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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
With steadily rising competition, changing client expectations and the need for back-office efficiency, staying on top of law firm technology trends is a must for any practice.
However, keeping up with such advances can be challenging. While some practices consistently integrate the latest innovations, others make select additions as time and budget allow. Wherever your practice falls on the tech-savvy spectrum, every year brings a new wave of potential solutions designed to enhance client relations, streamline operations and ease back-office demands.
Your clients are your firm's lifeblood. Regardless of whether you support large multinational corporations or advise individuals, your success hinges not only on how you perform but also how you treat your clients.
A number of law firm technology trends have emerged as must-haves, including:
Resources to help research, process and develop your legal expertise have evolved to reduce time and effort. Recent developments include:
Your firm is a law practice, but it's also a business. You're responsible for seeking optimal profits from every billable hour. A range of new technologies can help boost efficiency—and the bottom line.
Recent tech developments that can help save law firms money include:
By nature, law firms manage sensitive data and need to protect their clients' confidential information. It's crucial that lawyers stay up to date on security and data privacy regulations, including the California Consumer Privacy Act, or CCPA, and the Health Insurance Portability and Accountability Act, or HIPAA. Fines for violating these laws can be up to $7,500 per violation for CCPA and up to $1.5 million per violation for HIPAA.
Every law firm should create a comprehensive data security policy that outlines procedures for handling and protecting sensitive data. All employees should be trained on best data security practices. And security measures should be reviewed and updated regularly.
Technological innovations will only grow in influence as new products improve efficiencies and conserve resources.
As you weigh your firm's current needs, thoughtful planning and budgeting for tech resources will help ensure that you capitalize on the developments that will support your firm well into the future.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.
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