September 01, 2020 The Finance Issue

Effectively Plan Your IT Budget

There is no one-size-fits-all answer for firms allocating resources for IT solutions.

Darragh Fitzpatrick
Small figurines of businessmen stand atop a technological vector.

Small figurines of businessmen stand atop a technological vector.

via Hamzaturkkol / E+ / Getty Images

All law firms want to be successful, and we know the old adage that you need to “spend money to make money,” but what does that actually mean, and where should you be spending your firm’s money? To grow your firm, you will always need to invest, whether it’s in people, clients, knowledge, new technologies, hardware or software. To invest properly we need to understand how much we can spend and where that spend will be most effective.

Small and midsize law firms allocate financial resources for aspects of their practice like rent, payroll and other known expenses, but not necessarily IT solutions. The reality is that how you choose to leverage IT solutions at your firm will have a large impact on how effectively and profitably your firm can operate in the long run. Having an IT budget to ensure that you are spending your IT dollars wisely is imperative, especially when as a small business, funds to invest may not be plentiful.

Premium Content For:
  • Law Practice Division
Join - Now