Issue link: https://epubs.iltanet.org/i/13683
identifying legacy records, but also automatically categorizes new content as it is created easing the burden on end users. Once records are identified, meaning-based solutions apply the most appropriate retention policy based on business value, regulatory and legal requirement, relevance to an active matter, or a combination of these criteria. Policies can be defined, monitored and enforced on a global basis to comply with country and jurisdictional-specific variants in retention policy, privacy laws and legal citations. Litigators are subject to stringent rules for managing electronic content, as outlined in the 2006 amendments to the Federal Rules of Civil Procedure (FRCP). The duty to preserve potentially relevant information begins when litigation or an investigation is reasonably anticipated. This duty presents one of the greatest challenges for most organizations. A reasonable and defensible legal hold process is required as penalties for the failure to preserve potentially relevant information can include judicial sanctions, adverse rulings or fines. However, meaning-based solutions provide an automated and effective solution for meeting preservation obligations and for mitigating the risk associated with legal holds. These solutions automate the notification, preservation and collection of relevant information and can offer a preserve-in-place option, thereby reducing the risk of spoliation. LEGAL CHAINING As law firms look to distinguish themselves and gain a competitive advantage over their peers, develop stronger business relationships and drive growth, corporate legal departments are looking to slash costs while reducing risk. These trends have spawned 10 Case/Matter Management ILTA White Paper the concept of legal chaining – an increased integration between inside and outside counsel through enabling technologies. Meaning-based platforms help corporations and law firms improve their processes through enhanced collaboration and the reduction of costs and risks associated with legal matters. Meaning- based platforms enhance collaboration and facilitate chaining through the ability to view, analyze and manage data in-place while also enabling outside counsel to have secure, targeted access to their client’s data, or vice-versa. This innovative approach eliminates the challenges of manual, labor-intensive processes by allowing law firms and their corporate clients to seamlessly connect to a matter and case, streamlining effortsreducing costs and mitigating risk. THE POWER OF MEANING According to Gartner, more than 80 percent of electronic data today is unstructured, and the amount of unstructured data is doubling each month. Challenged to understand and extract the value that lies within this vast sea of data, modern legal enterprises need automated and transparent solutions that can effectively manage this digital morass and enable agility. A meaning-based platform dramatically changes the way we interact with information, ensuring that computers map to the human world, rather than the other way around. Meaning-based systems transform case and matter management for law firms and their clients through leveraging knowledge assets, automating business processes, driving efficiencies and reducing risk. Now, more than ever, being able to access and derive meaning from data in a timely and efficient manner is the key to a successful law practice. ILTA