This article was featured in the Q2 2016 edition of Thomson Reuters Elite’s Forefront 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. 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.