Half-yearly figures for legal finance and leasing specialists LMS Legal show an increased turnover of almost 50 per cent on the same period last year, one of the strongest indications yet that legal technology buyers have stopped browsing and started buying.
They also show a growing acceptance of leasing and lease purchase among the profession and a growing number of software-only leasing deals and wholesale new installations.
LMS Legal manager Ian Briggs says: "There is no doubt that IT expenditure is increasing once again, but this is a cautious recovery. Rather than expose capital, firms are looking much harder at the various purchasing options. Practices which would not have considered lease or lease purchase in past years are now signing up."
LMS Legal competitor Schroder Finance has also seen a trend towards leasing. Roger Farley, divisional director says: "The market is recognising the enormous benefits of IT leasing, particularly in freeing up capital resources, making the acquisition of equipment easier and allowing regular upgrades to meet long-term requirements more effectively."