Aderant Releases Research on Top 5 IT Trends Affecting Law Firm Profitability

Global News

19
Dec
2013

Editor

Laws firms leveraging IT to create competitive advantage and profitability

Aderant, the world’s largest independent legal software company, today released a research report on the top information technology trends affecting law firm profitability. Demand for legal services dropped by an estimated 5% in 2013, and law firms have reacted with traditional cost containment strategies.

However, more forward thinking firms leveraged new practice management software to not only contain costs but also create competitive advantage and increased profitability.

Aderant documents the top 5 IT trends affecting law firm profitability as:

1. reporting and tracking systems to manage alternative fee arrangements;
2. “bring your own device” requiring new security technology;
3. firm mergers challenging IT infrastructure;
4. increased globalization stretching IT infrastructure; and
5. cloud hosted practice management software.    

Mike Barry, senior vice president of product management and product development for Aderant, commented, “Without a doubt, law firms are facing more technology change than at any time I can remember. Many forward thinking firms are embracing this change to their advantage vs. waiting to be forced into these new paradigms. A few examples include deploying new workflow-enabled billing systems to shorten the time to cash, utilizing newer matter and case management systems to turn fixed fee and AFA engagements into a competitive advantage, and automating the matter inception process.”

Aderant’s white paper, “Top 5 IT Trends Affecting Law Firm Profitability,” compiles recent research from twenty (20) different industry and academic sources combined with expert opinion from key Aderant employees. Chris Giglio, chief executive officer for Aderant, stated, “This white paper symbolizes Aderant’s philosophy to always be at the forefront of the trends that help our clients run their firms more effectively and profitability. Aderant employs staff with decades of law firm industry experience and client relationships. We see law firms worldwide leveraging our practice management technology, and our staff experience, to drive growth.”

Law firms today utilize software technology for case management, business intelligence, docketing, legal calendaring, legal timekeeping, and legal billing. Advances in information technology have helped lawyers and law firm business managers keep pace with an ever challenging environment while improving client satisfaction and profits.

“Top 5 IT Trends Affecting Law Firm Profitability” can be downloaded at www.aderant.com/top5trends.