Findings show firms expanding their records management policy to
include digital files, which can lead to improved collaboration, better
client service and shortened time to revenue
BOSTON--(BUSINESS WIRE)--Jan. 25, 2012--
Like other organizations seeking speed and savings, law firms are making
the transition from paper to electronic files. This comes according to a
new survey by information management company Iron Mountain Incorporated
(NYSE: IRM) that also found nearly one third haven’t yet set policies
for handling digital files. This survey of more than 200 law firm
professionals regarding their firm’s information management practices
reveals an industry with established policies for storing, accessing and
disposing of hardcopy documents – and one still working to adopt the
same level of governance for electronic files.
Chief among the findings, 28 percent of law firms say they have “gone
paperless” (primarily use and maintain electronic files), or will in the
next five years. An additional 29 percent are considering a plan to go
this route as well. And while 79 percent of law firms have a records
policy, 31 percent of those firms report that their policy only covers
paper, not electronic records. The two findings suggest firms will have
to broaden existing records management policies to include electronic
files to accomplish their paperless objectives.
As part of their mission to manage their information, respondents
indicated that:
-
The future is now – 10 percent of law firms surveyed have
already made the transition from paper to primarily using electronic
files;
-
They don’t have to go at it alone – When it comes to destroying
client records, a key step in the paper-to-electronic transition, 45
percent of law firms have access to and are aware of the guidelines
set forth by their local or state bar association;
-
And they are destroying their paper the right way – Most are
using destruction methods for their paper information that are secure,
with 42 percent of law firms relying on a vendor to destroy paper
documents, and 27 percent using office shredders.
“For law firms, the benefits of using and managing electronic files are
well understood – more efficient information workflows and easier access
to information, which leads to faster legal analysis, improved
collaboration, better client service and shorter time to revenue,” said
Mike Holland
, senior vice president and general manager, records
management, Iron Mountain. “But many firms still need to unify paper and
electronic records policies, a key step in their transition towards a
less paper-intensive environment. The consistent application of policy
across both paper and electronic information is the cornerstone of
complying with attorney ethical responsibilities, data privacy
regulations and cost-effective information management.”
Law firms making this transition can borrow the successful practices
learned by peers and organizations from other industries:
-
First, know what you have – An effective records management
program is equal parts inventory management, process implementation
and policy enforcement. That first part, taking control of the records
inventory, is often overlooked in the haste to design and deploy a
policy. Taking the time to assess and document paper and electronic
information assets – what they are, what to keep and what can be
disposed of – is a key success factor.
-
Use paper policy as an e-policy springboard – Firms with a
strong policy for managing paper documents have a leg up in developing
polices for handling electronic files. These firms have already
addressed critical issues such as determining required retention
periods, establishing post-matter close records procedures and
training attorneys and staff on the process for final pre-destruction
review of documents eligible for destruction.
-
Have a plan for going paperless – If a paperless environment is
the goal, have a plan to get there. With constrained internal
resources, many firms engage experts familiar with law firms and
digital conversion to help develop the transition strategy and
implementation plan. A key element in the strategy will be a
cost-effective and practical approach for converting needed paper
documents to an electronic format.
-
Set it, and then implement it – Once firms establish a unified
information management policy, they must train employees and attorneys
to implement it so the firm gets the cost and efficiency benefits.
Audits to track adoption and compliance are critical.
-
When done with paper, get rid of it the right way – Given law
firms’ large volume of paper-based information, they should make sure
their paper disposal methods render the documents unreadable and
establish a secure chain of custody to meet legal and regulatory
obligations.
To learn more about the “Iron Mountain Law Firm Information Management
Benchmark Report,” click here
to access the full survey findings and see how you measure up against
your peers.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management
services that help organizations lower the costs, risks and
inefficiencies of managing their physical and digital data. The
Company’s solutions enable customers to protect and better use their
information—regardless of its format, location or lifecycle stage—so
they can optimize their business and ensure proper recovery, compliance
and discovery. Founded in 1951, Iron Mountain manages billions of
information assets, including business records, electronic files,
medical data, emails and more for organizations around the world. Visit www.ironmountain.com
or follow the company on Twitter @IronMountain for more information.
Source: Iron Mountain Incorporated
Iron Mountain
Christian T. Potts, 617-535-8721
christian.potts@ironmountain.com
or
Weber
Shandwick
Kristen Georgian, 617-520-7042
kgeorgian@webershandwick.com