The top three concerns of chief legal officers, according to the Association of Corporate Counsel, relate to law firms’ cybersecurity abilities and governance over their data. Technology adoption, not surprisingly, has become a central strategy that firms leverage to meet client demands — but few people were likely to forecast just how large the legal tech market would become in such a short period of time. Legal tech investment reached $1 billion in 2018, as reported by AI legal tech startup, LawGeex.
Despite this investment in technology, the actual adoption of it hasn’t been easy, let alone a cure-all. In this way, legal is no different than any other vertical — selecting and owning a technology are very different from its successful implementation and adoption to improve operations. That’s why we see ILTA’s 2018 Technology Survey listed cybersecurity and technology updates as the second and third most recurrent concerns for firms.
As technology continues to become an imperative function for firms, security concerns increase and data protection is essential. In the past three years, data breaches have become commonplace, and firms have had to up their games to protect client data.
We have seen major global players like DLA Piper become a victim of a cyberattack that led to a complete shutdown of its digital operations. Firms are making drastic changes to ensure they are secure; this requires an operational transformation as well as a financial plan. For many firms, the move to the cloud allows for increased security and reduced liability. According to the 2018 Enterprise Cloud Trends Report, organizations — including law firms — are investing more in the cloud, with nearly every organization planning to increase enterprise spend in the areas of cloud and Software as a Service (SaaS) over the short- and long-term.
Is Leasing Right For Your Firm?
The changing landscape demands maximum flexibility and requires applying your resources in a smart and efficient manner. New tools, products and solutions are developed every day, creating a marketplace cluttered with options that cater to every business need.
Leasing delivers that agility. Equipment leasing and financing is a strategic solution law firms can take advantage of to face the intricate challenges of technology and embrace the countless opportunities and security benefits it offers.