Effective November 1, 2018 Werdann DeVito LLC (“Firm”) will begin implementation of the following client-file retention policy (“Policy”), including procedures for the standardization of retention and final disposition of client files. Documents and other materials obtained or created in connection with a matter will be returned to the client, whenever possible, at the latest, following the conclusion of the matter in conformance with the general guidelines outlined below:
- All client records are to be electronically scanned to the Firm’s electronic database and/or photocopied for retention as part of a “physical” file.
- All original client records are subject to return at the client’s request following the conclusion of the engagement.
- All “review” notes are, in all events, to be purged promptly following the conclusion of the engagement.
- Dissemination of oral and written (g., letters, e-mails, reports, etc.) communications (collectively “Communications”) exchanged between the Firm and its clients, as well as with outside service professionals, other third parties, etc., is to be restricted to: (i) those employees (e.g., partners, managers, etc.) who maintain the highest information clearances within the Firm; and (ii) lower level employees involved with particular client engagements, who, at all times, remain subject to close supervision by Firm partners, managers, etc.
- Promptly following transmission or receipt of any Communications in electronic form (g., e-mails, texts, .pdfs, .jifs, etc.), the sender or recipient within the Firm, as applicable, is to contemporaneously determine the importance (or lack thereof) of such transmission to a particular client engagement, and if deemed important, such transmission is to be promptly copied to an electronic folder resident in the Firm’s client engagement file.
- Important paper documents bearing original signatures (g., executed engagement letters, management representation letters, lawyers’ letters, etc.) are to be scanned to the Firm’s database, and may be retained in original paper form (to maximize their admissibility in any future legal proceeding).
- Subject only to exceptions for: (i) permanent files that are to be retained indefinitely; and (ii) litigation consulting files that are to be retained for a period of ten (10) years, all client files (paper and electronic) are to be preserved, fully intact for a period of seven (7) years following either the conclusion of the particular engagement or termination of the client relationship. At such points in time, as applicable, all client records are to be destroyed by the Firm.