias LLP where she concentrates her practice on the representation of private companies in all stages of the growth cycle, including start-ups, which she says should be mindful of regulations and laws that may apply to them from the start.
"The way that they form the company from the beginning is really important," Shea said. "We see people not engaging lawyers and trying to do it on their own and then having to unwind it a lot. There are a lot of tax considerations so being mindful of the requirements and making sure that you engage a lawyer and an accountant early in the process is really important."
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