Law firms are leveraging technology to stay competitive and secure in the modern market, but many still express reluctance to adopt cloud technologies.
Law firms’ technology adoption is fueled by survival—in an ever-competitive marketplace and an increasingly dangerous digital landscape, efficiency, cost-savings and data security can make or break a practice. Recent industry surveys have found that as law firm’s tech budgets grow, such pressures will be the driving forces directing technology budgets for years to come. Here is a look at three trends impacting legal’s tech spend:
1. Cybersecurity Demand
While law firms are ramping up technology spending, a significant amount of their tech budget remains devoted to building out infrastructures and processes that ensure data is safe from breaches, attacks, or insider threats.
According to the “2016 ILTA/InsideLegal Technology Purchasing Survey” of 175 International Legal Technology Association (ILTA) member law firms, cybersecurity was the top challenge for law firm operations, with 67 percent of respondents saying they struggled with security management, and around 40 percent bemoaning a lack of employee training, risk management, email management and information governance.
Many firms also looked to shore up their cybersecurity over the past year, with 44 percent purchasing cybersecurity-related software. The survey found that over the next year, a growing number of firms planned to purchase security assessments, security training, and updated email systems.
The cybersecurity pressure on firms’ legal tech budgets was also highlighted in William Lea Tag and Sandpiper Partners’ annual survey of managing partners, senior business executives and chairmen from AmLaw 150 firms in the United Kingdom. The survey found that of the firms planning to increase their cybersecurity budget, 69 percent said the top expense would be data protection and cybersecurity.
2. Providing More Value for the Same Fees
3. Cloud Concerns Beyond Security
Read the details at LegalTechNews.