IT Survey Shows Law Firms to Prioritize Software Investments in 2007
LOS ANGELES 12/04/2006 - A recent survey conducted by Thomson Elite, part of The Thomson Corporation (NYSE: TOC; TSX: TOC) and a worldwide provider of business software to professional services firms, reveals plans among legal organizations to beef up their software arsenals to help run their practices better next year. Information technology managers and directors at U.S. law firms of all sizes were surveyed to discuss the technology issues most important in their firms.
Firms indicated their biggest need for technology in 2007 will be solutions for business and administrative operations, with 32.5 percent of respondents listing this category as their number-one priority. Another major technology need IT managers hope to address is practice management. According to the survey, 27.5 percent of firms recognize practice management as their biggest technology need for next year.
The survey confirms that the direction Thomson Elite is taking its offering reflects the needs professional services firms are actually facing right now. Thomson Elite periodically asks its customers what they need to make their firms run more smoothly and profitably. Elite 3E, Thomson Elite’s next-generation business optimization suite, addresses both areas of need – business and administrative operations, as well as practice management. Elite 3E is a business process platform that offers powerful core financial and practice management features and built-in application development capabilities.
Increase in Software Spending Expected
The market opportunity for software such as 3E is projected to grow in 2007: 50 percent of surveyed law firms plan to increase technology spending over their 2006 budget, and 80 percent indicated they will spend more on software than hardware. With 3E, Thomson Elite is fulfilling this market need in the legal and professional services industries.
While planned expenses are expected to increase next year, raising IT staff levels at law firms is generally not part of those plans. More than 80 percent of IT managers do not plan to change the number of employees in their departments. Organizations’ IT leaders instead anticipate that software and infrastructure investments can best help them compete for business and boost the bottom line.
Thomson Elite’s survey also provided insights into what technology issues keep IT managers awake at night. Top concerns included security, disaster recovery and migrations to new platforms. Spam, training and integration difficulties tied for fourth place.
Thomson Elite is a leading provider of integrated information solutions to professional services firms worldwide. Thomson Elite is a business within The Thomson Corporation (NYSE: TOC; TSX: TOC) and is a premier provider of financial and practice management systems to the legal industry and to other professional services markets, including accounting, marketing services, and management and IT consulting. For more information, visit www.thomsonelite.com.
The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation’s common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
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