Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Leasing Technology and the Business of Law

By Marc Cram

Law firms are businesses. Law firms have, of course, always been businesses, but now more than ever, they must be conducted operationally and financially as such. Each year since the economic meltdown in 2008, the level of scrutiny and analysis of the firms' bottom lines has increased not just exponentially, but shifted paradigmatically as firms look to increase flexibility, efficiency and productivity. The 2012 Altman Weil Law Firms in Transition Survey confirms this dramatic shift in attitudes in which an overwhelming 96% of law firm leaders expect this pace of change in the profession to remain the same or accelerate, and the most successful firms will capitalize on clients' demands for greater transparency, greater value and greater levels of service.

Many law firm decision makers are turning to leasing equipment and technology as a competitively advantageous way of performing in the new business model landscape. From a financial perspective, leasing allows firms to: establish a monthly expense where the partner costs are spread out over the life of the hardware or software project; conserve their cash reserves; keep bank lines of credit open for short-term use; expense lease payments rather than depreciate equipment; avoid potential losses on the sale of equipment; and have IT proceed with projects that may exceed the firms' budgets. Combined, these benefits can translate into optimal financial and operational flexibility when the lessor involved is a trusted and strategic partner in a firm's decision-making.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs Image

A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.

Coverage Issues Stemming from Dry Cleaner Contamination Suits Image

In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.