A case study involving a CPA firm that received a subpoena shows the importance of evaluating a firm’s record retention policy (RRP) to avoid loss of time and money.
In the case study, the firm’s RRP didn’t address all sources of electronically stored information (ESI), and some email strings and text messages were left out of the firm’s response to the initial request. The oversight led to the loss of hundreds of hours of billable time and tens of thousands of dollars in legal fees.
Take steps to learn how ESI could be involved in a professional liability claim, and find out why it’s important for firms to establish an RRP or review their current one to ensure all bases are covered.