An IG Revolution is Underway
During the past 5 to 7 years, clients in highly regulated sectors have been rapidly advancing their risk mitigation initiatives. As a result, they’ve been issuing increasingly detailed information governance (IG) protocols. This onslaught of new IG requirements continues to create new and growing challenges for law firms.
Until recently, IG in law firms was primarily focused on chain of custody tracking, securing access to systems and securing data. Without the external pressure felt in regulated industries, most firms never disposed of electronic documents nor destroyed physical records.
However, now they’re being forced to rapidly enhance IG capabilities to accommodate the distinct and demanding guidelines of individual clients, reduce storage costs, and mitigate litigation risk by eliminating old documents and records.
Over 70% of Law Firms are currently using records management software that is outdated, unsupported or sunsetted.
The IG Revolution is Here (but most firms are not equipped to handle it)
According to the IGI Annual Report, 94% of law firms name Records Management as a key part of IG, ranking higher than eDiscovery (86%), Risk Management (77%) and Compliance (88%)1.
Yet, it is estimated that over 70% of law firms are currently using records management software that is outdated, unsupported, or sunsetted.
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