Independent Technology & Equipment Lessor • Strategic Partners

Getting to the Core Newsletter

The Post-ILTA $64,000 Question

Not only did the ILTA Annual Conference deliver on its promise to showcase leading edge technology solutions and industry thought leadership, but ILTA also provided ample networking opportunities that helped further develop existing relationships and from those important new connections as well.

We tip our hats to the hard working ILTA administration and staff for their efforts and congratulate them on a job well done–and we thank those friends, colleagues, clients and prospects who came to the CoreTech Leasing booth to say hello, discuss best practices in leasing and more.  And let’s not forget all the great times at the social events.  That’s what it’s all about.

Now, here’s the big, $64,000 question you may be asking yourself after four days of walking the Exhibits at ILTA:

Q:  What is the most financially strategic way for me to procure these technology solutions for my firm?

A:  Leasing, or even financing (software, services, training, etc.)!

Leasing is a strategic financial option that firms can utilize to provide a monthly expense for their technology and equipment needs rather than a total cost purchase.

As illustrated in the Tablet Death Match, Mac user surveys and other and “Hot” technology sessions, attorney preferences are influencing procurement decisions almost as fast as the technology itself advances.

In a market where the pace of technology change continues to accelerate, leasing beneficially cuts the out of pocket costs for technology upgrades, ensures access to the most current IT tools,  conserves cash reserves, keeps bank lines of credit open, eliminates higher maintenance costs for older equipment and frees staff from the burden of disposing of outdated equipment.

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Technology Procurement Best Practices at ILTA

WHAT’S IN STORE FOR 2015?
The 2012 ILTA Technology Survey showed a major jump in attorneys migrating to laptops as their full time PC over their desktops–up from 20% in 2011 to 30% in 2012.

However, the 2013 ILTA Survey indicated a 5% decrease, indicating 25% of attorneys using laptops as their full time PC. What is unclear is whether that decrease is from the introduction of increased tablet use, other personal devices or cost-cutting involved.

Here are some questions on decision makers’ minds as the 2015 budget deadlines approach:

  • Will the 2014 ILTA Technology Survey show an increase or decrease in attorney’s use of their laptops?
  • And which laptops should those be? Touch screen? Removable screen?
  • What happens when the most predominant operating system, such as XP, reaches its end-of-life?
  • PC or Apple OS?

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The Key Change Agent Moving Forward

According to the Altman Weil 2014 Law Firms in Transition Survey, when asked about the most likely change agent in the legal market over the next ten years, 34% of law firm leaders identified corporate law departments as the force most likely to lead change.

Right behind that, however, 32% of the law firms surveyed chose technology innovation as a primary agent for change. Click here to download the full report from Altman Weil. The disruption of technology innovation is a trend seen across industry sectors. To complicate matters even further, in addition to technology as an agent for change, the pace of change in technology continues to grow exponentially.

This begs the question: in this heated environment of change, should law firm and business leaders purchase their technology requirements or lease it for its useful life?

CoreTech’s Mike’ Henderson recently published an article on the principals of Moore’s Law which reveals this fundamental question. Read the article by CoreTech’s Mike Henderson here that starts with this question. We hope you find it useful.

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We Say “No” to Failure of the Imagination

“What begins as a failure of the imagination ends as a market inefficiency.”  Michael Lewis, author of Moneyball

Studies across sectors repeatedly show instinctive opposition to change initiatives because they disrupt established power structures and ways of getting things done.  But there is, of course, no stopping change—especially when it comes to technology.

At the same time, a recent article published by SAP, “Winning at Sales,” focuses on change also, mostly in the form of rising client expectations.  Here are some of the takeaways:

  • 65% of sales organizations say rising customer expectations are their number one challenge.
  • 72% of decision makers say the sales rep’s ability to help solve business objectives is a major influence on their buying decision.

At CoreTech, we embrace these challenges both on the technology and client side proactively.  On the technology side, leasing computer hardware, software, soft costs and other equipment is a strategically advantageous option which has a refresh cycle inherently built-in that keeps your firm on top of changes, and keeps top of the line equipment in the hands of your valued users.

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Elite Vantage Annual Users Conference starts today in NYC: Fuggedaboutit!

The leadership at CoreTech Leasing has one of the longest standing relationships with Thomson Reuters, having attended every Elite conference since it was held at Merv Griffin’s Beverly Hilton Hotel in the 1990’s—and we are pleased to once again be an event sponsor of the Vantage users conference in NYC this year.

We hope you stop by the CoreTech booth #107 and say hello to the CoreTech Team.  There are many reasons to do so, not the least of which are that Scott McFetters and Mike Henderson will be available to discuss financial strategies to procure Thomson’s software platforms and other technologies that will be demonstrated on the floor at the event.

Leasing presents a striking advantage when considering a major implementation.   This is because leasing provides not just 100% financing for the software, hardware or technology, but also 100% financing for the associated soft costs including services, training and implementation, etc., as a monthly expense versus a cash purchase outlay.

However, leasing is not just a one-time transaction; it is a long term relationship. Of course, firms should always seek and be concerned with highly competitive lease rates, but it is important in today’s market to also look for value that exceeds the good deal.  We think that comes in the form of industry expertise that extends the information resources of your firm for the long term.

