publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/742458
FINANCIAL MANAGEMENT 41 WWW.ILTANET.ORG | ILTA WHITE PAPER How Information Governance Initiatives Create Sustainable Cost Containment How Information Governance Initiatives Create Sustainable Cost Containment As law firms aempt to reduce costs associated with managing physical files, information governance (IG) professionals are oen tasked with renegotiating offsite document storage contracts. These efforts focus, naturally, on the contracted rates in order to reduce boom-line spending, but entering negotiations with only the goal of reducing the cost of storage-per-box is like wearing blinders. By ignoring the policies and processes related to records management, firms miss critical opportunities to improve workflows, increase efficiency and reduce overall storage volumes –– all of which can lead to increased risks and costs. The only effective way to reduce spending on offsite storage accounts is to create IG policies that limit growth of inventory and eventually reduce account volumes. This goal can be accomplished when cost containment initiatives are coupled with a healthy IG policy, efficient processes and a robust records management system. Engaging Partners and Decision-Makers To approach offsite storage cost containment through an IG lens, legal professionals must first engage senior management to understand the strategic goals that affect information governance. Dialogues with the C-suite, risk management and practice group leaders will illuminate other considerations in addition to line-item pricing. General counsel or other risk partners oen assist IG policy creation in determining time frames in which to retain client maer files. IG professionals should work with firm management to consider what is necessary to retain in client-maer files once a maer has concluded. Today, most, if not all, of a physical client-maer file comprises electronic content that has been printed. Discuss with risk management the merits of keeping only the electronic version of these by John Zahradnick of InOutsource