Independent Technology & Equipment Lessor • Strategic Partners

Getting to the Core Newsletter

October Newsletter: Lease Check-up, the Cost of Delay for Upgrading, and Events

Time for a Lease Check-up:  Independent Lessor, Captive or Bank:  Is there a difference for you?

The lessor relationship is a long term one; it is important to consider the service capabilities, industry expertise, client references, asset tracking and invoicing capabilities of any lessor your firm might be considering.  Priority #1 is to select a lessor who delivers value beyond the lowest lease rate factor – and below are some descriptions of the type of service your organization can expect from captive, bank or independent leasing companies.

Captive:  The captive lessor is inherently biased during procurement towards their manufacturer’s equipment, usually will only lease their equipment and software and will seek  to maintain account and platform control, which is in their self-interest, which takes priority over providing the best value to the end-user.  This can have negative consequences for your organization, as the ability to flexibly swap equipment as the industry changes is unlikely to be allowed, unless it is something from their platform.

Banks:  While bank lease financing services may allow you to have some equipment flexibility, banks typically do not feel comfortable investing equity into technology.  While the lease rate factor may seem competitive upfront, banks are by their nature risk adverse and they will build in terms and conditions to cover even minimal exposure on the residual values, thus increasing the Total Cost of Ownership of your organization’s leased technology.  Banks may also bring in a third party leasing company to provide technology leasing for their clients so that they in return get assigned the payment streams.  The questions are:   Do the banks understand the terms and conditions that the third party leasing company is providing to their customers? What happens when and if their relationships ends?

Independent:  An independent lessor is the most unbiased financial option, truly vendor neutral, and is also described as equipment and software agnostic.  This means your firm is in control of procurement, reaping the benefit to you of added flexibility throughout the life of the lease to work with your vendor of choice and be able to change vendors when necessary—including at the middle or end of a lease.

Here’s a tip:  location, location, location.  If you lease your organization’s equipment, make sure your leasing company – whether it be a captive, bank or independent lessor—has multiple return location options  across the country for equipment return at the end of the lease.  Some lessors may have only one return location which, increases the cost, complicates end of lease returns, creates staff burdens for your organization, and can increase the Total Cost of Ownership of your lease.

What is The Cost of Delay for Upgrading Your Firm’s Infrastructure? By Scott McFetters

The following is excerpted from an article published in Legal IT Professionals October 5, 2015. 

Litigation, negative publicity, shrinking client pipelines or extinction are all possibilities as cyber incidents continue to run rampant:  time to pay attention to the fundamentals like your equipment and technology lifespan.

The right technology is an essential building block to successful adaptation in today’s market—and that includes legal where it is leveraged as a crucial part of organizational productivity and client service.  With these positive changes in the use of technology comes challenges as well, including at least these:

  • Law firms are faced with exponentially increasing pressures from both corporate and private clients when it comes to cybersecurity
  • Decreasing useful life of the technology and equipment firms have come to rely on to compete, adapt and succeed

It is oftentimes overlooked that law firms—as businesses—are successful based on their use of equipment and not from the ownership of that equipment—and it is clear that the useful lifespan and the security lifespan of your firm’s technology and equipment are decreasing.  This means it may not be strategic in the current environment to own equipment, as the depreciable life will most likely will outlast the equipment’s useful life as well as its security protocols.

Instead, your firm should put together a workable disposition plan combined with a technology refresh mechanism that will protect the firm from keeping outdated equipment in use that doesn’t adhere to new and increasingly high security standards—and this points to leasing as the optimal option to procure technology and equipment over its useful life.

This is a strategy of paying attention to fundamentals.  Because of the inherent refresh options built into the leasing process, there need not be any delays when the necessary upgrades or replacements must be made according to your firm’s needs and your clients’ demands. At the same time, in the midst of the rush to spend our way out of security troubles, leasing is a financial strategy that allows firms to procure technology needs within a predictable and budget-friendly monthly expense.

Click here to read the full, original article.

 

Event News

14th Annual COO CFO Forum in New York:  October 28-30th

CoreTech Leasing is one of the proud sponsors of this premiere event for the law firm C-Suite.

