Transformational forces

How tothrive in a

volatile world

Finding opportunity in uncertainty

OVERVIEW

Periods of rapid change present possibilities for growth and transformation. As governments globally pursue simultaneous legal and regulatory reforms to achieve greater sovereignty in a volatile world, it is more important than ever that organizations can understand how frameworks are evolving and assess the global implications of their strategic choices. Here we explore the capabilities that can help business leaders find opportunity in uncertainty.

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OVERVIEW

GUIDANCE FOR LEADERS

THE FORCES OF CHANGE

MEET THE TEAM

OUR EXPERTISE

Firm leadership

MEET THE TEAM

Khalid Garousha

Senior Partner, Co-Chair Executive Committee/Board

Abu Dhabi

New York

PARTNER, CO-CHAIR EXECUTIVE COMMITTEE/BOARD AND U.S. CHAIR

Adam Hakki

Paris

Global Managing Partner

Hervé Ekué

Explore our services

RELATED EXPERTISE

Robust oversight of management’s approach to acquiring AI capabilities and assets.

Transformation and talent mobility

Robust oversight of management’s approach to acquiring AI capabilities and assets.

ESG risks amid growing divergence

Robust oversight of management’s approach to acquiring AI capabilities and assets.

Digital money and tokens

What issues do boards need to consider when war breaks out?

Developing AI capabilities is a strategic focus for every company, with M&A one of the fastest ways to move up the technology curve. Acquiring AI assets raises unique legal, regulatory, and commercial risks that require a forward-looking approach to diligence. Here we explore the key issues that boards need to focus on to lock in value and manage risk in AI-related deals.

Artificial intelligence: Risks and value drivers in M&A transactions

by KHALID GAROUSHA

As the certainty of the rules-based international order recedes, governments are looking to assert greater sovereignty over “critical” domains, from natural resources to supply chains, technology and infrastructure. One of the primary consequences of this shift is significant policy, legal and regulatory reform in multiple jurisdictions simultaneously. This, in turn, is forcing businesses to reassess how they work, where they work and with whom they work in order to build resilience. To thrive in the period ahead, boards and management teams must be able to anticipate legal change and confidently assess the cross-jurisdictional implications of their decisions. The ability to scan the horizon and see challenges from every angle has never been more important. This project is our contribution to that goal. The insights that underpin our thinking are derived from the advice we provide our clients across the world.

Here, through the eyes of our partners, we explain how and why the business landscape is changing and how multinationals can thrive amid the resulting volatility.

Robust oversight of management’s approach to acquiring AI capabilities and assets.

Cross-border information flows

Robust oversight of management’s approach to acquiring AI capabilities and assets.

Crisis management and accountability

Robust oversight of management’s approach to acquiring AI capabilities and assets.

Capital-raising strategy

Robust oversight of management’s approach to acquiring AI capabilities and assets.

An era of heightened national security

Human capital and demographic change

The rise of digital assets and tokenization

The evolution of public and private markets

Shifting security alliances

Escalating cyber threats

The rapid advance of artificial intelligence

Energy security, critical minerals and decarbonization

Geopolitics, global fragmentation and international trade

The era of “globalization without guardrails” has given way to a new, more complex age. In some areas, trade tariffs, tougher national security restrictions and export controls are adding friction to cross-border commerce. In others, the easing of regulatory constraints is creating opportunities for investment and innovation. Here we explore the changing political landscape, how it is impacting regulatory frameworks—and how trade barriers are causing businesses to reassess their supply chains.

success hangs on reducing friction

Advisory and regulatory

Capital markets

Disputes

In changing markets, what are EU antitrust authorities looking for when considering whether to approve industrials mergers?

Consolidation: Making the case for strategic M&A in EU industrials

What can businesses do now to give themselves the best chance of recovering from a cyber-attack?

Cyber-attack: Board oversight of operational resilience planning

What are the key legal and regulatory challenges when moving operations in response to new regulatory barriers?

Supply chains: Restructuring to address global fragmentation

Conflict response: Managing supply chain impacts of military action

Legal and geopolitical expertise is more important than ever to strategic decision-making. These guides outline the key considerations for business leaders addressing the challenges that are emerging in a changing macro landscape.

Legal and geopolitical expertise is more important than ever to strategic decision-making.

From geopolitical tensions to heightened cyber risk, we share our perspectives on the forces changing our world.

