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85 I L T A N E T . O R G yields more efficient and effective searches if all relevant content is accessible. There are also significant issues around over and under retention. It's striking that corporations are generally eager to get rid of information. Conversely, lawyers, sometimes by temperament, sometimes by lack of time or attention, sometimes by inefficient precedent and KM practices, would rather hang on to information indefinitely. Occasionally, there may be some statutory reasons or litigation rationale for this, but it does increase both costs and risks. Effective information retention management keeps the more relevant and current information in focus. Good housekeeping around disposing of old matter files also reduces the attack surface in the event of client litigation and security breaches In this light, Retention and Disposition Management and Document Preservation and Mandated Destruction become important disciplines for firms to master. Besides reducing the "noise" that can be a general drag on productivity, firms will want to enable more straightforward and efficient responses to privacy requests. Data Subject Access Requests (DSARs), faster and easier compliance with client audits, OCGs, and the processing of court orders can all be simplified with clear policies and by imposing well-enforced controls around proper record preservation. And there is the bonus of reducing storage and eDiscovery costs. Matter Lifecycle Management is also an essential discipline for improving efficiency and productivity. The right policies and processes enable matters to be opened more quickly and for firms to rapidly start work and bill their clients sooner. The key IG disciplines that increase competitiveness For their investment in Information Governance, firms will want results that are not merely defensive and contribute to good information hygiene but also have the potential to deliver strategic benefits that add value to the firm's operations and reputation. In this regard, firms should look at the elements of Records and Information Management that can help search for and identify important information assets and precedents. Likewise, they should examine how Firm Intellectual Property policies and processes can enable the efficient reuse of work product. Internal data analytics should support informed decision-making across the firm. For example, generating cost models based on previous work can help accurately quote for fixed fee work, determining which clients deliver the best profit margins and which industries and fee- earners achieve the highest billing realization. Firms can also achieve a competitive advantage when Client Information Requests are handled quickly and properly. IG maturity can bolster safe information sharing and collaboration with clients that add value to the relationship and build confidence and trust in the firm. The firm's IG Framework should control Third- Party Relationships to achieve better collaboration and compliance with third parties and vendors. The right culture and communications will also nurture stronger internal collaboration and knowledge propagation across the firm and encourage best practices to be shared that can raise the overall quality of the firm's legal service delivery. The challenges around information governance As firms strengthen their information governance frameworks, they should expect to encounter some challenges. For instance, firms should balance the demands of usability with governance. Firms must decide the correct balance while ensuring that the

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