Once again, this year’s agenda is packed with excellent educational opportunities with sessions delivered from the industry’s top thought leaders on a broad array of strategies to tackle a rapidly changing market environment–from financial strategies, to artificial intelligence, to the shifting landscape of talent.

We have an extremely limited number of complimentary registrations for this fantastic event:  email Scott McFetters at smcfetters@coretechleasing.com no later than Thursday, October 15th if you are interested in attending as a guest of CoreTech Leasing.

To view the full agenda and event details, click here.

Profit Recovery Partners Annual Executive Forum

Early October saw CoreTech’s Scott McFetters discussing financial strategies on a cybersecurity panel at the PRP Annual Executive Forum along with Mark Burton, Vice President, Information Security Systems, loanDepot; Chad Kinzelberg, Senior Vice President, Palo Alto Networks; Larry Rowe, Senior Vice President, Chief Technology Officer, CI Investments; Ryan Schlunz, Chief Innovation Officer, Stoel Rives LLP.

Kudos to the PRP leadership for organizing a great event at the beautiful Terranea Resort in Los Angeles.

ALA Minnesota Chapter’s Financial Management Special Interest Group Meeting

CoreTech’s Scott McFetters presented Leasing Strategies as part of the ALA Minnesota Chapter’s Financial Management Special Interest Group Meeting on October 8th.

We were pleased to deliver some concrete strategies to attending firms that will assist them optimize their technology and equipment procurement processes—and a special thanks goes to Stinson Leonard Street for hosting the session.  Couldn’t attend or interested in hosting a similar session at your firm?  Contact Scott at smcfetters@coretechleasing.com for information.

 

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Business Empowered by Technology

Time for a Lease Check-up:  Notice Provision – Can it cost the firm at least an additional 12 months of payments?

Every Master Lease has a Notice Provision, but what you may not know is that missing notice can cost your organization an additional 12 months or more of extra payments.  Notice Provisions vary between 30 and 180 days prior to the termination date of a Lease Schedule or may have a window which could be not less than 180 and not greater than 210 days.

Notice Provisions require that you notify the Lessor (often by certified mail) a certain amount amount of days in advance of the lease’s termination date about what you intend to do regarding the equipment at the end of the initial lease term.

If you don’t provide timely notice, then the schedule renews for a six month or one year term at the original monthly payment.

Missing notice can also mean your purchase option is cancelled, the option to pick a new Lessor for your next transaction is abrogated and you are stuck with the same terms and conditions in the future which are causing you so much trouble today.  Some lease language states that, even if proper Notice is provided but the lessee fails to return the equipment on time, the Notice is void and the 12 month automatic extension goes into effect.

In some instances, 180 day notice provisions have been used in transactions where the lease buyout option is extremely low, ranging anywhere from $1.00 to $100.00, or 1% or 2% of the equipment cost.    Missing notice on these types of ‘bargain purchase’ deals again locks you into payments for another year at the original lease rate.

Here’s a tip:  Take into account the extra payment exposure when preparing your cost analysis.

Strategic Financing 101:  Did you know your organization could finance a project today and defer payments until 2016?

It is usually around this time of year that organizations identify new projects and opportunities they would like to initiate to improve their competitiveness to finish the year.  These new projects probably aren’t in your 2015 budget which makes leasing a useful tool.  CoreTech can provide funding now, with deferred payments starting in 2016.

Contact the team at CoreTech to learn more at 866.758.2673.

ILTACON Las Vegas is here!

CoreTech was pleased to sponsor the Large Firm Administrator’s Retreat earlier this month at the Broadmoor Hotel in Colorado Springs.  This was a year of record attendance and kudos go to the ALA for another year of making the Association’s flagship event a memorable one.

Dr. Felix Oberholzer-Gee, the Andreas Andresen Professor of Business Administration at Harvard Business School, spoke about strategic tradeoffs for law firms.  If you weren’t able to attend the Retreat, here is a podcast ALA’s Legal Management team put together that gives a good overview:  http://www.blogtalkradio.com/legalmanagementtalk/2015/05/11/building-and-sustaining-financial-success-for-your-firm-with-felix-oberholzer.

