For want of a better term, on a wider basis, let's call this issue 'Situational Awareness' - the need to be aware of what is going on in the market (what's available and from whom, what deals can be done etc), so that fully informed tactical decisions can be made at the right point in time against a strategic plan, which are of best possible benefit to the firm. At present we are indeed in a recession, so the need is certainly there to make correct and beneficial decisions, though I would argue that even ‘boom’ times are no excuse for poor information or decisions. Such awareness does take time to achieve and maintain, but unfortunately the recession means that all too many people who would normally be responsible for such awareness and decisions are currently losing their situational awareness due to the fact that they are being forced to restrain from undergoing activities (seminars, meetings, networking, conferences etc) which maintain such knowledge. Some of this is due to the ‘not wanting to be seen on a “jolly”’ factor, and some is because some people are currently forced to focus on internal issues (who to make redundant, how to cut the budget etc) and do not have time to engage on such activities. I suspect that the short term answer lies in the quality of events and choosing the right ones that have some relevance to the strategic plan, rather than doing all or nothing. I would also consider that peer networking (with valid objectives and subjects, rather than an excuse for a booze up) is probably of more practical relevance than high level ‘marketing’ type of events. And of course when it comes to due diligence when you are actually going to do things that involve real cash, there really is no excuse for not doing the homework. If lawyers did the same then clients would soon complain if something vital was missed.