In-House Counsel

Quote of the Day: Hard Work

By Hanna

“Clearly it’s taken us time and a lot of hard work from Martha and everybody else to right that ship.”

Charles Koppelman, chairman of Martha Stewart Living Omnimedia and former music executive on why MSLO’s business performance needs to be looked at from the perspective of what the company was on the verge of becoming before Martha’s legal problems with the Feds and how far its come back.

Martha, you may recall, was convicted of obstruction of justice, fined, and sentenced to jail for her role in some ill-timed sales of Imclone stock.  At the time, the brouhaha was a big black eye to her brand and her company’s reputation.  Advertisers fled her magazine, her TV show was cancelled, and she lost her leadership position in the company she founded. 

Yes, we’ll never really know where her empire would have been today if her career hadn’t missed a beat with a timeout at Club Fed.  By the time you get out of jail things have changed and you don’t necessarily get to pick up where you left off.  In her case, the lost momentum is a lost opportunity cost she is still in the process of recovering. 

It just goes to show you how lost momentum is yet another consequence of ignoring the foul lines of legal playing field all businesses operate on.  Luckily you don’t have to fall victim to the same unintended fate.  You can use Legal Literacy to manage your legal risk before it manages you.  Why not order your copy today.

Full post as published by Legal Literacy on July 18, 2008 (boomark / email).