An Excellent Large Firm Administrators Retreat

CoreTech was pleased to sponsor the Large Firm Administrator’s Retreat earlier this month at the Broadmoor Hotel in Colorado Springs.  This was a year of record attendance and kudos go to the ALA for another year of making the Association’s flagship event a memorable one.

Dr. Felix Oberholzer-Gee, the Andreas Andresen Professor of Business Administration at Harvard Business School, spoke about strategic tradeoffs for law firms.  If you weren’t able to attend the Retreat, here is a podcast ALA’s Legal Management team put together that gives a good overview:  http://www.blogtalkradio.com/legalmanagementtalk/2015/05/11/building-and-sustaining-financial-success-for-your-firm-with-felix-oberholzer.

It’s about business, technology…and security

“On a scale of one to 10, the risks law firms are facing are an 11, according to Daniel Solove, professor at George Washington Law School and organizer of the Privacy + Security Forum. Underscoring this urgency is data from Mandiant, a division of FireEye, which finds that 80 of the 100 biggest law firms in the U.S. have been hacked since 2011.”

With Wall Street putting pressure on their law firms to demonstrate that firms’ computer systems are employing top tier technology – is your firm ready?

Read the full Legaltech News article, “Heightened Risk of Cyberattacks Puts Pressure on Law Firms to Bolster Defenses,” here.

Here’s a provocative quote for your summer reading:

“It’s not about business or technology, but business empowered by technology. There doesn’t need to be a big wall between the two groups, they should both have a seat at the strategy table.”

This comes from recent research by Capgemini and the MIT Center for Digital Business which revealed that over 94% of executives see digital transformation as an opportunity.   Click here if you’d like to read the full report.

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July Newsletter: We Welcome Adam Laughlin, Lease Check Up and Upcoming Events

A Few Words About Extended Pro-Rata Rental Periods

Technology installations take time However, some lessors will charge you rent for equipment as it’s installed, which can run six months or more than a year in some cases.  This can make a lease transaction more expensive than you originally planned.  If you’re not careful, pro-rata interim rent can turn a three year lease into a four year transaction, but at the higher, three year lease rate.

If your firm or company is currently reviewing leasing, first, determine if Pro-Rata rent provisions are present, and if so include these charges in your total cost of doing business calculation.  Pro-Rata terms can be one of the reasons why “the lowest lease rate” does not always reflect the Total Cost of a Lease. Often overlooked because of their placement, pro-rata rent clauses can be found in proposal letters, Master Lease Agreements, Lease Schedules or in an Addendum. This is why it’s important to review all lease documents carefully, in advance of signing a proposal or sending a Lessor an advance deposit.  All installation costs should be defined in advance.

Some examples of pro-rata language are, “Charges for each individual item of Equipment shall be calculated by converting the monthly or other calendar period rental to a daily rate based upon a thirty (30) day month for all items currently installed, and billed until installation of all items of equipment is completed”; and, “It is estimated that the Equipment shall be installed between March, 2015 and February 2016. As each item of equipment installs, Lessee shall pay Lessor on a monthly basis, a daily pro-rata rental amount calculated by dividing the monthly lease rate factor by 30 and multiplying the result by the total cost of all Equipment installed for each day during installation period, until all items of Equipment are installed and accepted by Lessee, which shall then be the Commencement Date.”

**

Want more information on Pro-Rata?  Interested in what else might be hidden in the documents to give you a below market lease rate? Feel free to give us a call at 866.758.2673 anytime; we’re an expert resource and glad to assist with any issues regarding a lease contract you might be considering.

Our Upcoming ALA Sponsorships:  Chapter Leadership Institute and Large Firm Administrators Retreat

CoreTech is pleased to sponsor two important, upcoming events for the Association of Legal Administrators:  The ALA Chapter Leadership Institute July 23-25 in Grand Rapids, Michigan and the Large Firm Administrator’s Retreat this August 6-8 in Colorado Springs.

The Chapter Leadership Institute serves as a national education and professional development conference.  Educational tracks will focus on effective law firm leadership principles and positive strategies to develop business partner relationships.

CoreTech Leasing is also proud to be one of five exclusive sponsors of the Large Firm Administrators Retreat at The Broadmoor in Colorado Springs coming up this August 6-8.

