The next five years will see a significant change in the way firms adapt their IT strategy. To date, the impact of IT on legal services has been somewhat limited to document management (DM) and discreet tools that enable lawyers to run their practice in the same old way, but with incrementally greater efficiency. In the future, the more advanced firms will also adapt traditional and long established working practices to allow IT value and functionality to be maximised.
Firms that ignore the inherent risk issues associated with implementing technology, such as DM and matter centric systems, will waste money and increase risk. Risk management and compliance is being forced even higher up the agenda of law firms given the recent fallen reputations of a number of organisations and the continued introduction of complex legislation and regulations affecting the way that law firms carry out their business. Despite this, in very few law firms are senior IT staff working alongside those responsible for risk management, leading to a number of IT projects and changes being introduced without sufficient consideration by the risk managers.
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