Today, one of the industry’s flagship events, the 15th Annual Law Firm COO & CFO Forum will kick off in lower Manhattan. As the legal industry continues to evolve, we are seeing an increase in the number of firms leveraging technology and optimizing their middle and back office support functions to improve service delivery, cut costs, and create market advantages.
Mattern & Associates, Director of Client Technology and Strategy, Stephen Cole will co-lead an afternoon breakout panel session on Thursday afternoon of the conference at 1:15PM, “Technology on a Budget: Examining Strategic Investment in Legal Tech Partners.” Stephen has been writing and presenting a great deal on the hot topic of litigation support including examining the pros and cons of risk mitigation, security, guaranteed service levels, disaster recovery, staffing expertise, best-in-class infrastructure and software and more. We look forward to an excellent session covering the various strategies firms are leveraging and their outcomes.
With the 2016 Mattern & Associates Cost Recovery and Middle Office Survey results just released, we see two trending topics, clients acceptance and payment of soft and hard costs are holding steady and firms are taking a greater interest in outsourcing middle office functions. 11% of firms nationwide reported outsourcing library services; 24% of firms indicating outsourcing of some on-site functions related to litigation support (technology or staffing). Records management proves to be a hot area with 14% of respondents reporting they outsource records staffing, while an additional 7% of firms are considering doing so in the future.
Another interesting area highlighted in Legaltech News, The Survey found that 90 %of law firms reported having a records retention policy, either formally (77%) or informally (13%). However, just 68%of those with records retention policies said it covered both electronic and paper data, while 25% said the policy covered paper only.
Can your firm benefit from a strategic cost recovery initiative or review of your middle office functions? Talk to us at the COO CFO–we are looking forward to an excellent event.