This is ALA’s flagship event and one of the most anticipated of the year not only because of the excellent venue and world class golf that the stunning Broadmoor hotel will offer attendees, but because this year’s seminars begin with Dr. Felix Oberholzer-Gee, the Andreas Andresen Professor of Business Administration at Harvard Business School, who will speak about strategic tradeoffs for law firms.

If you aren’t familiar with Felix’s achievements, he is the faculty chair of several executive education programs at Harvard Business School, including “Building and Sustaining Competitive Advantage” and “Driving Digital and Social Strategy,” and teaches in the “Accelerated Leadership Program” at Harvard Law School.

Here is a podcast ALA’s Legal Management team put together with Felix, “Building and Sustaining Financial Success for Your Firm”; it’s about 8 minutes long and gives a good overview:  http://www.blogtalkradio.com/legalmanagementtalk/2015/05/11/building-and-sustaining-financial-success-for-your-firm-with-felix-oberholzer.

Welcome the newest member of the CoreTech Team:  Adam Laughlin

We are pleased to welcome Adam Laughlin to the team; Adam brings 15 years of sales and sales management experience in  equipment leasing to CoreTech, and specializes in Fortune 1000 and middle-market commercial clients.

While the team at CoreTech continues to grow, we aim to deliver more value and better service to our customers.  Adam excels in developing creative structures that are customized to meet client  needs—that’s why, we’re pleased to welcome him to the team.

The Most Recommended Law Firms: A BTI Consulting Report

Congratulations to the law firms who made the cut in the report just released by BTI Consulting as the “most recommended law firms.”  With clients always expecting more, law firms often have to work double time to earn this coveted recommendation given by one corporate counsel to another.

Recommendations and referrals are personal statements in an industry where reputation is everything.  We are thankful for those who refer CoreTech Leasing as we build on our reputation every day in every customer engagement.

The report from BTI is available for free, here:  http://legalexecutiveinstitute.com/the-most-recommended-law-firms-a-bti-consulting-report/

 

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More than 3 reasons to attend the Large Firm Administrators Retreat Aug 6-8

CoreTech Leasing is proud to be one of the five exclusive sponsors of the Large Firm Administrators Retreat at The Broadmoor in Colorado, Springs this coming August 6-8.

This destination event is one of the most anticipated events of the year, not only because of the truly excellent venue and world class golf courses the Broadmoor will offer retreat attendees, but this year’s thought leadership seminars led by Andreas Andresen Professor of Business Administration of Harvard Business School, Felix Oberholzer-Gee are geared to timely, high value content.

If you aren’t familiar with the professor’s good deeds, he is the
faculty chair of several executive education programs at Harvard Business School, including “Building and Sustaining Competitive Advantage” and “Driving Digital and Social Strategy,” and teaches in the “Accelerated Leadership Program” in custom programs at Harvard Law School.

Here is a podcast ALA’s Legal Management team put together with Felix, “Building and Sustaining Financial Success for Your Firm”; it’s about 8 minutes long and gives a good overview: http://tinyurl.com/ocldd86.

CoreTech Leasing is committed to the legal industry; our executive management team has been leasing technology to the legal market for over 24 years, and we’ve proudly developed an impeccable reputation by providing lease financing for over 100 of the nation’s leading law firms.

We are proud sponsors of key industry events such as the Large Firm Administrator Retreat and the ALA Annual Conference, both of which create knowledge sharing environments which help move the business and community of law forward.

If you haven’t already, online registration for the Large Firm Adminstrators Retreat ends in two weeks on July 20; you can go here to register through the ALA website:  http://www.alanet.org/lfaretreat/fees.aspx.

If you have registered, we will look forward to seeing you at the Broadmoor.  Scott McFetters and Mike Henderson will be out on the golf courses— you may want to email Scott or Mike about their golf handicap, please feel free to email them directly at: smcfetters@coretechleasing.com and mhenderson@coretechleasing.com.
We are all looking forward to a great event.

The Team at CoreTech Leasing

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At Elite Vantage: Why You Should Meet Up with CoreTech in Vegas

Here’s at least one question you will want to answer while at the Elite Vantage Users Conference:  what is the most financially strategic way to procure Elite’s 3E software and other key software platforms for your firm?

