Like virtually every other industry, the legal sector is becoming increasingly reliant on digital resources. It is also becoming more crowded, which means that firms have to compete for an ever-shrinking market share of clients.
In light of these facts, your firm must replace outdated legacy systems and leverage the latest entity management software. Doing so can enhance your ability to remain profitable, boost staff productivity, and open the door for future growth.
With that being said, you may be hesitant to update your legal technology with modern entity management software. How can you determine whether your law firm’s technology is outdated? We have outlined 5 of the most common signs below.
1. You Still Depend on On-Premises Systems
If you are still relying on on-premises entity management software, then your technology is likely due for an overhaul. There are significant risks associated with using on-site servers and data management hardware.
On-site hardware is not easy to scale. As your firm grows, expanding data storage capabilities can be incredibly expensive and time-consuming. Conversely, cloud-based legal technologies can be scaled effortlessly.
In addition, on-site servers offer minimal data loss protection. Imagine how damaging a wide-scale data loss would be for your law firm. Chances are that such an incident would cripple your business for weeks or months.
Cloud-based entity management solutions offer superior scalability and data loss protection. These legal technologies are also much more cost-effective than their predecessors, which is important because of the increasingly competitive nature of the legal profession.
2. Cybersecurity Is a Major Concern
Are you confident that your current entity management platform is secure from both physical threats and cyberattacks? If not, then it is well past time to upgrade your legal technology.
According to Statista, there were over 1,000 successful data breaches in the U.S. during the year 2020. These breaches resulted in a total of 155.8 million records being exposed. While 2021 statistics have not yet been released, the total number of breaches will likely be similar to the previous year’s mark.
Your law firm has a duty to protect confidential client data from the activities of cybercriminals. While cutting-edge entity management software will significantly increase your data security.
Using cloud-based resources also helps to protect against physical dangers, such as fires, break-ins, and more.
3. Your Current Software Lacks Remote Capabilities
Pandemic-related events significantly increased the need for remote work capabilities. Unfortunately, outdated legacy systems may not allow employees to easily access essential files remotely.
Transitioning away from aging legal technologies in favor of cloud-based entity management software can give your team the mobility they need to work from anywhere. This capability will become especially valuable in the event of further disruptions to normal work conditions.
4. Your Walls Are Lined with Filing Cabinets
Are the walls of your office lined with unsightly filing cabinets? Do you still rely on antiquated analog tracking systems to keep up with important client documents and case files?
Modern entity management software can eliminate all of your file management woes. You can finally ditch all of those filing cabinets in favor of digital document management technology. Managing documents electronically will not only reduce costs, but it will also help your staff to be more productive.
Once you have completed the transition, you may be able to decrease the size of your office space. Downsizing can result in significant cost savings, as well, which further enhances the benefits of upgrading your legal technology.
5. Your Firm Lacks Transparency
Modern clients expect a certain level of transparency when they are working with legal professionals. They want to know exactly what services they are being billed for, right down to the minute.
Firms that fail to exhibit transparency will have difficulty demonstrating their value to clients, which can ultimately impact profitability.
However, being transparent can be extremely challenging with outdated entity management software. The various applications that your firm uses may not effectively share information, which can hinder your ability to be transparent.
Conversely, cloud-based entity management solutions facilitate powerful integrations in order to create a collaborative workspace. These technologies not only enhance the performance of employees, but they also increase your ability to show real value to clients. This is made possible through the use of virtual minute books, which make tracking your billable time easier than ever before.
Is Your Tech Due for an Update?
If your current suite of legal technology cannot keep up with the needs of your firm, then it is time to replace it with cloud-based entity management software.
To learn more about the capabilities of this innovative technology, contact Athenian today and book your demo.