FileTrail: Has your law firm applied retention policies to its physical and electronic records?
Most law firms today understand they need to invest time and resources into developing policies and procedures to manage the vast amounts of information in their possession. However, properly executing IG policies comes with numerous difficulties. According to FileTrail’s CEO Darrell Merveau, the issue of retention is only going to become more important in the year ahead.
Recently Legaltech asked FileTrail’s CEO, Darrell Merveau, for his expertise on trends in the coming year. Here’s what he had to say in “10 Predictions for What 2018 Will Bring for Legal Tech”:
“In 2018, expect to see innovative solutions around practical and meaningful information governance. We predict the market will see new tools that integrate outside counsel guidelines into matter management, including platforms that automate compliance and promote smarter workflows to better mitigate risk and reduce costs. While IG has become important in corporate environments, few large law firms have applied retention policies to physical records, and fewer have implemented them against electronic records. In the next year, CIOs will be motivated by the rising hard dollar costs of not implementing retention—including storage costs of both electronic and physical records.”