5 Steps for Proactive Technology Budgeting for Law Firms
Technology Budgeting
As the legal landscape changes, how law firms do business must change along with it.
This includes the way firms budget for and invest in technology. No longer can firms afford to be reactive when it comes to their technology spending. Instead they must be proactive.
Firms should take a long-term view of their technology needs and budget accordingly. This includes investing in innovation and security solutions, and planning for end-of-life equipment. It also means being proactive about spending on new technologies that can help firms work better and more efficiently.
Technology budgeting for law firms can be a challenge, but it is a step that must be met head-on. This article will provide some tips on how to get it right.
American Bar Association study:
-
-
- 25% of respondents overall reported that their firms had experienced a security breach at some point
- only 48% overall of responding attorneys report that their firms have a disaster recovery/business continuity plan
-
5 Steps for Proactive Technology Budgeting
1. Take a long-term view:
Rather than just budgeting for the coming year, firms need to start thinking about their technology needs for the next several years.
This means planning for upgrades, replacements, and new investments in innovative technologies that can help firms work more efficiently.
2. Prioritize investments:
Not all technologies are created equal.
Firms need to prioritize their investments based on their most pressing needs. For example, investing in security solutions should take precedence over shiny new gadgets that may be nice to have but aren’t critical to the firm’s business.
3. Don’t skimp on security:
The importance of cybersecurity cannot be overstated in today’s world.
Firms must allocate adequate resources to ensure that their confidential client data is secure from cyber attacks.
According to the ABA, “Attorneys have ethical and common law duties to take competent and reasonable measures to safeguard information relating to clients and also often have contractual and regulatory duties to protect confidential information. These duties present a challenge to attorneys using technology because most are not technologists and often lack training and experience in security.”
4. Budget for end-of-life equipment:
All technology has a lifespan, and firms need to prepare for the end of that life cycle. This means budgeting for equipment replacement, disposal, and recycling.
5. Be flexible:
The legal landscape is constantly evolving, and technology needs will change with it. Firms need to be flexible and adjust their technology budgeting accordingly.
By taking a proactive approach to technology budgeting, law firms can position themselves for success in the years ahead.
Investing in innovative technologies, prioritizing cybersecurity, and planning for end-of-life equipment are just a few key steps firms must take to stay ahead of the curve.
Do you feel like you need assistance to successfully complete a technology assessment and create a technology budget for your firm? Contact PCA Technology Solutions to ask how we can assist you. We don’t just focus on securing your network. Our clients benefit from PCA’s focus on helping our clients achieve their business goals.