Financial Valuation Workbook, 5th Edition

CHAPTER 7Practice Management Workflow Procedures

7.1 INTRODUCTION

These workflow procedures are designed to assist midsize firms in maintaining the continuity of the client report and exhibits and will eliminate unnecessary draft files. The purpose of these procedures and checklists is to define the checks and balances that are needed to reduce exposure. These procedures are also completely dependent on each firm's internal policies, which can be and often are different from what is presented here. For example, policies concerning notes and drafts can and do differ by firm. In most cases, large firms will have already established procedures and policies. Conversely, small firms may not have the staff to implement these procedures with the appropriate degree of independence. However, both large and small firms may find the checklists useful in their practice.

In order to comply with the procedures, emails and drafts can be created according to the appropriate templates that exist within the system. Correspondence with the client, including emails both sent and received, can be retained in the Client folder. Additionally, verbal conversations can be logged on the appropriate form and filed in the client's folder.

If a report draft is created and sent to the attorney, any changes that the attorney recommends may be retained in the Client's file and may potentially be used in future litigation. (Note: There are some exceptions.) Additionally, drafts sent to the client may be retained ...