The legal profession is a document intensive environment. Many firms have a copy center located on each floor. Individual attorneys may have individual copiers, faxes and printers located in their office. With such a diverse array of technology, many firms are not accurately accounting for inventory, maintenance, document preparation and printing costs.
Gartner Research estimates that firms spend between 1 to 3% of their total revenue on document output alone. These numbers are enormous, but many company’s IT staff are unaware of the total cost of operation (TCO) or even the number of output devices in their office. Toner supplies and maintenance can account for roughly 30% of the TCO. There’s usually no reasonable upgrade policy in place and machines and supplies are often purchased directly by the end user without any accountability.
Add to these costs the need for immediate access to critical documents and the high regulatory burden placed on law firms and it becomes easy to see how an un-audited print environment can result in potentially thousands of dollars of lost revenue and profit.
MPS and the Law
While many firms turn to their internal IT specialists to manage their print environment, they are often dealing with a myriad of different devices. Their time is spent maintaining machines with little time left for upgrading and standardizing assets or cost control.
Managed Print Service companies are one way for firms to assist their IT professionals and begin to control costs. An MPS company will first perform an audit of assets to determine the feasibility of updating and standardizing equipment. Printing technology has improved in recent years and the simple act of replacing aging technology with the newest multifunction machines can result in increased productivity, improved workflow and significant cost savings.
MPS reaches far beyond standardizing assets and enacting print protocols. There are specific challenges in the legal industry that can benefit from the expertise offered by MPS. They include:
- Maximizing billable hours
- Tracking and allocating in-house and client costs
- Disaster planning and recovery
- Compliance with regulatory burdens such as, Sarbanes-Oxley Gramm-Leach Bliley, The Security Exchange Act of 1934, and The Anti-Money Laundering Act
- Search ability, instant access and retrieval of critical documents and forms
These challenges can be readily addressed once your MPS partner has performed a complete work assessment and put in place protocols. New software solutions are available that can make tackling these challenges easier. By using an MPS provider to implement software upgrades, your in-house IT department is free to focus on other mission critical tasks. By managing print usage, improving office infrastructure and implementing software controls, many firms find significant savings to their bottom line costs.
As more businesses seek sustainability MPS providers have been moving companies towards paperless solutions. By integrating MFP technology into the office environment documents can be scanned and stored on hard drives for later retrieval. This results in less inventory use and additional bottom line savings. Software solutions like Xerox ConnectKey technology offer the highest levels of security and extensive document sorting and retrieval functions. Your MPS provider can also assist with disaster planning and secure back-up solutions that allow for added security and faster recovery from any potential problems.
Hiring an MPS provider can help you to realize significant savings throughout your firm’s print environment. By reallocating and upgrading assets, streamlining compliance procedures, controlling inventory, and implementing print protocols your MPS provider can move your firm towards a paperless future. Working with a Managed Print Service provider is a smart business decision that translates directly to your firm’s bottom line.
Click here to find out how your legal office can save up to 30% in print costs in 30 days: