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How to Measure the Return on Investment of Strong Information Governance Processes

Learn how to measure and improve the return on investment of strong information governance processes in law firms. Understand the benefits, costs, and strategies to enhance information governance effectiveness.

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How to Measure the Return on Investment of Strong Information Governance Processes

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  1. How to Measure the Return on Investment of Strong Information Governance Processes Presented by InOutsource May 1, 2014

  2. Defining Information Governance • Information Governance is an enterprise-wide approach to the management and protection of a law firm’s client and business information assets. An effective IG Program: • Enables lawyers to meet their professional responsibility regarding client information, • Recognizes an expanding set of regulatory and privacy requirements that apply to firm and client information, • And relies upon a culture of participation and collaboration within the entire firm. -A Proposed Law Firm Information Governance Framework Law Firm Information Governance Symposium August 2012

  3. What is Driving IG? Client Demands Volume / Efficiency Financial Concerns

  4. Defining Return on the IG Investment • Hard Savings: • Storage costs • Reduced discovery costs • Soft Savings: • End user productivity • Avoiding law suits or damaged reputation

  5. Demonstrating ROI • Measure your baseline • Assign a cost • Define a target/goal • Evaluate again • 10,000 folders per year- 2013 • $15,000 • 20% reduction • 2014 usage- 8,125 folders

  6. Access to Information • Opportunities • Duplication of effort • Inability to work remotely • Time spent looking for information • Attorney to secretary ratio • Responsiveness to clients

  7. Access to Information • Measure costs • Average attorney billable rate • Records / administrative average hourly pay • Lost billable hours • Response time

  8. Sample Survey Questions

  9. Sample Survey Questions

  10. Access to Information • Improvements • Reduce duplicates • Decide who is responsible for managing information for each matter • Redistributing information governance functions to dedicated resources • Improving remote access experience • Access to digital information often speeds client response

  11. Electronic Data Storage • Opportunities • Storage is cheap, but maintenance is not • Staffing costs, Backup, Migration, Restoration • E-Discovery and Litigation Holds • Lateral attorney movement

  12. Electronic Data Storage • Measure Costs • True cost of data storage and maintenance • Storage per GB • Backup per GB • Co-location and Onsite space dedicated to data • Staff • External and internal e-discovery review costs • Attorney departure review time

  13. Electronic Data Storage • Improvements • Reduction in electronic data storage • True media-independent destruction processes • Targeted Litigation Hold procedures • Limiting repositories and limiting duplicates

  14. Physical Records • Opportunities • Supplies • What you use and how • Volume • Staffing • Offsite storage • Onsite storage

  15. Physical Records • Measure Costs • Supply costs • Cost of a box • Records staffing • Onsite storage • Offsite storage costs • Total, per attorney, per box

  16. Calculating Offsite Storage Cost • Determine Actual Hard Dollar Costs of Storing Materials Offsite. • Calculate total spend for offsite storage for past 12 months based upon invoices or cost report supplied by vendor • Total cost per year divided by volume. • If volume is measured in cubic feet, multiply cost by 1.2.

  17. Calculating Offsite Storage Cost Total Storage 7,770.40 cubic feet Total Invoice $3,840.71 $3,840.71/7770.40 = $0.49 Per C.F Cost Per Carton $0.59 Per Month $7.12 Per Year Annual Volume: 7,770.40 C.F 6,475 Cartons Annual Cost $46,088.52 Assume 8 years $56.94 Per Carton

  18. Physical Records • Improvements • Consolidated supply ordering • Switch to letter-sized media • Reductions or re-purposing of staff • Renegotiate offsite storage contracts • Reduce offsite population • Reduce onsite population and Records storage space

  19. Risk Mitigation • Opportunities • HIPAA compliance • Avoiding ITAR sanctions • Lost clients • Damaged reputation

  20. Risk Mitigation • Measure Costs • Potential Fines • Any history of compliance issues? • Lost clients • Negative publicity

  21. Risk Mitigation • Improvements • Information Governance Policy • End result is less “public” matter information for compliance • Executive support • Strong training programs • Monitoring and Auditing

  22. Thank You! • Eric Mosca, CRM • emosca@inoutsource.com • Nancy Beauchemin, CRM • nbeauchemin@inoutsource.com • www.inoutsource.com

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