IT systems are perhaps the most importance part of a legal firms’ infrastructure. In recent years, data security and file sharing have become integral to an increasingly mobile legal sector. However, since the arrival of COVID, firms need to ensure their IT systems are running smoother than ever, so that more lawyers can work remotely.
So why are so many firms lacking when it comes to maintaining a robust IT system? The problem could be that these IT systems are rarely measured by their business value, causing oversight in some crucial areas.
IT systems: why business value is important
Across all sectors, IT systems have a clear and measurable value. They help us communicate with colleagues and clients both internally and externally. They allow us to share files, documents and data at the click of a button. We can even video conference with people from all over the world. IT systems can also automate manual tasks that would otherwise be costing the business money through labour.
In any business setting, the benefits of a robust IT system are practically endless. However, in the world of law, firms often neglect to take into account the business value of their IT.
The problem is, without looking at your IT systems through a business lens, you won’t be able to understand their true value. This could lead to your chambers losing money because you are either spending too much or not enough, and you won’t have full transparency.
How to increase your IT business value
The solution is to run your IT system like a business. You must be able to access meticulous insights and complete transparency into your IT costs to see where your money is going and why.
To do this, you should measure your technology expenditure as a percent of your revenue. This expenditure should include the cost of computers, hardware, mobile devices, client portals, and anything else that’s included in your IT setup.
How much are law firms investing in tech?
In 2019, a legal tech report was by HSBC UK and produced with The Lawyer Magazine. This report found that 81% of respondents identified technology as the item that was “the most strategically important to their firm.”
However, that same report also found that investment in technology had actually gone down in recent years.
Investing in your IT systems and ensuring that they’re bringing value to your business will result in many benefits. These include:
- Better client satisfaction due to streamlined communication and less system faults
- More secure data sharing
- More accurate budgeting and forecasting
- Full financial transparency within the business
- IT cost optimisation
- A higher return on investment
How we can help
Many companies remain unaware of the value of their existing IT setup. Not only do you want your systems to be smooth and secure, but you also want to make sure you’re not losing any money.
Measuring your IT business value is the first step. Get in touch to see how we can help manage your IT systems today.