AbacusNext and Above the Law Partner to Bring Industry Report on Law Firm Evolution Due to Pandemic
Report highlights how COVID-19 has ushered in a new way of practicing law across the nation
SAN DIEGO, CA – OCTOBER 13, 2020 – AbacusNext®, a leading technology provider for legal, accounting and compliance-focused professionals, today announced the company has partnered with Above the Law to bring “Industry Report: Survival or Evolution – Law Firms Navigate a Digital Metamorphosis” to the legal field.
The report represents responses to a survey from more than 350 law firms of different sizes and practice areas and shows how the legal professional has evolved in response to the coronavirus pandemic. It looks at topics from client acquisition and new service offerings to mobilizing entire firms to work remotely. The report reveals:
- What law firms are doing to maintain operational efficiency in a distributed work environment.
- How firms are addressing technology infrastructure evolution.
- The challenges of data security and client privacy in remote work scenarios.
Some of the report’s key findings include:
- Almost 60% of respondents reported that technology is extremely important to their firm.
- Calendar software (80%), time tracking/billing software (79.11%) and document management tools (74.67%) are the top three types of technology relied on to run firms.
- Over half of respondents reported that they were not aware of CCPA and how it may impact how they collect and store client data.
- Almost 30% of respondents reported the complexity of legal requirements as their biggest challenge regarding compliance with CCPA and other applicable privacy laws and regulations.
“This report is valuable in showcasing how law firms have adapted to delivering client services outside of the traditional brick-and-mortar office visits they were accustomed to prior to the pandemic,” states Tomas Suros, global product marketing director – legal, AbacusNext. “We have seen a real digital transformation take place for this industry, and law firms have adapted and optimized their businesses not only for client services, but also data security and compliance best practices. This report looks at overall findings and breaks out specifics per practice area and firm size, shedding light on what firms have dealt with as a result of an unprecedented work-from-home scenario.”
The full report is available for download here.
AbacusNext is a leading vertical SaaS provider for compliance-focused professional services markets. Our purpose-built cloud infrastructure puts customers’ business data and vital applications into a virtual workspace that is accessible anywhere, anytime, and from any device, enabling small and medium-sized legal and accounting firms to grow an efficient, secure, client-focused practice.
More than 100,000 users worldwide benefit from the most complete product portfolio in the industry, including practice management and case management solutions, tailored cloud options, document automation and payment processing. To learn more visit abacusnext.com.