Big firms up tech spending

Large firms are making massive investments in updating their technology in order to improve efficiency.

Big firms up tech spending
A recent survey in the US has revealed that many large law firms are devoting more of their budgets to technology and other system upgrades.

The International Legal Technology Association and InsideLegal surveyed 281 law firms, half of which had increased their tech spend, around six per cent more than the previous year, according to Bloomberg.

While spending amounts vary from firm to firm, the majority of respondents spent between two and four per cent of the firm’s total revenue on technology investments.

When it came to the main issues preoccupying IT teams, email management topped the list.

“Email management tops the legal IT issue lists and has been named the biggest challenge facing IT departments for the 7th consecutive year.  Cloud-related security risks are not far behind followed by risk management and compliance, mobility/mobile devices and security/facilities,” the report stated.

The report also flagged that keeping lawyers up to date may be the next challenge in investing in technology.  While tech spending in previous years has predominately been around anti-virus software and computers, firms are now investing in developing new networks that keep staff up to date and provide multiple functions from the one platform.

The upsurge in technology spending is likely to be as a result of previously deferred work in the wake of the recession.
 

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