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Predictability, Technology Change Cycles and Increasing Client Demands
It's the 2014 budget season and law firm decision makers are scrutinizing bottom line variables to answer many questions, including this one: Is it more advantageous for my firm in the current and future market to own an asset or lease it over its useful life? Things to take into consideration when determining the answer for each firm include: current market trends; advances in technology; the end of the life of the technology equipment; and financial perspectives, including cash outlay, predictability, flexibility and total cost of ownership.
These variables and circumstances will be unique to each firm, of course. Firm culture, tradition, decision making processes, size, market forces, etc., all will play into the best suited results.
To concretely illustrate one firm's approach, we talked to Ted Gerber, Director of Data Systems at Hawkins Parnell Thackston & Young LLP (HPTY), a firm which has embraced forward thinking on the technology front, including the bring-your-own-device (BYOD) culture, as well as having been in the advantageous position of experiencing significant expansion over the past decade. HPTY has selected leasing as the most strategic decision for their firm. Ted's recommendation? “Begin with the end in mind.” Here's what he means.
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