Law firms face significant data security threats. But there’s good news for law firms on data security. When firms are serious about their data safeguards and take concrete steps to strengthen their security profile, they better position themselves for higher revenue, lower and better-controlled expenses, and stronger client relationships.
As always, context matters. The legal services industry has changed dramatically in the last decade, with private practice law firms facing (a) increased competition from nontraditional providers and technology-driven service models; (b) the Internet-driven dissolving of historic barriers to remote service delivery; (c) the post-recession tightening in companies’ outside legal spend; (d) the shift of work to in-house legal staff; (e) the ongoing consolidation of client work in fewer, preferred law firms with geographic bench-strength or industry/specialty focus; and (f) the resulting pressure on mid-sized firms to scale/merge up or specialize/boutique down. There’s no viable “let’s simply wait it out” option in the face of these trends. In short, it’s now a far more competitive world for attracting and retaining clients. There will continue to be winners and losers, but now the margin of difference is more slim.
And this is the “there must be a pony in here somewhere” epiphany – in this highly competitive environment, strategic improvement in a law firm’s data security posture can, more than ever before, make a huge difference.
Here are three examples of how better data security is a strategic win for law firms:
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