In today’s modern economy, corporations are faced with many challenging new issues, not the least of which is minding their bits and bytes. Most of us, if not all, by now, have been confronted with a litigation hold and the challenges they can generate. But in case you are just awakening from a Rip Van Winkle-like nap, a litigation hold is a written notice advising corporations and custodians of electronically stored information (ESI) to preserve potentially relevant records and information that pertain to pending or anticipated litigation.
So with that refresher, the important question is: How do you cost effectively respond to a litigation hold? After all, litigation, especially electronic discovery in hotly contested litigation, can become quite expensive. As in-house counsel, you are responsible to effectively manage these costs and the company’s exposure. Below are a few tips to help you in this regard and at the same time assist in preserving the company’s bottom line:
In sum, be proactive, not only in responding to a litigation hold, but in your day-to-day operations. When you are not subject to a litigation hold, review and update your company’s document retention policy, be efficient in your records retention practices, ensure your company’s policies and procedures are routinely followed, and have a plan to handle litigation holds, including designating a team to be responsible for litigation holds.