Video | Protiviti Legal Perspectives With Managing Director Peter Tierney In this episode of Protiviti Legal Perspectives, host Chad Volkert, Global Solutions leader at Protiviti, welcomes Peter Tierney, managing director in Protiviti’s Legal Consulting practice, to discuss the evolving landscape of legal document management. With nearly 30 years of experience in legal consulting, Peter shares insights into the challenges organizations face in managing legacy paper documents and how digitization initiatives are reshaping the way companies approach information governance.Peter begins by outlining his career journey, starting from his early days in a Big Five firm working on document coding and data management. Over the years, his focus expanded into e-discovery, compliance activities and contract management. His passion for technology and the constant evolution of the legal landscape have kept him engaged in consulting, where each day presents new challenges and opportunities. Topics Cybersecurity and Privacy Legal Litigation Artificial Intelligence Despite the widespread adoption of electronic data management, Peter highlights that many companies still grapple with significant volumes of legacy paper documents. Research from Gartner indicates that 91% of businesses are involved in some form of digital transformation initiative, with 87% of senior business leaders identifying digitization as a key priority. However, the sheer volume of historical paper records presents numerous obstacles. These include physical storage costs, security risks and the difficulty of accessing information quickly and efficiently.Peter uses the analogy of an active volcano to describe how information accumulates over time — newer, more relevant data sits on top, while older, potentially burdensome data forms a bedrock below. Without proactive management, these legacy paper archives can become more of a liability than an asset. He explains how paper documents require physical storage, which not only incurs costs but also exposes companies to the risk of loss, damage or misplacement. Additionally, paper documents lack the searchability and audit trails that digital documents offer, making it difficult to locate information for compliance or litigation purposes.The conversation shifts to the operational and legal risks associated with maintaining large archives of paper documents. Peter emphasizes that companies without strong document retention policies may face increased legal exposure during litigation. When a legal hold is issued, companies are required to preserve relevant documents, and the burden of searching through decades-old paper archives can significantly impact legal strategy and costs. Furthermore, organizations that cannot produce requested documents in a timely manner may face regulatory penalties or unfavorable legal outcomes.Another pressing issue is the role of legacy paper in contract lifecycle management (CLM). As companies adopt more sophisticated CLM systems, they need to digitize existing contracts to enable efficient search, retrieval and data extraction. This process is critical for leveraging artificial intelligence (AI) capabilities and improving overall contract management efficiency. However, scattered paper contracts — often stored in desk drawers or file cabinets — pose a major obstacle to these initiatives.Peter also highlights a relatively new driver for digitization: the shift to hybrid and remote work models in the post-pandemic era. With companies downsizing office space and reducing physical footprints, the need to eliminate paper storage has become even more urgent. Organizations moving from large office spaces to smaller, more flexible environments can no longer afford to maintain physical archives.To help companies tackle these challenges, Peter outlines the components of a robust document-management strategy. The foundation of any effective approach is a well-defined document-retention policy that guides what should be kept, digitized or securely destroyed. He recommends a triage process to categorize documents into three buckets: those that must be retained, those that should be destroyed and those requiring further review. This process helps companies prioritize their efforts and avoid unnecessary costs.For documents that need to be retained, digitization offers significant benefits, enabling organizations to integrate legacy information into modern document-management systems. With the rise of AI and machine learning technologies, companies will soon be able to extract insights from historical documents more efficiently than ever before. By investing in digitization and information governance, companies can improve operational efficiency, reduce legal risks and unlock the value of their legacy information.Join us for this insightful conversation as Peter Tierney shares his expertise on how companies can navigate the complexities of legacy-document management and position themselves for success in an increasingly digital world.Want to learn more? Listen to our other episodes from the Protiviti Legal Perspectives podcast to stay up-to-date on the latest trends and insights shaping the legal industry. For more information about Protiviti’s services, visit our website.
