3 Financial Investments to Make as a Law Firm

Monday, September 28, 2020, 6:00 AM | Leave Comment

Your law firm needs to compete against others in your area. Since there are over one million lawyers in the U.S., this is a prime necessity.

First, you need Subject Matter Experts (SMEs) who truly know the law. Next, you need to establish yourself with your clients. Third, you need to invest in the firm.

This doesn’t mean law books and office furniture. There are other financial investments that need to be made to properly equip this type of business. Not simply for current activities but also for the firm’s future growth.

Here are three such financial investments to make as a law firm.

3 Financial Investments to Make as a Law Firm

  1. Transcription

    Transcription services are extremely important for law firms. Without them, attorneys can’t review testimonies provided to them. This might lead to misinterpretation during trial or settlement.

    However, this doesn’t mean you should hire someone on a permanent basis. You want to consider legal transcription services. These firms, such as Transcription Output Sourcing, can be hired when necessary. This means bringing in one or multiple transcribers on any day.

    Transcribers are similar to court reporters. During testimonies within the office or in court, information is recorded. The transcribers listen to the recordings and complete accurate documents. These are passed back to the attorneys for review and possible use in a trial.

  2. Information Technology

    Investments in information technology are as important as legal experts who populate the firm. Without current applications and devices, retrieval of information can be slowed down. In a worst-case scenario, the information might be corrupted.

    Furthermore, a lack of IT investment is a security risk. Without the proper network and server precautions, personally identifiable information (PII) could be taken by malicious parties. This includes data from your employees and clients.

    This doesn’t mean your firm needs to have its own IT department. The best and most economical solution is to outsource. Managed IT Service companies to review your needs, determine the hardware and applications required, and support them.

    One of its tasks is to review the amount of data your firm creates and how it needs to be stored. A large firm with terabytes worth of information might be deemed as a location with Big Data. In those situations, they’ll need to work with programs that not only help compile the information but generate reports and other documentation for use during court appearances or settlements.

    One more thing to consider about IT investments. Employees should be able to perform their work remotely. Thus, they need secure access to data no matter where they are. This can be obtained by moving the information to a cloud-based environment.

  3. Infrastructure

    You don’t want a potential client to walk into an office that’s dirty and disorganized. This may give them a sense that you don’t know what you’re doing. Instead, you want an office that shows the right level of professionalism.
    This doesn’t mean you need to invest in an entire floor of office suites with top-end furnishings. Rather, the space should be clean, comfortable, and ready to accept potential clients.

    Remember, people come to your law firm because they have an issue. Most likely, they’re unsure or nervous. With an investment in the firm’s infrastructure, it could reduce some of their tension.

    The investment also applies to the lawyers at your firm. The more they deal with internal issues the less time they’ll have to work with clients. So, the office furniture needs to be in proper working order.

    In addition, plumbing and electrical should be reviewed and upgraded if necessary. Those who work at the firm shouldn’t need to go to another floor to use the bathroom or kitchen facilities. If they feel comfortable in their surroundings then they’ll spend more time being productive.

    In fact, infrastructure and information technology go hand-in-hand. What’s invested in upgrades to furniture and utilities should also go into IT. It gives employees incentives to do their best work.

In the end, you don’t want your law firm to seem rundown. Not only does this halt the influx of clients, but it stops qualified lawyers from joining. Through some simple investments, you can have an up-to-date firm that is secure and comfortable for both clients and employees. Then, you can do what you were destined to: help others resolve their legal differences.

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