IVIONICS

YOUR

BUSINESS

FIRM DEMANDS

Information is arguably the greatest asset for every attorney.

In today’s digital economy, technology is the enabler for information creation. However, using the right technology and using it the right way are very distinct challenges that are commonly overlooked. Being competitive or even relevant in the legal marketplace requires optimized business processes aligned to staff capabilities and system functionality. Accepting mediocrity when it comes to people, process, & information systems is the recipe for failure. Market leaders in the legal industry are successfully leveraging mobility, cloud computing, data analytics, business intelligence, and AI in their transformational efforts because they’ve realized the prerequisite is a solid data governance foundation. Whether creating a competitive advantage or adhering to your client’s compliance requirements, start by improving your information management so that information can drive productivity enhancements.

WHO’S SPENDING BIG
ON BIG DATA?

The technology industry is spending the most on international resources

about 28% more
than external legal costs

Technology

Legal Cost

Clients who see value in their data are taking a more assertive stance over leveraging it in ways recently the domain of law firms. They compare their spend with peers. They are implementing legal document management systems, poised for emerging advances in artificial intelligence and data analytics. They are retaining their knowledge and applying it to their business processes and decisions.

WHAT DO CLIENTS WANT TO SEE FROM THEIR LAW FIRMS?

(1-5 LOW TO HIGH PRIORITY SCALE)

3.79 out of 5

Better Project Management

3.58 out of 5

More Internal Use Of Technology

3.42 out of 5

Client-Facing Digital Services with Self-Service access to content, advice or customized documents

WHERE
ARE THEY SPENDING?

eBilling system

Contract Management System

Document Management System

Companies with a developed technology roadmap spend 3x more on technology than organizations that don’t have a roadmap or those still developing a roadmap

The Common Thread

The common thread here is that technology being used for strategic advantages by corporate legal departments requires less outside legal counsel. Focusing on high-value counsel is a law firm strategy to answer clientsi needs. Firms have many opportunities to tackle routine legal work at a lower cost via technology augmentation. In fact, the precedent has already been set with Technology Assisted Review for eDiscovery now and expected practice in many courts.

Focus on Strategic Planning

Efficiency

Firm leadership saw it as an opportunity to re-evaluate not only the applications used, but the processes that drive application use and the flow of data between applications.

Cloud First

The firm now benefits from data centralization, allowing for reliable reporting and improved data security, and global, mobile access, allowing their attorneys and clients an efficient platform for being successful.

Data Governance

By governing our data better, we are capturing our institutional knowledge and inserting it into our practice in real time, ensuring that we are always providing our clients with the best possible products and outcomes.

Matter Management

After five years of steady sailing on technical infrastructure that fit my firm’s needs, leadership updated their business strategy to grow to twice their current size across two new regions. The firm’s days of knowing each other as if they all worked in the same room were numbered.

Knowledge Center

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A new organization will fall victim to ransomware every 14 seconds in 2019, and every 11 seconds by 2021. (It was 40 seconds in 2018 and 2 minutes in 2016.)

Source: Cyber Crime Magazine

Our Clients: “How do we find a balance between restriction and necessary access?”

IVIONICS Legal: Zero trust, least privilege, virtual desktops - these words are becoming commonplace. It is time to address the convenience factors that put us at greater risk and set new expectations for how we access and store data. Data governance technology now exists to monitor and react to data flow in real time. System administrative software now exists to facilitate more agile on- and off-boarding of employees’ access to data. These are representative of the ways in which computing needs to evolve to meet security and privacy objectives.

50% of a surveyed 582 cybersecurity professionals do not believe their organization is prepared to repel a  ransomware attack.

Source: Pwnie Express

Our Clients: “Where do we start to change this?”

IVIONICS Legal: Start by shutting down administrative-level rights on the desktop and limiting the amount of access each employee has. Develop efficient on and off-boarding procedures to keep data as secure as possible. Ransomware can only encrypt data it can access.

75% of companies infected with ransomware were running up-to-date endpoint protection.

Source: Sophos

Our Clients: “If technology isn’t the answer, what else can we do?”

IVIONICS Legal: Change is difficult but necessary. Negligent practices to get the job done are the result of…

software limitations.
lack of training.
self-defense from technical glitches.

Regardless of policies, procedures, and systems in place, employees will always look for the most efficient way to work. Ensuring software and systems work properly for them is key to staying compliant. This is no longer a task at the onset of implementation, but throughout the tenure of the products and systems.

The average cost of a ransomware attack on businesses was $133,000.

Source: Sophos

Our Clients: “What is needed to protect our firm?”

IVIONICS Legal: Technology alone will not keep your data secure. Getting buy-in means making it clear to employees how their habits can affect the livelihood of the business and ultimately, their paycheck. It also means listening to your employees to ensure the right processes and systems are in place. While it may be more convenient and productive to grant all relevant employees access to the systems they may need to perform their work, battening down data and systems to those who need them reduces risk. Other protective measures include auditing data access rights and system administrator activities, phishing testing of employees and routine tests of your business continuity plans. On the technical front, don’t give employees desktop administrator rights, limit where data can be saved, use multi-factor authentication and test-restore backups regularly.