Are you struggling to control eDiscovery costs? Here are some practical tips to consider
Are you wrestling with consumption-based eDiscovery costs? You’re not alone. The process of eDiscovery is notoriously expensive, and for good reason. With burgeoning data volumes, increased data complexity, and a stringent regulatory landscape, the costs quickly spiral out of control. These costs aren’t just a “necessary evil”; they represent a significant operational challenge that can drastically affect your bottom line.
This article aims to break down the multi-faceted aspects contributing to the overall eDiscovery cost. Then, it will delve into different approaches for accounting for these costs. Finally, it will offer practical eDiscovery cost control tips to streamline the process and achieve cost-efficiency.
What the Statistics Say About eDiscovery Costs
According to the Civil Litigation Survey conducted by IAALS (Institute for the Advancement of the American Legal System) of the University of Denver, 66 percent of participants agreed that discovery was conducted in at least 70% of the company’s cases.
Most respondents (62%) reported that the cost of pretrial litigation for a typical company case has increased, and they pointed “eDiscovery” as a primary factor influencing the litigation cost.
As per ComplexDiscovery research, document review holds the major share (66%) in eDiscovery costs, followed by data processing (19%) and collection (15%).
All these figures add up to one simple fact: the need for effective eDiscovery cost control tips is not just a luxury; it’s an absolute necessity.
Read the full article at https://www.knovos.com/blog/are-you-struggling-to-control-ediscovery-costs-here-are-some-practical-tips-to-consider/
