Industry News Legal Management Updates

The IT Refresh Imperative

IT spending across all industries is expected to reach $4.5 trillion this year. As our reliance on technology grows, rethinking traditional IT asset management is imperative to outpace the competition. Finding room in the budget for large IT purchases can be difficult but holding on to older technology that slows down staff and drains resources with maintenance and upkeep is no better.

Christina Floyd and Karen Leastman
Christina Floyd and Karen Leastman

Vice Presidents
First American Legal Finance


Leading legal organizations recognize the strategic opportunities of a lease-based technology refresh program, including operational efficiencies, cost savings and sustainability goals. Leasing technology equipment allows law firms to avoid obsolescence by matching the lease term to the equipment’s useful life, then returning the equipment at lease-end to upgrade to new technology.

TOP REASONS FOR A TECH REFRESH PROGRAM

  1. Establish a disciplined upgrade process
    Keep your IT infrastructure up to date with leading-edge technology that boosts performance and puts you ahead of competition.

  2. Lessen security vulnerabilities
    Protect your data from security breaches with the latest upgrades.

  3. Reduce indirect costs of owning IT equipment
    Avoid the ongoing maintenance, repairs and downtime associated with equipment obsolescence.

  4. Gain budget predictability
    Replace the budget spikes of cash-based financing with fixed, predictable payments.

  5. Advance sustainability initiatives
    Responsibly reuse, refresh and recycle outdated equipment.

TRENDING LEGAL INVESTMENTS

So what are some of the legal tech investments firms are making? Here’s what we’re seeing:

Laptop Refreshes: With the migration to a hybrid work model, investments in laptops continue to surge within the legal industry.

Global Office IT Upgrades: As firms expand to new regions, they are making larger investments in international technology platforms by setting up global data centers, disaster recovery (DR) sites and other infrastructure equipment. 

Data Security Solutions: As attention to data protection and security grows, firms are increasing measures and systems designed to securely protect and safeguard information by investing in improved data storage equipment.

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

 

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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