Hi Ray,

I have worked in the legal industry for 10 years (however, not in NY).  I'll
give you two answers: 1) what I've seen and done, and 2) my opinion about
what *should* be done ...

1) Like you, the firms I have worked with generally retain executed
originals onsite in some form of locked fire-rated cabinet/room and employ a
strict chain-of-custody process for circulation needs.  None of the firms I
have worked with over those 10 years have sent originals offsite.  I have
also seen the proliferation of imaging, however only for the sake of
convenience and to reduce the need to handle originals, mitigating the risk
of damage and/or loss.

2) It is my opinion that original documents should be returned to
and retained by the client, not the firm.  There is no inherent value to the
client by having the lawyer maintain the original.  I have asked many an
Estate lawyer why it is that firms choose to take on the risk of maintaining
originals (because that's exactly what they're doing - inviting some kind of
problem or mistake and then having to explain to the client why they no
longer have an original copy of a will).  The general gist of the responses
is, because then the client *has* to come back to me when they want to
update the document.  It's a form of fiduciary hostage.  Many Estate lawyers
only see a client once every 5 or 10 years, so holding onto the will or
trust documents ensures they call you, not someone else.  My response is ...
if you're a good lawyer, they'll come back to you anyway!

At the firm I just left, I successfully convinced the Tax and Estate
practice group to stop the madness by giving originals to clients.  There
was also an effort to return those originals we had retained to their owner,
thereby removing that risk altogether.  I hope they follow through on that
project in my absence!

Hope that helps.  Happy to chat offline if you want.

Julie

-- 
Julie J. Colgan, CRM

[log in to unmask]
http://twitter.com/juliecolgan
http://www.linkedin.com/in/juliejcolgan

List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance
To unsubscribe from this list, click the below link. If not already present, place UNSUBSCRIBE RECMGMT-L or UNSUB RECMGMT-L in the body of the message.
mailto:[log in to unmask]