Tech Trends and How to Budget for Them
When it comes to luxury shopping, if you have to ask, you can't afford it.
But when it comes to technology shopping for your law firm, you can't afford not to ask. Technology is changing everything in the practice of law.
The key to buying technology is knowing what to ask. Like, do you need it or do you just want it?
According to a survey by the American Bar Association, most law firms are budgeting for more technology. They know they need it, but they have different priorities, depending on their size.
About 66 percent of solo practitioners said they did not budget for technology; it was about 38 percent of small firms with fewer than ten lawyers. Overall, including large firms, about 57 percent planned to spend on upgrades.
Improved security is a top priority across the board, according to the ABA Legal Technology Survey Report. Cloud services, practice management, and smart software are also trending.
Law Technology Today reported that the survey doesn't give particulars about what is "specifically included in a technology budget." However, the publication said it can help guide firms about investing in training.
"Firms should consider budgeting for technology training as an investment in the firm, its people, and client service," Catherine Sanders Reach wrote for the publication.
She said budgeting for technology helps law firms know where to spend their money if they monitor what is working -- and what isn't.
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