Two Step founder advises legal professionals to include client corporate records in disaster recovery plans.
March 28, 2006, Waltham, MA — Two Step Software, Inc., the leader in corporate governance, ownership and minute book management solutions, offered readers of the International Legal Technology Association’s (ILTA) quarterly magazine Peer-to-Peer tips on adopting an appropriate disaster recovery plan that ensures client corporate records are protected in the event of an unforeseen disaster or business interruption.
In the recently published article, Two Step Founder and President Gary Levine addressed the effects of business interruptions, such as natural disasters, terrorism, energy failures, and everyday accidents, on pending business transactions and the consequences of failing to protect corporate records. “It’s not unusual for a large law firm to hold thousands of original minute books and add hundreds more each year. That’s why clients entrust their corporate records to their law firm. They assume that appropriate measures have been taken for safeguarding their irreplaceable documents. If the loss of a client’s corporate minute books or stock records were to hold up the closing of a major financial transaction, a client might see it as a breach of their counsel’s duty of care,” comments Levine.
The article entitled “Deals, Due Diligence and Disaster Recovery; Is There A Gap In Your Plan?” revealed some of the key components in developing a strategy like naming specific events that would trigger the plan, determining the kinds of corporate records that would need to be recreated if lost, and considering software programs that would ensure automatic backup of and easy access to effected records. Then Levine outlined five steps to follow to create the plan.
As Levine explained, “Any law firm that handles financial transactions for clients on a regular basis and holds hundreds of minute books and ownership records can no longer afford to operate without a disaster recovery plan that specifically includes their clients’ corporate records.”
Access the entire article at:
www.twostep.com/ILTADueDiligence
