October 2021
VOLUME 40, ISSUE 9

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Features

Innovations Fresh Thoughts For Managing

IT Strategy for a New Era of Business

The past year accelerated digital transformation efforts out of necessity, but as we move into a future where COVID-19 is more manageable, legal organizations must think more strategically about their IT investments to achieve long-term success.

Christina Floyd and Karen Leastman
Christina Floyd and Karen Leastman

Vice Presidents
First American Legal Finance

Legal executives can leverage flexible financing and IT refresh solutions to get the tech they need today and drive innovation tomorrow.

IT REFRESH SOLUTIONS

A lease-based technology refresh program allows firms to avoid obsolescence and reduce ongoing IT maintenance. The lease can cover both hardware (like computers, servers and networking equipment) and software (like licensing, implementation and consulting fees), and allows the firm to rent the equipment for less than today’s cash price while gaining predictability through fixed monthly payments.

With this strategy, firms can refresh their technology every three to five years and prevent user downtime. This is often the smarter choice than purchasing expensive IT assets that will become obsolete within a few years.

TRENDING LEGAL INVESTMENTS

New technology allows firms to stay competitive and drive innovation within the legal market. Current tech investments are focused on software and equipment that allows employees to work where they need to.

“With this strategy, firms can refresh their technology every three to five years and prevent user downtime.”

Trending technologies for law firms include:

  • Laptop refreshes: With the migration to a hybrid work model, investments in laptops continue to surge within the legal industry.
  • Global office upgrades: As firms expand to new regions, they are setting up global data centers, disaster recovery sites and other infrastructure equipment.
  • Data security solutions: Firms are increasing measures and systems designed to securely protect and safeguard information and therefore investing in improved data storage equipment.

As we enter a new era of business, IT strategy will be the ultimate differentiator for law firms to succeed. Strategic investments in technology, coupled with the right financial approach, can set top performers apart in today’s competitive landscape and prove even more valuable in the years to come.

 

About the Authors

Christina Floyd, MBA, is a Certified Lease and Finance Professional (CLFP) and has almost a decade of equipment leasing knowledge and dedicated experience working with the legal industry. Additionally, she has successfully completed the Legal Management Finance Specialist Certificate Program through ALA. In her tenure, Floyd has been instrumental in growing First American’s legal business to more than 250 firms.
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Karen Leastman has more than a decade of equipment leasing knowledge and dedicated experience working with the law firm industry. Since joining First American in 2003, she has been a key contributor in building First American’s law firm division which now serves more than 250 law firms across the United States, including Am Law 100 and 200 firms. As a Certified Lease and Finance Professional (CLFP), Leastman is a leader in the equipment leasing industry.
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