One benefit of cloud computing is that it allows lawyers to back up their data offsite, thus providing a safety net in the face of onsite data loss caused by a computer or server failure or a natural disaster, such as a fire.
One of the benefits of using a cloud computing platform in your law practice is offsite data back up and business continuity. It’s a convenient and simple solution for data back up, it happens automatically and gives you one less thing to worry about. Read more…
With cloud-based services, you simply pay a monthly fee and the SaaS provider hosts the software for you, at no additional cost. You don’t have to worry about keeping track of and installing software updates.
One of the most common benefits touted by cloud computing proponents is the economic benefit of switching to the Cloud. With SaaS, there’s no need to purchase servers and software; no need to pay expensive annual licensing fees or software upgrade fees; no need to hire IT staff to maintain the servers and stay on top of software updates. Read more…
Information gathering and note-taking apps can help busy attorneys manage the constant stream of information and avoid information overload.
Sometimes, in this new Web 2.0 world, it’s easy to feel overwhelmed with information. Organizing the flow of information, for both work and personal uses, is one way to manage the constant stream of information and reduce information overload. Read more…
Strategic inflection points indicate the astonishing ways in which the economics of industry change as time progresses.
I am reading Only the Paranoid Survive by Andy Grove, the legendary CEO of Intel. In the book, Grove focuses on dramatic changes to the economics of an industry, which he calls “strategic inflection points.” One “inflection point” he discusses is the disruption the PC brought to the computing industry.
A virtual deal room is a convenient tool to securely organize and share large volumes of documents during the Private Placement process. An online document repository, or virtual deal room, is an attractive alternative to email for collecting and sharing this information in an organized fashion while keeping the data safe.
Recently, I have been talking to professionals that specialize in issuing private placements. A private placement is a funding round of securities that are issued to a select group of targeted, private investors. In my discussions, it has become apparent that there is an opportunity for professionals in this space to leverage the capabilities of a virtual data room, particularly if they manage more than one of these transactions annually.
Web-based scheduling applications can greatly simplify the process of determining a mutually agreeable meeting time.
One of the more annoying tasks that many of us encounter on a nearly daily basis is attempting to coordinate a meeting or phone conference amongst a group of people. Generally, an agreed upon date and time is arrived upon only after a flurry of emails have gone back and forth between participants.
Information gathering and note-taking apps can help busy attorneys manage the constant stream of information and avoid information overload.
In this new Web 2.0 world, it’s easy to feel overwhelmed with information. Organizing the flow of information, for both work and personal uses, is one way to manage the constant stream of information and reduce information overload.
Managing cloud computing risk using new products and services.
One of the primary concerns expressed by lawyers and other business owners when considering moving data and processes to the Cloud is risk. Understandably, business owners are wary of outsourcing confidential information and express concerns regarding the security of their data. Another concern involves the sense of lack of control over company data and the inability to monitor the software processes used to organize the information.
The “why” of a business venture, for Sinek, is not simply the act of making money; rather, it points more to a cause, vision or purpose. He says most of us in our daily lives are pre-occupied by the “what” and the “how” – but are not driven by “the why.” I think Sinek’s correct – we spend much of our time just “getting work done” and don’t remind ourselves of “why” we even care to do it.
I watched an interesting talk by Simon Sinek on what makes certain companies or people achieve greatness. To explain his thesis, Sinek makes a very important distinction in defining what it takes to achieve entrepreneurial success: some people know “what” they do, some people know “how” they do it, but few people consider “why” they do it.
There is a strong correlation between the electrification of industry, a hundred years ago and the cloud computing industry today.
In 2008 Nicolar Carr published a bestseller called “The Big Switch: from Edison to Google,” it’s central thesis being the strong correlation between the electrification of industry, a hundred years ago and the cloud computing industry today.
What I have learned is SaaS business forces you to focus on service. If a SaaS customer is not happy with your company’s support, s/he can “unsubscribe” with far less difficulty than if s/he was dealing with a locally installed system.
When I first went to trademark Firmex virtual data rooms as a software company, the trademark attorney told me that to trademark us as a product company I had to physically be able to “ship” something. “Send us a copy of your product on a disk with packaging.” My reaction was “huh?” – We have the internet – we don’t “ship” software on FEDEX trucks anymore, we let the internet take care of the distribution. According to the Trademark office, then, you’re not a software product company, you are a service company.
The North Carolina State Bar offers guidance to lawyers interested in using SaaS-based platforms in their law practice.
The North Carolina State Bar (NCSB) recently issued a proposed formal ethics opinion (proposed 2010 FEO 7), which may assist lawyers in assessing the risks of using a particular cloud computing product in their law practice.
Legal virtual assistants can help make the practice of law simpler and more efficient.
