Font management for a small studio

I've been working for a small design studio thats about a year old now and we are finally getting a server and some proper font management for the entire studio! Very exciting. I just wanted to ask about your favorite options, programs, and if you had any tips on making the transition.

Fonts stored on the server vs. fonts stored locally... Is it a good idea to have all the designers using fonts off of a server? Does this slow down font performance at all?

Thanks in advance!