Here’s something to keep in mind:

Did you know that in addition to leasing hardware and equipment, your firm can finance software and the other associated soft costs over a 24-60 month period? These soft costs can encompass almost anything involved in getting a project up and running, including:Software licencesTrainingPre-paid maintenanceImplementationConsultingOther professional services

  • Software licences
  • Training
  • Pre-paid maintenance
  • Implementation
  • Consulting
  • Other professional services

This is a key piece of information and the reason you should make sure to meet the CoreTech Team while enjoying the conference, the Bellagio, and everything the event has to offer.

Let us assist you in strategizing your firm’s procurement approach and provide some great information that will help inform your decision making; we will give you an alternative that turns a large, unwanted cash outlay into a predictable monthly expense that allows the firm’s partners spread out these costs over time.

While you’re at it, here’s another reason to meet with us:  we will help you evaluate the true Total Cost of Ownership of your current or planned master lease agreements.  Some lessors highlight only the lease rate factor or monthly payment to hide from the terms and conditions which dramatically alter the true Total Cost of Ownership of the firm’s MLA or proposed leases.  We will walk you through our proprietary Lease Analyzer which demonstrates the unbiased Total Cost of Ownership for any lease agreement.

 

CoreTech’s commitment to the legal industry is demonstrated by being year-over-year sponsors of key industry events such as Elite Vantage which create a knowledge sharing environment for law firm leaders.   Our executive management team has been leasing technology to the legal market for over 24 years, and we’ve proudly developed an impeccable reputation by providing lease financing for over 100 of the nation’s leading law firms.

CoreTech’s Scott McFetters and Mike Henderson will be at Vantage Las Vegas—email us now so we can get the ball rolling and assist you in any way we can.

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What do Johnny Cash, Miranda Lambert, Blake Shelton and CoreTech Leasing Have in Common?

Welcome to Nashville and to the ALA Annual Conference, ya’ll!   The CoreTech Leasing Team is here at booth #521.  We’re proud to be year over year sponsors of one of the legal industry’s most widely attended events—this year in one of the great American cities.  We’re looking forward to a great event.

 

Here are some things you should know about this year’s ALA Annual and what we’re up to at the CoreTech booth.

 

Best Swag:  Handcrafted Boots by Lucchese

We love the City of Nashville and were inspired by the rich history of one of the city’s world renowned boot makers, Lucchese:  https://www.lucchese.com/.  These amazing, hand crafted boots have been the boot of choice for John Wayne, Johnny Cash, Miranda Lambert, Blake Shelton—and many, many others.

We are pleased to announce that we will be holding a drawing to give away a gift certificate for a pair of these wonderful boots at the CoreTech booth!

 

Will you be the next owner of a pair of famed Lucchese boots?  As the Duke would say, “Get off your horse and drink your milk.”  And then come by booth #521 and drop your card for a chance to win.

Best Ribbons for Your Badge

Every year, Coretech makes some fun, custom ribbons to add to your Conference badge accolades.  Some of this year’s ribbons include:

  • Administrators RULE
  • Boss Hogg
  • My Name is Johnny Cash
  • Jessie’s Girl
  • Where the grits at?

We like to think of it as a personality test, so be careful when choosing!

Leasing Tips from the Team

New Product at CoreTech

We are pleased to announce a new financial product from the team at CoreTech.  Our new, application-only program is an excellent solution that can assist you and your team with those smaller, one-off transactions.

The new, application-only program is a simple, online application process for transactions 350k or under.  The documentation requirements are simple, and the approval turnaround extremely quick—sometimes less than 24 hours.

We continually strive to bring fresh, new strategies that create the win for everyone involved.  If you’d like to learn more about CoreTech’s application-only program, stop by the booth or email Scott McFetters at smcfetters@coretechleasing.com, Mike Henderson at mhenderson@coretechleasing.com.

Mergers and acquisitions?  Read this

In CoreTech’s latest article, Scott McFetters discusses inherent benefits to leveraging leasing as a financial strategy—including flexibility and quick decision-making—in rapidly evolving markets.  While this extends across multiple markets, the legal market in particular is experiencing ‘flux’ as firms merge and move offices to locations to lower overhead—all of which requires flexibility regarding law firms’ technology, software and equipment needs as these are reconfigured and optimized.  Click here to download Scott’s article.

