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What Is the Cost of Delay for Upgrading Your Firm's Infrastructure?

The right technology is an essential building block to successful adaptation in today’s market—and that includes legal where it is leveraged as a crucial part of law firm productivity and client service. With these positive changes in the use of technology comes challenges such as these:

  • Law firms are faced with exponentially increasing pressures from both corporate and private clients when it comes to cybersecurity
  • Decreasing useful life of the technology and equipment that the firms have come to rely upon to compete, adapt, and succeed

Chase Cost Management reported that firms will typically spend more than $6.9 million on information security, or 1.92% f their gross annual revenues. It comes as no surprise that these investments are the result of client demands and the obligations to protect data.

It is a complex landscape and vital to increase spend on security measures and training the people inside of law firms—and essentially, paying attention to the fundamentals like your equipment and technology lifespan itself. In fact, focusing on this fundamental can lead to a solution firms can take to bolster security and alleviate financial burdens.

It is oftentimes overlooked that law firms—as businesses—are successful based on their use of equipment and not from the ownership of that equipment. And it is clear that the useful lifespan and the security lifespan of your firm’s technology and equipment are decreasing. This means it may not be strategic in the current environment to own equipment, as the depreciable life will most likely outlast the equipment’s useful life as well as its security protocols.

Instead, your firm should put together a workable disposition plan combined with a technology refresh mechanism that will protect the firm from keeping outdated equipment in use that doesn’t adhere to new and increasingly high security standards. This points to leasing as the optimal option to procure technology and equipment over its useful life.

This is a strategy of paying attention to fundamentals. Because of the inherent refresh options built into the leasing process, there need not be any delays when the necessary upgrades or replacements must be made according to your firm’s needs and your clients’ demands. At the same time, in the midst of the rush to spend our way out of security troubles, leasing is a financial strategy that allows firms to procure technology needs within a predictable and budget-friendly monthly expense.

Leasing is not a one-time transaction but is in fact a long-term relationship. If you decide to lease, choose a partner you can trust; a lessor who:

  • Knows your industry and is known in your industry
  • Has a long-standing reputation for both transparency and responsiveness
  • Communicates openly about terms and conditions in the master lease documents that can affect your total cost of ownership
  • Has the flexibility to meet the firm’s needs throughout the lease process

It is in your best interest to work with an independent leasing company; that is, not a captive lessor of any particular product, piece of equipment, or technology. As things change, your firm is optimally positioned by doing business with an independent lessor that offers the flexibility to allow you to make changes– including changes in vendors, products or equipment types—when it is in the best interest of the firm, not in the best interest of a captive leasing company.

Paying attention to fundamentals like your equipment and technology lifespan and assessing its usefulness can help your firm remain at the forefront of what is needed to meet your client demands. The questions when it comes to security are not ”if” but ”when”─ and what is the cost of delay?

CoreTech Leasing

CoreTech Leasing is an independent technology and equipment lessor. Founded on over two decades of leasing expertise, CoreTech's executive team delivers over a century of experience in technology and equipment leasing and lease administration services to over 100 of the nation's most distinguished law firms. Click here for more information.

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