A knowledgeable, reliable, and smart administrative assistant can be the key to making your life as an attorney much simpler and more efficient. And now, with the increasing ease with which we can communicate and share information online, virtual legal assistants are becoming an appealing and affordable alternative for many law firms, large and small alike.
Lawyers considering whether to use cloud computing platforms in their practice must think about important security issues.
In prior posts I discussed basic cloud computing concepts and the ethical issues triggered by cloud computing. There are also security issues that lawyers must consider when deciding whether to use cloud computing products in their practice. Read more…
Virtual data rooms allow lawyers to store documents online, offering lawyers and their clients convenient access to important legal files.
In my last post we discussed how digital dictation systems can offer busy lawyers much-needed flexibility in the creation of legal documents. The next step, once you’ve created documents using digital dictation, is to store your documents online using virtual document management and collaboration systems. These convenient and efficient online platforms offer lawyers a 21st Century alternative to traditional document management systems.
Firmex is in the business of providing M&A advisors, lawyers and corporate executive staff a secure online data room for sharing critical operational, legal and financial documents with 3rd parties. Recently, a group of lawyers were convicted for trading insider information which was gleaned from picking through other lawyers’ client documents and another company was saved from losing all their documents in a fire by storing everything in their Firmex virtual deal room.
Firmex is in the business of providing M&A advisors, lawyers and corporate executive staff a secure online data room for sharing critical operational, legal and financial documents with 3rd parties. Not surprisingly, as the company’s CEO, I run into resistance from senior partners and executives about putting critical and highly confidential company information on the Internet. They are worried that it’s “not safe.”
With cloud computing, just as with any other type of storage of confidential client information, lawyers have the ethical obligation to exercise reasonable care to ensure that the cloud computing provider will preserve confidentiality and security of the data.
Lawyers have ethical duties to protect sensitive client data. When it comes to storing information in “the cloud,” just as with any other form of storage, taking steps to ensure that confidential client data is protected is imperative. Unfortunately, there are very few ethics opinions that have been issued on this topic, causing many lawyers to fear the potential ramifications of storing confidential client files via the cloud computing model.
I am awestruck with the economic impact SaaS has had on the software industry in the last half decade and, I suspect, it will grow to be of similar magnitude to the Internet’s effect on newspapers, music and publishing. I have no doubt that the efficiencies SaaS drives will completely disrupt the software business and here are the reasons:
I was in the client-server business from 1993-2005 and since 2005 I have been in the SaaS business. I am awestruck with the economic impact SaaS has had on the software industry in the last half decade and, I suspect, it will grow to be of similar magnitude to the Internet’s effect on newspapers, music and publishing. I have no doubt that the efficiencies SaaS drives will completely disrupt the software business and here are the reasons:
Ignite Law was organized by the inimitable Matt Homann, founder of LexThink, and sponsored by ABA TechShow. At IgniteLaw, 16 speakers (myself included) were selected by the votes of their colleagues to discuss their perspectives on the future of the law industry.
ABA TechShow took place in Chicago from March 25-27th. The convention opened with a “bang,” featuring a conglomerate of “rapid-fire presentations” from IgniteLaw.
Web-based law practice management software provides lawyers with flexibility and ease of use.
Law practice management software is crucial to managing the complexities of any modern law practice. However, traditional law office management software can be expensive, cumbersome to navigate and prone to such frequent glitches that your IT consultant becomes a permanent fixture in your law office.
Law practice management systems can help attorneys streamline the process of handling a case from start to finish. Choosing the right system for your law practice makes all the difference.
Legal practice management software is a must-have for most law offices. It streamlines the process of handling and managing a case from start to finish. Law case management systems allow busy attorneys to keep track of contacts, documents, and calendaring, among other things, for each case that is added to the system; many offer time tracking and billing features as well.
Virtual data rooms offer law firms an encrypted method of communication that is far more secure than the unencrypted email currently being used by many lawyers.
As discussed last week, the unencrypted email systems used by most law firms are inherently insecure and place confidential client data at risk.
Lawyers may not realize that email is inherently insecure and that the encrypted client communications offered by many cloud computing platform are a better, more secure alternative.
Email security in its current form is inherently flawed and many lawyers are unaware of this disconcerting fact. Most emails are no more than mere postcards, the contents readily viewable by anyone who cares to look.
Lawyers and law firms can avoid costly air travel delays by taking advantage of innovative alternatives to face-to-face business meetings, such as virtual data rooms or online workspace services, which offer a cost-effective way to organize and deliver content online.
Let’s face it, these days, business air travel is a costly proposition—it’s expensive and takes up valuable time. Read more…
At LegalTech NY 2010, the problem of information overload was tackled during one of the Keynote panels and it was agreed that creating tools that allow for access to better, more pertinent information is key.
Two weeks ago, thousands of attorneys and other legal professionals descended upon Manhattan to attend LegalTech New York, hoping to catch up on the latest legal technologies and innovations. Read more…
