Top 7 January To-dos For Off-site Records
Last week, we discussed your top 7 to-dos in January. This week, we’re drilling down into one of the areas we touched on—off-site records.
Comprehensive digitization strategies are imperative, both operationally and financially – yet off-site records contracts are often an obstacle in a comprehensive approach.
Your firm can lay the groundwork now to get out of off-site records storage in ten years while achieving immediate savings. Here’s how:
1. To get out off-site records storage business in ten years, your firm will need an Information Governance policy with retention schedules, a defined digital pathway for converting paper records, and off-site records storage contracts that allow you to obtain this goal.
2. Make sure you have a current copy of your contract and the latest Schedule A which outlines current pricing. It is common for us to encounter firms with multiple storage providers but, as obvious as it may sound, it is rare for firms to have current contracts and Schedule A’s in place.
3. Investigate the market if your off-site records storage contract is expiring, if you are unhappy with your service and/or pricing, or if your current agreement presents roadblocks for disposing of records in accordance with your retention schedules.
Note: Off-site records storage contracts typically have no penalty for early termination. You are on the hook for permanent withdrawal fees regardless of whether you fulfill the term length.
4. Consider consolidating your contracts under a single source to leverage improved pricing and service (if the contract is structured correctly).
5. Don’t let the prospect of a storage transfer prevent you from achieving defensible disposition without breaking the bank.
6. Project yearly destruction. We commonly find over 50% of off-site storage is comprised of material that has been over-retained and poses a significant risk to firms and their clients in discovery.
7. While you are improving your off-site storage situation, formulate a plan to digitize your upfront workflow so you are not producing paper to be stored.
While it is pretty ambitious to execute all seven action items on this list in January, it is possible with the right help.
Set up a call with Mattern for a complimentary benchmarking of your off-site contract(s) or to discuss any of the above actions in more detail.
Resources to help you with your back and middle office strategies:
Creating Your Return-to-Office Playbook: Back and Middle Office Considerations
Managing Back and Middle Office Operations During Uncertain Times
The Time is Now: What Firms Need to Do to Reduce Expenses Strategically
Cost Recovery for E-Discovery and Litigation with Rob Mattern and Nathan Curtis
Three Types of Operational Excellence with Rob Mattern
