With the start of the New Year, the business climate in Michigan is looking better than it has for many years. The auto industry may experience at another great year of performance, due to improved productivity and the industry always benefits from low gasoline prices.
The recovery of Detroit after its bankruptcy is also encouraging, as many investors currently view the city as presenting a good value for their investment dollars. The construction industry is also expected to have a good year in 2016 as home sales increase and job growth within the business is expected to remain strong.
There have been positive changes to some of the tax and labor laws in Michigan and the beginning of the year marks a good time for any business to make a review of their operations. A careful examination of all of the changes and whether they affect your business is always a good policy, as it prevents the changes and new laws from having an unexpected and unplanned effect on your company.
Such a review with your legal team is also a good idea from the perspective of building a deep relationship with your attorney. This allows them to see the big picture of your business and allows their advice to be holistic and strategic.
We know many businesses cannot afford to maintain their own in-house legal staff. And while you can employ law firms on a purely transactional basis, when you work with the same attorneys and they develop an understanding of your business and your goals, they can then provide more cost-effective counsel due of that understanding and relationship.
Source: freep.com, “5 trends to watch in Michigan’s economy,” Matthew Dolan, January 2, 2016