“As the business community continues to navigate the unique challenges presented by the COVID-19 crisis, corporate legal departments should take care not to forget the lessons of history amid the scramble to implement new strategies for weathering this storm.

This is not the first storm we have overcome, and it will not be the last. Many business leaders can gain valuable insights for effectively using outside counsel during a financial downturn by learning from what worked and what did not work in the wake of the 2008 financial crisis.

On April 6, JP Morgan Chase & Co. CEO Jamie Dimon warned in a 23-page letter to shareholders that the economic fallout of the coronavirus pandemic would bring on a recession and a global financial crisis such as what was seen in 2008. “At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008,” Dimon wrote.”