In today’s dynamic business landscape, legal companies are constantly seeking ways to optimise operational costs without compromising efficiency and security. We’ve recently had insightful discussions with a leasing agent who shared valuable insights after visiting a property in Greater Western Sydney. Based on this discussion, we will show you Why Savvy Law Firms are Opting for Offsite Document Storage Solutions.
An Insight into the Rental Market
According to the agent, properties in a sought-after area in the Greater Western Sydney region experience minimal leasing vacancies due to high demand. This is also true for surrounding suburbs. For a 124m2 unit, market lease rates stand at approximately $2,000 (excluding GST) per month plus outgoings. This translates to an annual expense of $24,000 or more.
Imagine two paths: one leads to renting a unit at a cost of $24,000 per year to store your legal documents, while the other embraces the expertise of a Document Storage and Record Management Service.
Cost Breakdown of Offsite Document Storage
The cost of storing archive boxes with a Document Storage and Record Management Service provider varies depending on the quantity and supplier, with each box typically ranging between $0.50 and $1.20 per month. For a law firm holding 500 boxes in offsite document storage, this translates to approximately $3,000 to $7,200 in annual storage costs. While additional expenses might accompany a partnership with a Document Storage and Record Management Service, we’re confident that the yearly expenditure remains competitive, if not more cost-effective, than leasing a storage unit through an agent. Let’s explore why the latter option is a savvy move for your legal firm:
1. All-Inclusive Cost Consideration: While the upfront cost of a unit rental might seem comparable, remember that Document Storage and Record Management Services encompass not just storage but a comprehensive suite of solutions. You’re also investing in:
- Collection and Transportation: Seamlessly transfer your current inventory to our secure facility.
- Barcoding and Registration: Meticulous barcoding, registration, and stocktaking processes.
- Online Management System: The ease of a customised online management and reporting system, a resource provided without any upfront costs.
- Expert handling and retrieval of your documents.
2. Operational Efficiency: Beyond mere storage, these services streamline your document management. Experts categorise, digitise (if requested), and maintain your records, freeing your team from administrative burdens. This translates to enhanced efficiency, increased productivity, and a more streamlined practice.
3. Time is Money: Every minute spent searching for a document in a rented unit is time diverted from billable hours. Document Storage and Record Management Services offer rapid retrieval of essential materials, resulting in faster case resolution and improved client service.
4. Tailored Solutions: Document Storage and Record Management Services offer tailored pricing models that align with your firm’s needs. You pay for what you use, avoiding unnecessary expenses and ensuring your budget works harder for you.
5. Advanced Security Measures: Your documents are the lifeblood of your practice, containing sensitive information. Storage facilities boast state-of-the-art security measures, reducing the risk of data breaches, unauthorised access, and potential legal repercussions. They also safeguarded against disasters or unforeseen events that may cause disruptions in your business.
6. Additional Value-Added Services: Beyond storage, these services often provide value-added features such as digital archiving and destruction of documents that have met their retention period. Please see our blogs Document Storage for the Legal Industry and A Quick Guide to Document Retention Regulations for more information regarding retention guidelines.
Choosing a Document Storage and Record Management Service is a strategic financial move. It’s not just about storing documents; it’s streamlining operations, enhancing security, and focusing on billable client hours. When you partner with CostSmart, you’re not only freeing up valuable space but gaining a comprehensive solution. With a range of services including physical storage, ‘Scan on Demand’ and expert management of destruction rates, CostSmart takes care of the logistics, so you can focus on the more pressing aspects of your legal practice.
To find out more and receive a comprehensive quote, get in touch with our team at [email protected] or by calling 1300 100 461. Our team would be happy to discuss a personalised approach for your business.
*These figures are an estimate only and are provided for illustrative purposes. Actual costs may vary based on specific agreements, services offered, and any potential changes in pricing structures. Prices mentioned are subject to change and should be confirmed with CostSmart.