Author: Walter Chomak, January 28, 2018
The 2017 Legal Trends Report contains some interesting insights we’d like to share with you: Did you know lawyers are spending only 2.3 hours, which is 29% of an 8 hour workday on billable tasks? In other words, lawyers spend 5.7 hours, which is 71% of an 8 hour work day on non-billable tasks. Taking a deeper dive after factoring in realization and collection rates, we found legal firms only collect an average of 1.6 hours of billable time a day. What happens with the rest of the hours?
The report found after surveying 3,000 legal professionals that 48% of their time is spent on Configuring Technology, Office Administration, Generating and Sending Bills, and Collections Tasks. This significantly impacts the professional’s ability to work on billable tasks. With so much non-billable time being dedicated to business development (33%), getting new clients is becoming a constant concern for law firms.
HOW can the legal industry address these challenges while focusing on their growth initiatives in 2018? With the Cloud!
Cloud technology, such as our mCloud Platform, is driving digital transformation in the legal industry. Recent Studies Conducted by Lexis Nexis Reports 41% of the legal community is of the opinion that their confidential data stored in the cloud is safe and 72.4% of the legal firms are in favor of cloud adoption. The American Bar Association Survey Report shows cloud usage grew more than 20% in the past two years.
Innovative firms in the legal industry can leverage the Cloud and transform the way they interact and collaborate with their clients and colleagues. The Cloud meets the legal industry’s strict security and data privacy requirements and also helps achieve efficiency, mobility, flexibility, and cost savings.
Cloud technology helps legal institutions expedite their cases and makes client management easier as it provides access to work from anywhere, whether it be at the office, home, or while traveling. Cloud first initiatives will help streamline billing and invoicing and save a significant amount of time.
mCloud helps with online document management that enables you to access your files and share them with your colleagues and clients. Legal Institutions will enjoy greater mobility and freedom of access by hosting their desktop workspaces in the cloud.
By moving IT infrastructure to the Cloud, the legal industry can slash overhead costs as there would be no need for physical servers, software, annual licensing fees, and those hefty annual upgrades
Cloud technology is also secure. You can back up and save confidential data on servers across different geographical regions. When institutions utilize a DaaS solution, all data resides on servers and not the actual device, providing an additional layer of security.
At Mobieus, we make migrating to the Cloud painless and easy for Legal Institutions. If you would like additional information or to discuss your needs, please contact us at firstname.lastname@example.org or give us a ring at 800-691-6774.