Creating a robust and cohesive business infrastructure requires the support of an IT services business for law firms for a variety of reasons. As your firm grows, the complexity of your technology platforms expand. The ever-changing landscape of compliance requirements is another major hurdle, especially for an onsite IT team that is struggling to support day-to-day operations. Once you’ve made this investment in your technology processes and systems, you’ve built a competitive advantage for your firm that can be difficult and time-consuming to replicate. Leveraging your unique platform may be one of the best ways to successfully acquire other firms to expand your reach and client base and ultimately drive ongoing profitability.
Acquisitions and Consolidation
Making an acquisition of a competing firm requires a great deal of due diligence, conversations and negotiation. However, determining the terms of the merger or acquisition is often the easy part of the equation. What can be much more challenging is the requirement to pull together two or more diverse ways of doing business. This includes everything from your compliance procedures to payroll, analytics and reporting to website design. Consolidating this data and processes under one set of platforms is often supported by a law firms IT services company.
Meeting Their Full Potential
When you’re looking at competitors for an acquisition target, you want to be sure that you’re finding a firm that has a solid base of operations. That means a firm with plenty of cash flow, a good stable of customers and a workable business support structure. Perhaps the firm you’re looking at simply hasn’t been able to meet their full potential for a variety of reasons.
Often, the reason firms struggle is that they are torn in a variety of different directions and find themselves unable to focus on their core competency. Partnering with an IT services business for law firms allows you to offload the heavy lifting of creating a robust infrastructure and instead build the internal base for innovation and expanding your business. When you leverage your processes and systems, you can help lift a firm from their current level of earning and catapult the combined firm into a new era of profitability.
One of the key measures of success for today’s law firms is the ability to quickly collaborate and innovate on the fly. Clients are extremely busy and need to trust that their law firm can meet their needs regardless of their physical location. That means the ability to quickly and securely open lines of collaboration with clients. Everything from ensuring that you have the latest version of office productivity software to a secure means of backing up and restoring files in the event of an urgent event can be crucial to your success.
Selecting the right partner for acquisition takes time, effort and the ability to be flexible with your processes and systems. Maintaining security during a transition can be one of the biggest challenges, which is when having an IT services business for law firms that you can trust becomes critical.
Watch all our “Scaling Your Business” series at https://www.kimidatlantic.com/scaling.