What Law Firms Must Know About Information Governance
San Francisco, CA (Law Firm Newswire) August 11, 2015 – The most recent issue of The Bigger Law Firm magazine (BLF) discusses the importance of information governance as a way for law firms to effectively and efficiently manage their large amounts of data. In this issue, James Ambroff-Tahan explores the ways in which information governance can help law firms gain control over their data and thereby operate with more efficiency and reduced costs.
Law firms have traditionally been part of a very paper-intensive industry that one might expect to embrace the digital world. Ambroff-Tahan writes that as challenging as it might be to manage information in tangible form, intangible data also needs to be correctly managed. Information governance is a way of managing, using, and processing information in order to increase its advantages for a business while complying with legal, security and other regulations.
There is a growing necessity for a method of organizing enormous quantities of data. The production of data is doubling every two years, and it has been predicted that the amount of data in the digital world will increase 10 times from 2013 to 2020. Litigation and its attendant process of discovery are primary reasons for law firms to use information governance to manage their voluminous data.
Specifically, one statistic illustrates why it is imperative that law firms adopt information governance. Just one page of evidence is produced for every 1,000 pages that undergo processing via e-discovery. Thus, Ambroff-Tahan states, the ability to return solely relevant information via e-discovery would cause one to realize significant savings of up to a 1,000 percent decrease in costs.
In 2014, a survey was conducted concerning different kinds of businesses. The survey showed that half of all businesses were compelled to reproduce information because they were unable to find the original. Ambroff-Tahan also notes that 90 percent of the businesses lacked any knowledge of what their data contained.
Ambroff-Tahan’s article in the latest issue of BLF can guide attorneys with effective strategies for managing their data and facilitating the recovery of information.