 

Team Duke

CoreTech Leasing is also a part of Team Duke, what sponsors of the John Wayne Cancer Foundation are called.  After John Wayne died of stomach cancer, his family created this foundation to fund novel and innovative programs that improve cancer patients’ outcomes and save lives through research, education, awareness and support.

We thought it fitting in the spirit of Nashville to have some information to share at our booth about this excellent organization.

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Be like John Wayne! Ladies and Gents, here’s how

Time for a Lease Check-up:  What are the terms of your Notice Provisions?

Notice Provisions in Master Lease Agreements can vary widely, but one thing is certain:  your MLA has a Notice Provision, and it is either your firm’s or your company’s responsibility to be aware of it.

Missing a notice can cost your organization money, sometimes a lot of money.  Notice Provisions vary between 30 to 180 days prior to the termination date of a Lease Schedule or it may have a window of not less than 180 and not greater than 210 days. Missing notice usually triggers an automatic renewal of your of the Lease, sometimes for up to a year— and at your original monthly payment.  This ‘automatic renewal period’ oftentimes continues until you provide the required notice, extending your lease on equipment that you may not need, out even further.

Here are a few tips:

Be sure you clearly understand your Master Leases’ notice provisions and, if you aren’t clear, have your Lessor explain them to you and show you where they are in their documentation.  Read them, make sure you understand them, ask questions if you don’t, and get your responses in writing. The terms and conditions must be clear.

Giving notice is typically means more than sending an email; most times giving proper notice has to be in writing and often must be a verified document, such as being sent by certified mail.

If your firm or company is reviewing Master Leases currently, consider the Notice Provision to be a key factor to incorporate in your total cost of doing business calculation.  Notice Provisions can be one of the reasons why “the lowest lease rate factor” does not reflect the Total Cost of a Lease Agreement. An automatic extension for 12 months would radically change your total cost of doing business with a Lessor that incorporates provisions such as these in their lease documentation.

Want more information on Notice Provisions?  What else might you find in the Master Lease and related documents?  Feel free to give us a call at 866.758.2673 anytime; we are an expert resource and are glad to help you with any issues on a lease you have or are considering entering.

Aspire to be like John Wayne and Come see CoreTech at ALA Nashville, Booth #521

The CoreTech Leasing Team is headed to Nashville, Tennessee for the ALA Annual Conference May 17-21!  We are proud to be year over year sponsors of one of the legal industry’s most widely attended events, and we always make the most of it.

This year’s theme is, “Inspire…Innovate…Lead,” and there’s a great deal to be inspired by at this year’s conference, from the keynote to some of the new activities planned by the new ALA leadership.

We love the City of Nashville and were inspired by the rich history of one of the city’s world renowned boot makers, Lucchese. These amazing, hand crafted boots have been the boot of choice for John Wayne, Johnny Cash, Bing Crosby and Zsa Zsa Gabor—and many, many others.

We are pleased to announce that we will be holding a drawing to give away a gift certificate for a pair of these wonderful boots at the CoreTech booth!
Will you be the next owner of a pair of famed Lucchese boots?  As the Duke would say, “Get off your horse and drink your milk.”  And then come by booth #521 if you’re in Nashville.

Click here to download the newsletter.

Leasing tips and solutions. Why waste time?

There’s fast turnaround–then there’s CoreTech turnaround:  A new application-only program from CoreTech Leasing

We are pleased to announce a new financial product from the team at CoreTech.  Our new, application-only program is an excellent solution that can assist you and your team with those smaller, one-off transactions.

The new, application-only program is a simple, online application process for transactions 350k or under.  The documentation requirements are simple, and the approval turnaround extremely quick—sometimes less than 24 hours.
We continually strive to bring fresh, new strategies that create the win for everyone involved.  If you’d like to learn more about CoreTech’s application-only program, please contact Scott McFetters, Mike Henderson, Bob Wallace or Gary Atkins.

