Where Do Advanced Network Solutions Make the Greatest Impact on Your Bottom Line?
Modernising network architecture offers numerous benefits for law firms, including addressing legal and regulatory concerns, supporting digital transformation, and contributing to improved customer retention.
out of 10 law firms in 2023 experienced a security breach
Compliance and Data Protection
The sensitive nature of the data processed by law firms makes them a prime target for cyberattacks. In fact, in 2023, 4 in 10 law firms experienced a security breach. However, in addition to cyber attacks, there are other compliance issues as well, such as Anti-Money Laundering (AML), client confidentiality, and Environmental, Social, and Governance (ESG) responsibilities that advanced network architecture can address.
To combat security threats and meet compliance obligations, organisations must implement highly efficient data governance, access management, and firewalls. These measures can be accessed through modern network architecture systems. The best options also provide edge security, allowing law firms to protect data regardless of where it is accessed.
Real Estate and Asset Management
Typically, the average law firm spends between 9% and 12% of their overhead costs on renting office space. Even when a firm acquires a premises, a failure to understand how and when spaces are utilised can often lead to overspending.
Deploying a state-of-the-art, AI-driven network management platform can provide a firm with deeper insights into space usage and enable it to optimise this significant expense. A platform like this will allow users to analyse network usage and identify unused space, ultimately revealing areas where the network isn’t accessed and enable them to optimise procceses.
This network overview also boosts efficiency when addressing network issues. Instead of examining all possible effects, teams can focus directly on the issue without assigning blame to the network teams.
The average law firm spends between
of their overhead costs on renting office space
Operational Resilience
While many law firms focus on conducting the majority of their business through official office premises, there must be a capacity for employees to hold off-site meetings, work remotely, and engage in other location-based activities. To facilitate this, legal firms need a system that enables users to securely access confidential and sensitive data, regardless of their location.
A modern, resilient network architecture connected through a centralised platform allows law offices to efficiently manage data access and usage. Operators can easily visualise network operations, and if an issue arises, they can quickly restore the network.
AI Transformation
AI has multiple use cases in the legal sector. It can significantly reduce research times and it speeds up the process of sorting through vast amounts of data during the discovery phase. Additionally, AI tools are capable of quickly identifying potential issues related to risk assessment and compliance.
A recent survey by the Thomson Reuters Institute found that 79% of law firm respondents expect AI to have a "high or transformational impact" on their practices within five years. The same report also indicated that, within a year, AI could save legal professionals four working hours per week, resulting in a significant efficiency gain.
Legacy platforms are ill-equipped to handle AI workloads. Only modern network infrastructure can enable the widespread rollout of AI technologies and services, and support the development of bespoke AI clusters. The best AI-driven networking solutions capitalise on the latest approaches, such as virtual network assistants powered by generative AI, to boost speed and performance.
of law firm respondents expect AI to have a "high or transformational impact" on their practices within five years
Increasing client retention by just
5%
could boost a law firm's profitability by an impressive
Client Relations and Retention
Research from Harvard Business School found that increasing client retention by just 5% could boost a law firm's profitability by an impressive 25% to 95%. However, to achieve a high level of client retention, law firms must deliver exceptional customer experiences.
One effective way to accomplish this is by ensuring efficient and prompt communication and processes through advanced network architecture. The most comprehensive network solutions adopt an end-user-first approach, focussing on delivering outstanding levels of uptime and performance.
To keep clients satisfied, network operators must have tools at their disposal to quickly remediate any issues that arise, such as distruptions to virtual meetings. This requires a holistic view of the network along with access to real-time analytics.
Conclusion
The latest network technologies address some of the core revenue generation activities for legal practices. In this whitepaper, we explain how upgrading a legal firm's network architecture can maximise potential revenue gains.
The key is centralisation and holistic management. By adopting a bird's-eye view of your network architecture and utilising AI to automate responses to potential network threats, you can ensure that not only are end-users benefiting from the best service, but all of your on-premises investments are also operating at optimal efficiency