The Tech Mistakes Costing Your Firm Time & Money - Part 2
In last weeks article, we discussed one of the two common tech mistakes that law firms make when it comes to technology, being over-investment and implementation of too much technology. While that may seem counter-intuitive on face value, the article elaborates on the challenges you will likely run into when you hastily implement new technologies.
If you missed it, you can read it here: The Tech Mistakes Costing Your Firm Time & Money - Part 1
In this article, we will be discussing the second mistake that law firms tend to make when it comes to technology, being under-investment and utilisation of technology.
Underinvestment in technology
It will come as no surprise that, for the most part, this mistake is far more prevalent in the legal industry than the first. There is a multitude of reasons as to why, but for the most part, it seems to be directly correlated to the fact the value proposition of technology investment either isn’t there or can’t be communicated and made ‘tangible’ effectively.
The other reason, in my opinion, is that the market is flooded. There is SO much tech available, all claiming to be the next greatest thing that your law firm needs to remain relevant in the future. It’s like walking into a café with a thousand menu options. Eventually, you get sick a trying to choose and just settle for going home and eating last nights leftovers (or maybe that’s just me?).
So, what is the by-product of under-investment and implementation of technology?
In our opinion it’s simple. Technology exists to make our lives easier. It exists to speed up the process from enquiry to invoice (in a business context of course). It is an enabler, that enables us to do more, with less.
With that in mind, the impact of not utilising or implementation modern technology solutions into your firm will equate to higher costs of delivering services to clients, diluting your margins for the work that you do. It will also take you longer to complete the work and give the client a less than optimal experience with your firm. With lower margins (Or higher client costs if you raise your prices), and a worse delivery of service, how long do you think you will be able to continue before those clients go elsewhere?
If you’re a self-confessed under investor in technology, you might be wondering where to start increasing your tech spend. If you have read the first article in this series, you will know it won’t be in acquiring new apps and solutions that don’t compliment your core system.
On the subject of core systems, being your practice management system, your accounting software, and your IT and communications infrastructure, we recommend that you start here. Without modern and up to date core systems, you are already behind the eight ball.
By now, you should be in the cloud, or at least considering doing so. Cloud systems are infinitely more scalable and broaden the opportunity for you to implement technology solutions that will compliment your core systems. It should also offset capital investment through subscription services, freeing budget to allow for more technology investment.
Once you have a robust, scalable and secure baseline in your core systems, your technology investment strategy should be focussed on identifying technology that will complement those systems, as opposed to working independently of them.
At ServiceScaler, we work with law firms every day to help them implement robust and modern technology systems strategically to ensure that firms are maximising their tech investments.
If you feel that your technology systems and investment are lagging and the ServiceScaler team might be able to help you, then we would love to hear from you.
enquiries@servicescaler.com | (02) 9146 6339 | www.servicescaler.com