Peer to Peer Magazine

36 physical records (with the right access controls)? Is it connected with our other business systems? Or does it actually still require users to log into multiple systems in order to manage compliance? Is the system capable of tracking and managing retention schedules and exceptions, applying them to all relevant documents, and triggering the appropriate workflows for disposition once the retention period has expired? • Adopt a proactive approach to retention and disposition. Many firms have undertaken only limited destruction of physical records that have accumulated over the past 15-20 years. Even fewer firms have sought to actively dispose of electronic records for client matters that have been closed for seven years or more. This is despite the dramatic savings firms stand to realize by cutting storage costs—up to several hundred thousand dollars a year—not to mention the considerable liability risks. The hesitation often stems from concern that it will take too long and be too difficult to manually review and identify which files can be destroyed safely and a culture at some firms to "keep just in case." Resetting your firm's approach to ensure timely disposition of client records can have a significant impact — improving compliance, reducing risk, and realizing long-term cost savings for the firm. Develop a disposition plan as part of your information governance program that reduces the potential destruction costs of eliminating a sizable backlog and disposing of records on an ongoing basis. Renegotiate vendor contracts and take advantage of technolo that will make the disposition process more efficient, so you can destroy files quickly and with confidence. • Assess compliance. Information governance programs should be linked to measurable outcomes. Reports on overall compliance—both with the firm's own IG policies as well as client-specific requirements—should be issued on a regular basis to key stakeholders and to clients as needed. High-risk matters can be highlighted by monitoring the document inventory, security rules and retention policies. In addition, it's essential to ensure that the firm is audit-ready at any time—regardless of whether the audit is instigated by the client or the firm itself. Having the right systems in place can help you monitor compliance, take action to address any issues, and capture a clear record of past decisions and activity. "We will utilize FileTrail for retention exceptions that come as a result of Outside Counsel Guidelines. A new records rule or series can be very simply created and linked to either a specific client or matter. This will be of assistance to the firm in ensuring compliance with our clients' internal retention policies." — Bradlee Davis, Director of Records and Information Governance, Jackson Lewis Information Governance as a Strategic Advantage With clients under increased pressure to manage the information governance, security and retention practices of their vendors, it is imperative that law firms rise to the challenge of bringing their own IG policies, procedures and systems up to date. Improving your law firm's approach to IG won't happen overnight. However, with the support of senior management, IG professionals are well positioned to help their firms not only defensively (i.e., pushing back on client terms, passing audits, reducing risk and liability and avoiding blacklists), but also in terms of helping the firm strategically from a marketing and business development point of view. A well-defined, well-managed IG program leveraging advanced technolo can be a competitive advantage, improving efficiency, enforcing compliance and measuring risk while enhancing client service delivery and contributing to profitable growth for the firm. ILTA I N T E R E S T E D I N R E A D I N G M O R E A B O U T H O W A U T O M AT I O N C A N M A K E I G P O S S I B L E ? Download this eBook to learn: • What's driving clients' increasingly stringent IG expectations – and why audits are the new norm • Why meeting complex OCG requirements today requires highly specialized retention software • How to move away from a reactionary approach to retention towards a proactive workflow that automates the process, saves money, and reduces risk D O W N L O A D E B O O K

• Cover