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

Copyright © 1996 - 2024 Olmstead & Associates, All Rights Reserved

Home – Resource Center – News Releases – About Olmstead – Services Provided – Contacting Olmstead – Sitemap