LONDON, July 19, 2012 /PRNewswire/ --
United States Magistrate Judges David Waxse and Frank Maas, as well as Master Steven Whitaker of the Royal Courts of Justice recently spoke to Legal IQ and outlined the effects of Cost Management and Cost Shifting to hold eDisclosure to standards of cost-efficiency.
According to the National Fraud Authority's report published in May, it is estimated that fraud committed by all types of offenders costs the UK £73 billion per year. In financial markets, the unprecedented economic upheaval simply underlines the urgency of effective information governance strategies.
The latest interview conducted by Legal IQ with Judge David Waxse, Judge Frank Maas and Master Steven Whitaker provides a view on co-operation and the effects of cost management and cost shifting - considered to be effective and significant protocols to reduce the risk of legal liability and ediscovery costs.
Judge Waxse points out some of the key challenges of co-operating with lawyers when speaking with Legal IQ: "One issue has been that lawyers sometimes argue they can't co-operate because there is an ethical obligation of zealous advocacy…, you can get much more quickly to a just speedy and inexpensive determination if you co-operate as opposed to fighting about everything."
On the other hand, Judge Maas emphasises the role of records management in term of effective cost shifting control. He states 'in the States one of the real drivers to limit costs are the clients themselves…' But how clients can find a better records management protocol to limit costs is a question remaining for further discussion.
Furthermore, Master Whitaker looks at the impact of cost management on both parties and the courts 'The overall view tends to be that the courts have got to engage along with the parties, and must look for ways to reduce costs and that means co-operation'.
Master Steven Whitaker will join the Honourable Andrew J Peck, US Magistrate Judge on a judges panel at the eDiscovery for Financial Services Summit to discuss emerging judicial expectations for eDiscovery in European and American courts.
To access further details on different speaker sessions at the eDiscovery for Financial Services Summit, visit http://www.ediscoveryfinance.com. Visitors can also access the Media Centre for the latest news and developments about the eDiscovery in Financial Services community.
Legal IQ invites all members of the media with an interest in eDiscovery to cover the summit. Gain access to the financial services community by requesting your press pass from email@example.com.
SOURCE Legal IQ