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24 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | S P R I N G 2 0 2 2 In fact, leasing and financing not only helps to improve security for the organization and productivity for the attorneys, it also improves operational flexibility, financial liquidity all the while cutting IT costs and providing fixed financing in an period when interest rates will be increasing. Here's more about these benefits, below. Technology refresh to ensure productivity work tools are up to date Leasing and financing help firms shift large capital expenses that cut deep into partners' pockets to a monthly expense that spreads these costs out over time. With the right partner and right arrangement, leasing and financing can also help firms cut IT costs over time, not increase them. But more than this, leasing and financing helps ensure the firm has the right technology for the right amount of time. The right technology is an essential building block to successful adaptation in today's market— and that includes legal where it is leveraged as a crucial part of law firm productivity and client service. With these positive changes in the use of technology comes challenges such as these: • Law firms are faced with exponentially increasing pressures from both corporate and private clients when it comes to cybersecurity and proof of an asset management system or strategy. • Decreasing useful life of the technology and equipment the firms have come to rely on to compete, adapt and succeed. It is oftentimes overlooked that law firms—as businesses—are successful based on their use of equipment and not from the ownership of that equipment—and it is clear that the useful lifespan and the security lifespan of your firm's technology and equipment are decreasing. This means it may not be strategic in the current environment to own equipment, as the depreciable life will most likely outlast the equipment's useful life as well as its security protocols. Instead, your firm should put together a workable disposition plan combined with a technology refresh mechanism that will protect the firm from keeping outdated equipment in use that doesn't adhere to new and increasingly high security standards—and this points to leasing as the optimal option to procure technology and equipment over its useful life. This is a strategy of paying attention to fundamentals. Because of the inherent refresh options built into the leasing process, there need not be any delays when the necessary upgrades or replacements must be made according to your firm's needs and your clients' demands. At the same time, in the midst of the rush to spend our way out of security troubles, leasing is a financial strategy that allows firms to procure technology needs within a predictable and budget- friendly monthly expense. Asset Management to Improve Security for Hybrid Operations With the right partner, leasing and financing also comes with the additional benefits of asset management that further enhance a firm's security efforts while reducing costs. With modern asset management, IT can know in real time the location and chain of ownership tied to any piece of equipment. Finance can manage all contract expirations and lease language from a single place, putting them in an optimal position to proactively manage terms and conditions and reduce costs. In light of today's hybrid operations, however, asset management needs to be taken to the next level including: F E A T U R E S

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