The Long Island Business News has revealed valuable insights into what this year holds for Long Island across different industries.
Leo K. Barnes, Jr. of Barnes & Barnes PC., among the top business leaders on Long Island, shares his predictions of what to expect in 2024 in the business world.
Read his excerpt below:
“2024 is likely to bring an upswing in litigation around partnership disputes and cybersecurity. With continued economic uncertainty plaguing the economy, we expect businesses (especially closely-held entities) to maintain a critical eye on the profitability of co-owners. When profitability is tight and collections are challenging, disputes between business owners can surface as a result of increased analysis of contributions to the bottom line. This scrutiny of profitability often leads to one of two conclusions: (a) business owner X is unprofitable as a result of lack of talent or effort; or (b) business owner X has engaged in affirmative misconduct (such as a diversion of business assets). In either instance, litigation often follows. Fortunately, Long Island contains local courthouses which hear and resolve these business-related litigations in the Commercial Division of the State Supreme Court. These courts are staffed by Judges who focus exclusively on business-related claims, leading to cost-efficient resolutions.
We also expect to see an increase in data breach and cybersecurity litigation. Savvy businesses must address the challenge of protecting large volumes of sensitive, business-critical data from ever-evolving sophisticated threats. Given the global reach of malicious cyber criminals, it can be a question of “when”—not “if”—a security breach will occur. Businesses responding to these breaches must prepare for litigation that will inevitably follow. Businesses which have been affected can also proactively pursue litigation against third-parties whose actions or omissions have contributed to a data breach.”
Barnes & Barnes PC and Leo K. Barnes Jr. have been recognized by LIBN numerous times, including in The Book of Long Island Business Influencers of 2023 by the Long Island Business News.
Read more of the 2024 Long Island Business News predictions here.