Inside Counsel Give Top Tips for Controlling E-Discovery Costs in New FTI Technology Study
Webinar and Study Highlight Advice from Fortune 1000 Counsel for Controlling E-Discovery Costs
"Nearly three years after the Federal Rules of Civil Procedure (FRCP) were amended, many corporations have made great progress in implementing both short-term tactical and long-term strategic plans for e-discovery," said
Among the findings:
-- Legal review: 72% of respondents cited legal review as the most expensive phase of e-discovery, and gave numerous suggestions from experience on how corporations could reduce costs. -- Using fewer providers: 97% of respondents cited using fewer providers to support the e-discovery process as one of the more important considerations in the selection process. -- Defensibility: The most important factor for selecting both software and legal services was defensibility, with 62% naming it as a top factor in selection of e-discovery software and 52% for legal services. -- E-discovery vendor viability: Ahead of cost, corporate counsel prioritized selecting a provider with long-term viability, given many uncertainties in the rapidly evolving e-discovery market. Viability was listed as the second most important factor when selecting a software vendor (by 41%) and a legal service provider (by 45%). -- In-house control: 86% said they had developed and implemented more effective and holistic information management, retention and destruction policies, and had also reduced the overall amount of data in-house to streamline review. -- E-discovery cost savings: Cost was cited as the third and fourth most important factors respectively when selecting legal service providers and software.
"As part of this study I spoke with an in-house legal team member that had reduced their e-discovery and legal fees by as much as
The study targeted Fortune 1000 companies and is based on interviews of 29 inside counsel, project managers, records managers, and IT leaders with responsibility for e-discovery. Representing companies from some of the most litigious and regulated industries, including financial services, energy and pharmaceuticals, 93% of respondents were from Fortune 1000 companies and nearly half of the respondents were from companies with total annual revenues greater than
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