The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/116777
OUR DATA MANAGEMENT STRATEGY The following diagram outlines the framework we used for data management, from receipt of data to eventual management. This is a framework that can be adopted by most law firms. • What • How • Where • Document management system • E xtranet • Data room Overview of Data Management Strategy Most data was provided to us by our client electronically; we received over 1,500 documents. The data needed to be accessed by the firm's lawyers, so our DMS was the best home for it. A folder structure for each property was created in our DMS. Before we could import the documents into our DMS, we needed to formalize a naming convention that would make each document accessible without issue. Our naming convention introduced consistency and a uniform process that was eventually adopted by the whole project team. It was formulated by looking at the project as a whole — the documents and common information to all properties. As a result, we were able to find documents quickly and easily. Using a readily available software program, we took the time to convert all documents to text-searchable PDFs. Initially, it was • Consistent • Relevant • Helps all involved find what they are looking for quickly and easily • Are the data complete? • Completed by lawyers • Conversion necessary? • Most appropriate format for the needs of the project/matter hard to justify the time spent converting the documents, but when the first set of document reviews had been completed and we started to test the data, the benefits were crystal clear. Utilizing our workflow technology platform also meant we could track the progress of the review team and update all relevant stakeholders. Once completed, we were able to produce a report covering the results. During the review process, we were able to isolate a number of documents that would have prohibited our client from transferring the asset. We needed a quality assurance process to test this to ensure nothing had been missed. Together with the lead lawyer working on the matter, we formulated a list of terms that would impede our client from transferring the assets to any purchaser. Utilizing the full-text search mechanism of our DMS, we were able to confirm our review results. Peer to Peer 31