For small to midsized law firms, the cloud has quickly become the big equalizer to help them meet similar stresses and risk compliance requirements of large law firms.
To maintain an edge as they face intense competition, including additional challenges like winning new business, growing existing client base and enhancing agility and adaptability, handling these essential requirements as efficiently as large firms will require fewer resources. As a result, smaller firms can leverage a cloud platform to close the resource gap.
The cloud offers the benefits to improve operational efficiencies, but at a faster rate of adoption for smaller, midsized firms. These include:
- Analytics and business intelligence
- System integration
- Collaboration tools
- Mobile access
- Cloud-based solutions
In a recent Bloomberg law firm survey, 4 out of 5 respondents indicated the volume of work produced by their organization was boosted from the use of legal technology, and 71% stated that the adoption of technology and operational efficiency improved quality of work.
The technology these firms reported using include:
- Document management software (66%)
- Financial software (52%)
- Business intelligence (49%)
- Pricing software (47%)
- Case management software (47%)
For quicker and improved capabilities when facing limited resources, there are clear benefits your small to midsized law firm can ponder when considering an investing in the cloud.
- Best-in-class security: A cloud solution can offer integrated, comprehensive security, such as security software that manages your policies; access client and matter information, or monitors business users’ behavior with real-time, 24-hour protection.
- Leave security audits to your cloud vendor: Strict requirements for security audits can be fulfilled by your cloud vendor; guaranteeing your clients’ data is secure without significant investments upfront creates a win-win solution for everyone.
- Peace of mind disaster recovery: Putting the burden on your firm to purchase and maintain a leading disaster recovery solution carries a significant capital cost. With a cloud subscription service, a vendor can provide disaster recovery services far superior than what your firm can do, and recovering your data is done much more quickly. You and your client will be confident knowing data is further secured.
- No additional investments required: Investments in a cloud solution will lower capital costs that your firm would otherwise need to incur for an on-premise or remote server solution. There are no additional datacenter, infrastructure, or technology management costs to carry. And if your firm has its sights on scaling its business, know that a cloud platform will offer numerous scalability benefits (increased storage, better performance and power, increased versatility, IT time-savings).
- Establish a modern working environment: A cloud platform can offer your users an intuitive, integrated user experience (increased collaboration, better communications, and flexibility). And as part of its seamless experience, cloud provides them with access to their own applications, files and services located (mobile and desktop) from anywhere and at any time.
- Remain current: With a public cloud platform like Google Cloud Platform (GCP), Amazon Web Services (AWS), or Microsoft Azure, or a private third-party hosted cloud continuous software updates, patches, bug fixes and adding new features are handled by your vendor. As a result, your IT team can focus more energy on your operations and higher-value projects. You’ll keep working with minimal to zero disruption.
The COVID pandemic quickly changed how businesses function, forcing all types in all sectors including law, to quickly pivot. To be competitive, small and midsized firms need to innovate and adapt, but it’s good to know that change is inevitable – 92% of firms said they were prepared for the changes they faced. Tomorrow’s law firms are being created today, in the cloud. These savvy, forward-thing firms are working smarter to future-proof their business, and their operations are better prepared to run faster and more efficiently while consuming fewer resources.
Is your firm ready to be in the cloud?
Let’s continue the conversation, so we can understand how best to help you with your cloud and legal document management system (DMS).