Multinationals rebalance their supply chains amid geopolitical tensions and tariff volatility

Access to energy and natural resources shapes international alliances, policymaking, and the global economy. Governments want to deliver reliable, affordable power to their citizens, protect domestic industries, and secure energy sovereignty in a volatile world. At the same time, demand for energy is changing in line with the advance of artificial intelligence and rising living standards in developing economies. Here we explore how these issues interconnect and the complexity this creates for business leaders.

Drive for energy security creates a more complex landscape for business

With splits on responsible business, leaders must choose a new path

Artificial intelligence is arguably the most powerful transformational force of them all. Here we examine the three forces shaping corporate AI strategy: geography and AI’s geopolitical context; the increasing complexities of the AI value chain; and the evolution of AI technologies and their applications. These three lenses define how multinationals can generate value from AI and defend themselves from AI-enabled competitors—while informing their approach to AI deals and risk management.

AI as a strategic asset: what boards need to know about AI sovereignty to stay ahead

Technology moves fast. Are you equipped to ride the wave?

A more aggressive, diffuse and unpredictable set of threat actors has emerged into the void left by the takedown of hacking gang LockBit. Armed with advanced technologies and increasingly sophisticated tactics, cyber-attacks are now more likely, and potentially more devastating, than ever. As regulators ratchet up the pressure on boards to ensure their businesses can recover quickly from a strike, we outline the practical steps leaders are taking to improve their operational resilience.

Regulators focus on resilience as threat of devastating cyber-attacks grows

In a riskier world, it’s how you pick up the pieces that counts

America’s rewiring of the post-war security apparatus is challenging the European Union. But it has also shown the bloc’s ability to act decisively, with member states introducing sweeping legal reforms to increase their spending power and Brussels adjusting its regulatory framework to boost defense procurement. Here we explore the dynamics of Europe’s defense market and how businesses are adapting to access new opportunities.

Opportunities emerge in EU defense following rapid realignment of post-war architecture

As new alliances take shape, are you in position to capitalize?

The long-standing distinction between public and private markets is blurring, while geopolitics and industrial policy measures are having an increasing influence on the flow of capital across borders. The result is a structural realignment of how money is raised, deployed and governed globally. Here we examine what this means for businesses looking to optimize their financing strategies amid challenging macro conditions.

Rise of private capital and regulatory and policy reforms reshape global funding flows

Evolving finance landscape creates opportunity – but at what cost?

From tokenized securities to stablecoins, digital assets are reshaping the infrastructure of capital markets. With over USD1.5 trillion in transactions already processed on institutional platforms and regulatory frameworks maturing across the world, understanding the opportunities and risks of this technological shift has become essential for boards.

Technological revolution heralds a new dawn for financial markets

Shining a light on the switch to digital

Optimizing human capital is a key priority for multinationals, not least as many major economies experience rapidly declining birth rates. Generational divides and the unknown impact of AI on employment present both immediate and long-term challenges. And amid increasing societal polarization, boards need to balance issues of free speech against respect in the workplace. Here we explore how leaders can innovate, protect their organizational culture and respond to demographic shifts without compromising operational performance.

Demographic change pushes human capital up the boardroom agenda

Workplace shifts leave organizations at a crossroads

Guidance for leaders

BOARD MEMOS

The forces of change

EXPLAINERS

Weak demand, high energy costs and import competition make consolidation deals attractive for European industrials companies. Meanwhile, the EU Commission is seeking to address concerns over concentration in the sector via proposed changes to its merger guidelines. He we explore how to structure deals and build a compelling case for mergers in a complex and politically charged regulatory environment.

by KHALID GAROUSHA

Consolidation: making the case for strategic M&A in EU industrials

As the world fragments,

As the world fragments,success hangs on reducing friction

Corporate and M&A

Industries

Legal innovation

Finance

Explore our services

RELATED EXPERTISE

Related expertise

Industries

Legal innovation

Finance

Disputes

Corporate and M&A

Capital markets

Advisory and regulatory

How can boards exercise effective oversight of human capital strategy?

Human capital strategy: AI, employee free speech and DEI

How can leaders assess the risk of future disputes? And what can they do to prepare for them?

Litigation: Building resilience to future disputes risk

What do businesses and investors need to know when entering the EU defense value chain?

Defense: Seizing EU opportunity while mitigating risk

How to thrive ina volatile world

TRANSFORMATIONAL FORCES

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