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Upgrading to 3E Financing and Leasing Is a Strategic Advantage

This article was featured in the Q2 2017 edition of Thomson Reuters Elite’s Forefront newsletter.

Financing and Leasing Technology Is a Strategic Advantage

This article was featured in the May 2017 edition of Law Journal Newsletters.

By Scott McFetters

Advances in technology and software are being made at an increasingly rapid pace. As a result, IT hardware obsolescence cycles are shrinking too. This period of exponential improvement with which we are all now familiar has shown time and again that there will continue to be breakthroughs in technology that deliver better, less expensive, and/or more robust products. Law firms may want to leverage a specific law firm management technology to gain a competitive advantage in the marketplace but might not want to purchase those tools outright. How are you equipping your firm to succeed both in the present day and into the future?

Changing Technologies

On Jan. 10, 2023, Thomson Reuters Elite will cease support for all versions of its Enterprise platforms, with all bug fixes for all versions ending on Dec. 31, 2022. The Thomson Reuters Elite Enterprise platform is over 25 years old, and according to the company, is no longer feasible to maintain compatibility with new technology. In addition, Microsoft will terminate related technologies over the coming years, which means that by January 2023, all enterprise versions will be running on unsupported Microsoft technology.

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As part of the complete Enterprise Business Management Solution offered by Thomson Reuters Elite, the 3E platform helps firms manage critical areas of their business. This means they upgrade either to 3E or a competing product, which could impact several mission-critical systems within the firm. In addition, this could require other expensive hardware upgrades and tertiary software upgrades.

Approximately 33% of Thomson’s 167 client firms, ranging from 100 fee earners to 600, have already made the decision to upgrade to 3E. This leaves about 67% of its major law firm client base still undecided as to whether to upgrade to Thomson’s new 3E platform or change their core platforms to Aderant or another competitor.

Finance or Buy?

Whether firms migrate from Elite Enterprise to the new 3E platform or change providers, a decision must be made to arrive at a financial solution that will cover not only the software expenses, but also additional related expenses: training, implementation, maintenance and other soft costs, along with any new hardware requirements for the new system.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

How Leasing Can Make Your Information Security Processes Bulletproof

Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends. The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern—and with good reason. As recently reported in Legaltech News, 80 of the 100 biggest law firms have been hacked since 2011. This year, firms are estimated to spend more than $6.9 million or 1.92 percent of their gross annual revenues on information security.

Security concerns are a game changer. Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent. Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

How Leasing Assists Your Firm to Make Your Information Security Processes Bulletproof

This article was featured in the April 2016 LJN Accounting and Financial Planning for Law Firms Newsletter.

By Scott McFetters.

Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends.  The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern—and with good reason.  As recently reported in Legaltech News, 80 of the 100 biggest law firms have been hacked since 2011.  This year, firms are estimated to spend more than $6.9 million or 1.92 percent of their gross annual revenues on information security.

Security concerns are a game changer.  Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent.  Management of your firm’s technology and equipment assets now falls under the mandate of these security standards to which law firms must adhere.

Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life.  As security measures evolve, so will the rate of technology equipment refresh alongside it– firms cannot afford the risk of deploying technology beyond its useful life.

Two vital components of your pragmatic information security policy are IT asset management and a refresh program that ensures your law firm is equipped with the most current updated hardware and software.  Leasing, as it turns out, is a financial tool which parallels your firm’s goals to achieve both, assisting your efforts to make your information security program bulletproof.

Click here to download the full article.

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