Every law firm should formulate a retention policy. Here are a few suggestions:

 

Keep Permanently

  • Accounting audit reports
  • Cancelled checks for major items
  • Contracts and leases still in effect
  • Legal and other important correspondence
  • Deeds, mortgages & bills of sale
  • Depreciation schedules
  • Financial statements (annual)
  • Insurance records – policies and claims
  • Firm meeting minutes
  • Property records
  • Tax returns
  • Trademark registrations

Keep 7 Years

  • Client files
  • Accident reports and claims
  • Accounts payable/receivable ledgers and schedules
  • Check registers
  • Cash receipt registers
  • Cancelled checks
  • Expired contracts and leases
  • Expense reports
  • Equipment inventory records
  • Notes receivable ledgers and schedules
  • Payroll and pension records
  • Client invoices
  • Timesheets
  • Vendor invoices

Keep Three Years

  • Employee personnel records
  • Employment applications and resumes
  • Expired insurance policies
  • Internal financial and management reports
  • Petty cash vouchers Keep One Year
  • Bank reconciliations
  • Duplicate deposit slips
  • Important correspondence

 

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  • John Olmstead's reliability, willingness to help, and to find solutions where problems exist are some of his best qualities, and the firm continues to look to him for advice on occasion when new challenges arise
  • Jennie Malloy
    Malloy & Malloy, PA

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