The fourth quarter of every year means lots of things to different people, but for law firm leadership teams this time of year brings with it the important — if tedious — process of establishing the firm’s budget for the year to come.
With the rise of new compliance laws like GDPR in Europe, California’s new privacy requirements and other increased privacy scrutiny, as well as well-publicized law firm data breaches, it is understandable that law firms are feeling even more pressure to take steps to reduce their risk profile and triple-check that their data is safe. CIOs are looking at all aspects of security, including how systems can be breached or how data can be shared inadvertently. If you are working on 2018 data protection commitments made to your firm’s upper management, we wanted to make sure you are aware of a tool that can bolster the effects of your data loss prevention (DLP) solution: DLP Tagger.
Law departments are eager to make use of legal analytics technology to better manage their spend and help guide other decisions. According to HBR’s 2017 Law Department Survey of 300 U.S. and global law departments, nearly half of all respondents reported already having legal spend analytics technology, and 24 percent planned to adopt in the next two years. But once the decision is made to implement new or updated legal analytics technology, what is the best way to do it? Law departments have two options: develop it themselves or engage an outside provider.
During my recent visit to Denver for the 2018 Aderant Momentum conference, I noticed a common theme as I interacted with attendees at the conference: Many law firm leaders are currently questioning the effectiveness of their financial reporting systems.
One of the most exciting parts of my job as head of Software Solutions at HBR Consulting is that daily, I get to speak to successful law firm and corporate legal leaders about trends and topics influencing their industry.