CoreTech is a leading, independent lessor on the market which means we are in a position to take a consultative approach as we focus on responsiveness and flexibility to meet your firm’s unique needs.  If you missed it previously, click here to read our article, “Cash Flow and the Strategic Advantages of Leasing Technology, Software and Equipment,” published in Elite’s newsletter, ForeFront.

And while you’re in New York, click here to read about all of the different accents—as well as the history of Fuggeddaboutit!

Please stop by booth #107 and feel free to email Scott or Mike directly to set up a meeting while you are at the conference:  smcfetters@coretechleasing.com or mhenderson@coretechleasing.com.

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Law Firm Cybersecurity and the Importance of Keeping Pace with Changes in Technology

When it comes to law firm cybersecurity, keeping your firm equipped with cutting edge technology is imperative.  Articulated in 1965, Moore’s Law is the observation that over the history of technology—and specifically computing hardware– there is an exponential increase in the rate of technological advances (based on the number of transistors on integrated circuits doubling approximately every two years).

The principals of Moore’s Law have held true overtime as well as provided one of the fundamental arguments in favor of leasing technology over purchasing it.

Leasing technology for law firms makes more sense now than ever before—and while it might not abate your firm’s cybersecurity risks, leasing does minimize the risk of technology purchases and keeps your firm, its attorneys and staff in the top of the line equipment, software and hardware that is needed in today’s environment.

CoreTech is proud to sponsor key industry educational events such as ILTA’s SharePoint Symposium and LegalSECSummit to keep the execution of the business of law moving forward in the right direction, and to foster the productive community of thinking that occurs to the benefit of the industry.

 

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Welcome to ILTA’s SharePoint Symposium in Chicago: Come Meet the CoreTech Leasing Team at Booth #33

Law firms should expect the role of technology to increase as well as the pace of change in technology cycles – steps that can break through internal drag and increase decision cycles are vital to success.  Leasing is a financial vehicle that keeps pace with these changes and keeps the firm, its staff and attorneys up to date with the most current technology and software establishing a predictable monthly expense while minimizing risk of ownership.

Leasing is a long term relationship–f you are considering leasing as a financial option for your firm’s technology and equipment needs, it is important to consider the service capabilities, industry expertise, client references, reporting and invoicing capabilities of any lessor your firm may choose.

Stop by booth #33, and Scott McFetters and Mike Henderson of the CoreTech Team will be pleased to discuss best practices for law firms and lessors.  Click here to read the full newsletter.

The CoreTech Door is Open, Plus Re-inventing IT and More

Technology plays a vital role in every aspect of a firm’s competitive advantage, including providing the right tools to attorneys, administrators and decision makers, enabling them to perform at the top of their game.
To that end we thought you might enjoy this most recent article from McKinsey & Company, “Reinventing IT to support digitization.” There are some strong points made that apply to enterprises as well as law firms about the growing importance and challenges of IT departments and infrastructure in today’s markets including: the challenges of piecemeal growth, how to gain buy-in from decision-makers, and how to meet the urgency of digitization.

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Welcome to Toronto, eh? Reason #1 to Meet CoreTech Leasing at Booth #308

As one of this year’s sponsors of the Annual Conference in Toronto, the CoreTech Team would like to extend a warm, Canadian welcome to all of the law firms, vendors, exhibitors and attendees. We will look forward to seeing all of the regular faces this evening at the Welcome Reception starting at 6:45 in the Exhibits Hall and will look forward to meeting and getting to know some new ones.

Now that you’ve safely made the trip across the border, we hope you stop by the CoreTech booth and say hello to the CoreTech Team. There are many reasons to do so, not the least of which are that Scott McFetters and Mike Henderson will be available to discuss financial strategies to procure all of the great technology, software and equipment that will be demonstrated on the floor at the event.

Which brings us to:

Reason #1 to stop by booth #308: Leasing presents a striking advantage when considering a major software or technology implementation. This is because leasing provides not just 100% financing for the software, hardware or technology, but also 100% financing for the associated soft costs including services, training and implementation, etc., as a monthly expense versus a cash purchase outlay.

Leasing tip: Did you know that leasing can finance not only 100% of your software or hardware needs at your firm, but also all of the incumbent soft costs including services, training, and implementation?

Canadian tip: If you find yourself in a “kerfuffle”, enjoy this link to 20 Canadian slang words you should know and practice using them during your stay in Toronto: click here.

We hope you have a great conference, and hope to see you at booth #308.

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Aderant Momentum: Leasing Positions Your Firm for the Future

There’s unprecedented competition for law firms to both gain new business and retain current clients. Technology plays a vital role in every aspect of a firm’s competitive advantage, and so the importance of IT service to lawyers and staff and firm service to clients is vitally important.

Leasing is a financial vehicle to keep the firm and its attorneys competitive and current for any of its IT and equipment needs by providing a monthly expense versus a total cost purchase for the firm. We thought you’d like to also hear advantages from a peer point of view, so here’s Ted Gerber, Director of Data Systems for Hawkins Thackston Parnell & Young on the advantages of leasing in a fast-paced and competitive environment:

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