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Cybersecurity 2020 Year In Review — And A Look Into 2021
Every year-end article you read (and there will be a plethora) will include "unprecedented," or "unpredictable," or "unbelievable," or just plain "crazy." And they are all correct – 2020 was all those things and more. As the year closes and we begin a long-anticipated 2021, what lessons can be taken from the last nine months? And what does the now at least hopeful post-pandemic world look like for cybersecurity, privacy and e-discovery?
As we did last year, we teamed with our colleagues at LegalTech News to get the thoughts of those in the legal tech world. (Note: Some of the answers have been edited for length.) We'll look at cybersecurity in this issue, and e-discovery in the February issue.
A new administration in the U.S., ransomware, ALSPs, new regulations in the U.S. and abroad, and the long-lasting impact of working remotely are just some of the factors that respondents say will factor in to how law firms need to prepare for 2021.
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End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
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Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.