Lexicon recently hosted a webinar covering the reasons why the legal industry can’t survive without cloud-based software.
Over the last year, law firms relying on on-site data were left particularly vulnerable as the COVID-19 pandemic hit and exposed the importance of transitioning to the cloud.
Pre-COVID, only 41% of firms and 21% of solo practitioners had disaster plans in place. There are also 31% percent of firms lacking any sort of cloud-based infrastructure while 58% are utilizing hybrid solutions.
As the last year has shown, it is vital for firms to be prepared for disaster, so they are able to continue operating.
What is the difference between a cloud-based system and on-premise software?
A cloud-based system is essentially software or services that can be accessed and used over the internet. The software itself is not installed locally on the computer and users can access at any given time from any device. Data is stored on remote servers rather than on local computers and hard drives.
On-premises software is installed and runs on computers on the premises of the person or organization using the software, rather than at a remote facility such as a server farm or cloud.
What are the benefits of cloud-based practice management software?
There are four key benefits of utilizing cloud-based practice management software:
- Security and storage
Access information on-demand in real time
With a cloud-based practice management software, all your clients, matters, documents, emails, events, due dates, tasks, contacts, time sheets, invoices, and more can be accessed securely at any time, by any authorized user, on any device.
- Decision making based on up-to-date, real-time data
- Offline systems
- Faster development
Integration with industry portals and platforms
With newer technology inside the cloud, firms can integrate with other software and technologies more efficiently. Firms that are on-premise must figure out what is compatible with existing software. Transitioning to the cloud enables firms to take technology that is newer in the industry and integrate an automatic transfer of information across platforms.
Data security and storage
According to the FBI, there has been a 300% increase in reported cybercrimes since the COVID-19 pandemic began. The American Bar Association reports that 43% of cyberattacks target small businesses and up to 42% of law firms have experienced a data breach.
Here are just some of the data and security benefits that come along with using a cloud-based software:
- Reduced storage and production costs for real estate, equipment (including servers), and IT staff
- Unlimited data storage
- Frequent back-up
- Data encryption at rest and in transmission
- Easy data recovery
With the cloud, there is no longer a need to run updates or perform software maintenance. Updates and maintenance are automatic, and software is always on the newest version.
What does a move to cloud-based software mean for the legal industry?
- Anytime, anywhere access
- Robust data backup and encryption
- Greater security – internal and external data, compliance
- Automatic backups/data recovery
- Increased access to legal services enabling competitiveness
- Cost savings
- Uptime guarantee
Register for our next webinar
Lexicon continues to host regular webinars to help law firms improve their business. Check back soon to register and learn how to take your firm to the next level.