The Seven Habits of Effective Loan Workouts

Applying Stephen R. Covey's principles to lenders, borrowers and their attorneys

, New Jersey Law Journal


Stephen R. Covey's leadership principles, set forth in his book The 7 Habits of Highly Effective People, can be a paradigm for parties and their lawyers in the context of resolving commercial loan defaults. The habits articulated by Covey are applicable to both lender-parties and borrower-parties, and to their respective counsel. Attorneys can advise and lead clients to find creative solutions by following these seven principles.

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