Mergers, Relocations and Financial Strategies with Inherent Flexibility

In CoreTech’s latest article, Scott McFetters discusses inherent benefits to leveraging leasing as a financial strategy—including flexibility and quick decision-making—in rapidly evolving markets.  While this extends across multiple markets, the legal market in particular is experiencing ‘flux’ as firms merge and move offices to locations to lower overhead—all of which requires flexibility regarding law firms’ technology, software and equipment needs as these are reconfigured and optimized.

There are several key examples of these including the office relocation to Tallahassee by Kaye Scholer and to Nashville by Pillsbury.   Firms can alleviate the additional hardware and equipment needs by converting a large upfront cash outlay into a monthly expense as well as finance the software, software upgrades and associated ‘soft costs’ including training, implementation, installation and services, which can help alleviate the cost of onboarding new staff in new locations.  Click here to read the full article.

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It’s Time to Get to Know Your IT Monthly Expense Numbers: Don’t Fence Me In

CoreTech Can Provide Updated Lease Rate Factors to Determine Your Monthly Budget

Happy New Year! We hope 2015 is off to a great start both personally and professionally.

Now is the perfect time to request updated lease rate factors to help determine what your monthly payments will be for the budgets you finalized at the end of 2014 or are still finalizing now.  Give us a call or send us an email.  We’ll be happy to give you the clear answers that could assist you with predicting monthly costs, saving money, matching a piece of equipment‘s useful life to its lease term, and  discuss creative solutions for financing your planned equipment and technology needs.

A Tip from CoreTech: Lease Soft Costs

These include training, professional services, implementation, software upgrades and any other costs associated with a project that aren’t hardware or software.  This is a key piece of information to share with your colleagues, team and management, who may not be aware of the flexibility that a CoreTech lease can offer.

Leasing converts the large cash outlay of a purchase into a predictable monthly expense keeping things within budget and providing an efficient way for you to stay on top of upgrades and equipped with the top notch tools you need to grow.

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Start now to succeed in 2015. Here’s how.

About Winners and Losers:  Move Forward with Your IT Projects Today

The law firm landscape is competitive with the market increasingly segmenting into winners and losers.  The great news is that revenue and demand predictions are up for 2015, so there’s no reason to not hit the ground running on January 1.  Leasing can be a key component to make it happen.

Did you know you can still finance this year? Law firms can lease or finance end of year projects that will optimize the kick off for next year including technology and infrastructure projects that bolster security, accounting systems, storage,  disaster recovery, laptops for increased mobility, desktop projects—and your firm’s other priority IT and office equipment projects.

Leasing or financing provides the opportunity for IT to strategically address these technology and equipment needs in a financially beneficial manner with no out of pocket expenses until 2015.

A firm that controls the use of cash and the timing of expenses can improve its profitability–and leasing delivers on both.  By having lower payments, arranging payments to coincide with periods of positive cash, and lower payments in time of negative cash, leasing lowers the need for lines of credit and the additional interest it costs.

Talk to the CoreTech Team to learn more.

Using Technology to Encourage Innovation at the 13th Annual COO CFO Forum in NYC

This year’s COO CFO Forum in New York beat the drum of the importance of innovation.  Law firms which drive focus on leading through innovation will be those which emerge as winners in the next 5 to 10 years.

Some of the trends to watch from the keynote session included:

  • Clients have become more sophisticated consumers of legal services and expect value above and beyond the price for legal services provided
  • Law firm challenge is to sustain a culture of business development and to create a more client-driven, client-centric org. where the needs and expectations of clients shape who we are, what we do and how we do it
  • Most importantly, law firms need to implement innovative ways to meet these challenges

To that end, an excellent breakout session CoreTech attended was, “Using Technology to Encourage Innovation.” Nearly every firm is actively engaged in countless hours examining new software applications, mobile technology devices, data security, and more in an effort to improve their overall operational efficiency and client service. Panelists also touched on these key points:

  • The release of Windows 10  predicted to be a technology industry shake up across all devices
  • 31.6% of law firm leaders reported technology to be a key driver of how the legal market will evolve
  • The ever-increasing demands to protect data
  • The necessary technology is available, the bottleneck issue is driving procurement and implementation

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