Law firms are daily targets for cybercrime and targeted data breaches. Criminals are keenly aware that
law firms can be a “back door” to valuable confidential data, such as trade secrets, intellectual property
and financial information related to potential business deals. In fact, 23 percent of law firms reported
that they have been the victim of a data breach at some point, according to the ABA’s 2018 Legal
Technology Survey Report. Meanwhile, corporate clients are ramping up due diligence efforts to ensure their outside law firms are protecting their information with comprehensive information security controls. They also want to be assured their firms can quickly and easily respond to all possible compliance items or requests.
In a profession enamored with centuries-old precedent, the term “legal innovation” has long been an oxymoron. Lawyers were commonly—and often rightly—perceived as too stagnant and tradition-bound to embrace radical change. But more recently, legal innovation has taken off, garnering extensive buzz in the industry.
Law firms have long talked about the attractiveness of migrating their IT infrastructure to the cloud, but they have not made appreciable steps to date. This is due in large part to an understandable fear of negative client reaction, especially in regulated markets such as finance. In truth, restrictive outside counsel guidelines of even a few large clients often were enough to put the brakes on cloud initiatives.
The rise of data analytics has in the past decade substantially impacted how businesses operate and provide services. The legal industry, on the other hand, has been much slower to adopt analytics than other verticals. That is beginning to change, as interest and investment grows in legal organizations.
Revenue Control has been by far and away the busiest area for hiring across the legal accounts function in recent years for our team, with significant change and evolution of teams across the legal sector.
In ecology, the term “edge effect” refers to the boundary of two or more habitats. At the edge of two intersecting habitats scientists find greater diversity of life, including unique species that are specially adapted to the conditions of the zone where the two habitats come together.
Yes, we may still be discussing some of the same challenges that surfaced years ago in the legal ecosystem, but now we have a sense of “vuja dé” – seeing something familiar with a fresh perspective – a viewpoint that allows us to gain new insight from old problems.
MHA’s Year End Tax Planning Guide summarises some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2019 or for companies, the end of the financial year on 31 March 2019.
Your capital contribution is a significant investment in your professional future, which should be treated as any other investment; you need to believe in the strategy and ethos you are buying in to and expect a return on your investment.