Leading law firms are rethinking information governance — taking a more holistic approach to data management, embracing automation, and recognizing the critical importance of records management. According to the IG Initiative Annual Report, 94% of law firms identify records management as a key part of IG, ranking it higher than e-discovery (86%), risk management (77%) and compliance (88%).
Working closely with law firms on their IG initiatives for more than 20 years, FileTrail has learned the challenges law firms face when setting up IG programs and implementation. High overhead costs and detailed manual procedures mean that compliance with IG policies and outside council guidelines often aren’t followed as well as they could be. This leaves many firms at risk.
To help law firms navigate these challenges, FileTrail has designed a new educational series titled “IG Vision for the Future” for ILTACON 2018 at Room Baltimore 5 at the Gaylord National Resort and Convention Center. The breakout sessions will offer a range of expert insight into records and IG policy management, IG automation, and more to help firms improve compliance, save money, and prepare for the future.
The legal services market is fluctuating at an increasing rate, and attorneys are moving to other firms in an effort to advance their careers or achieve a better work/life balance. In this environment, many firms’ back-office operations are spending more resources performing file transfers and returning files to clients—processes that are complex, fraught with risk, and very expensive.
Am Law 100 law firm Shook, Hardy & Bacon employs nearly 480 attorneys globally from its 12 offices throughout the United States and London. In recent years, the firm has made a commitment to modernizing its operations, increasing efficiency, and reducing risk in order to better serve its health, science and technology clients.
This month, leading industry publication Peer to Peer: The Quarterly Magazine of ILTA invited FileTrail to share its industry expertise on information governance. In particular, how new and evolving industry regulations are transforming the way law firms approach retention and disposition of physical records and electronic documents.
Law firms understand the importance of investing in policies and procedures to determine to manage the vast amounts of information in their possession. However, many firms run into problems when it comes to executing their information governance (IG) policies due to high costs and complexity. Inconsistent application of IG policies is a major industry concern that puts law firms everywhere at significant risk.
This month, leading industry publication Law Technology Today invited FileTrail to share its insights about information governance (IG). As a leader in IG software automation, FileTrail’s team have a lot to say on this topic.
Navigating the complexities of IG just got a little easier
After working closely with law firms on their IG initiatives for many years, FileTrail has learned the challenges. Even when law firms set up IG programs, they are often unable to follow through on implementation. High overhead costs and detailed manual procedures mean that compliance with internal IG policies and outside council guidelines often aren’t followed to the letter—or followed at all. This leaves many firms at risk.
Legal consulting firm InOutsource is gaining momentum for its FileTrail technology implementation consultation and services. In the past year alone, 11 law firms-- including seven AmLaw 200 firms--have hired InOutsource to upgrade their records management solution with FileTrail. Some of the firms that have chosen FileTrail include:
Recently, FileTrail released new connectors for law firms looking to integrate their records management and document management platforms. Law firms using NetDocuments, iManage (versions 5 through 10) and OpenText eDOCS can now use FileTrail connectors to allow users access to physical records without leaving their DMS.