As law firms increasingly shift operations to the cloud, their software providers are following suit. iManage, which offers the market’s leading document management system, announced that it will be discontinuing support for its core legacy products – Desksite, Filesite, and IDOL indexer – after December 2023. This is leading firms to migrate to the cloud. Given the cost of these transitions, many law firms are turning to financing for their iManage cloud migration to preserve their cash flow, maximize partner distributions, and spread payments out over time.
The cost of implementing can be prohibitive for firms, and this is where financing can play a critical role. Combining 100% of the project costs into one lease, including cloud subscription costs, training, consultation, implementation, and development, allows firms to spread out the cost of implementation over time, making it an affordable, seamless transition. Multi-stage projects often include many different asset types and suppliers but with financing, firms can simplify these complex implementations and combine all costs into one lease. This can help your firm invest in the latest version of iManage without putting strain on budgets.
As your firm is faced with software coming to EOL, consider financing to ease the transition. While the cost of migrating can be a barrier, financing can make the move more affordable and manageable. Investing in software upgrades will offer improved security and responsiveness ultimately leading to increased efficiencies within the firm. These critical investments allow firms to remain competitive in today’s digital age.
As a Morae Partner, we stand ready work with you to support your financing needs. To learn more about financing your move to the Cloud, visit First American Equipment Finance at www.faef.com/legal.
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