Extract from Justin Smith’s article “Ediscovery Costs in 2024”
As the amount of discoverable data and electronically stored information (ESI) grows and the complexity of file types increases, the tools needed to meet and anticipate these challenges also must adapt. 2024 presents an opportunity to take advantage of new technologies in an effort to reduce costs and process data faster than ever before.
Managing ediscovery costs has become a hot topic amongst legal teams. There’s hardly any guidance from courts regarding skyrocketing prices, and many firms have been forced to pass rising costs on to their clients as a result.
So, what is the true cost of ediscovery, and what does the price tag mean for your case? How can you protect your firm (and your budget) from inflated prices? Although it can be difficult to provide specific price ranges without knowing the ins and outs of a particular case, it is possible to at least estimate ediscovery costs based on certain factors, and strategize ways to keep costs down.
Price vs. Value
Price and value are two key components to consider when assessing ediscovery costs, and an important delineation to make. While the price is what you pay for ediscovery, the value is what you get in return.
