Times are a-changin’
Most lawyers are transitioning data storage and essential workflows to the cloud in this digital age. Yet, some attorneys are still hesitant to take the plunge. This reluctance often stems from misinformation or a lack of clarity around cloud technologies’ benefits, cost, and ease of use. Below, we’ll correct some of the most common myths about cloud technologies.
Myth: Cloud software isn’t secure
A locked filing cabinet or a password-protected computer folder may seem like a secure document storage solution. But can it compete with cutting-edge security?
The best technology for law firms, such as SaaS (software as a service) tools and online payment processing software, uses high-level protection like military-grade 256-bit AES encryption. Payment processors may also be regularly evaluated by independent auditors to ensure they meet Level 1 Service Provider standards for Payment Card Industry Data Security Standard (PCI DSS) compliance.
Finally, cloud software can also mitigate the risk of lost data with automatic updates. That means no more worrying about losing valuable files if a computer goes down.
Myth: Cloud technology is expensive, especially for smaller firms
SaaS software allows solo practitioners, small, and mid-sized firms to access resources that may otherwise be cost-prohibitive. For example, you may not be able to afford an in-house accountant, but you can use legal accounting software to track your law firm’s finances, reconcile transactions, and stay compliant when managing trust accounts.
Many of these SaaS tools are very affordable because they’re offered on a subscription basis—typically monthly or annually. This pricing structure offers a suite of benefits, such as smaller, consistent fees and the flexibility to scale to your firm’s individual usage.
Myth: Cloud software isn’t worth it
Also known as “cloud technology won’t impact our bottom line that much, anyway.” No disrespect, but we beg to differ. Here’s what our research and anonymized customer data shows:
- Law firms that accept online payments get paid 32% faster than those that don’t.
- More than 60% of surveyed legal professionals said their law firms collected more money due to online payment processing software.
- 54% of firms captured more leads using online (software-enabled) client intake forms. Additionally, 94% of legal professionals said document management software made document sharing easier, and 92% believed it facilitated document collaboration.
- Attorneys who use an industry-leading SaaS tool can see a 38% average increase in caseloads and gain 3+ billable hours per day.
What does this mean?
Using everyday legal cloud technology is a simple way to streamline time-consuming workflows and make your firm more efficient and profitable. For instance, LawPay can help you track time, invoice quickly, get paid securely in seconds, and ensure compliance with IOLTA and ABA guidelines.