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The rule generally carries out a congressional mandate. The rule, in general, prohibits the destruction for seven years of certain records related to the audit or review of an issuer's or registered investment company's financial statements.
For civil cases, important papers or property should be kept for a minimum of five years after closing the case, ing to the California Rule of Professional Conduct.
When it comes to paper vs. electronic record keeping, electronic record keeping is far more secure. There is always the risk of a paper document being lost, misplaced, or destroyed by accident. An authorized individual may forget where they left a document or may return it to the wrong place.
Q: How Long Should an Attorney Keep Client Files in California? A: Depending on the type of case, client files should be kept for 5-10 years. For civil cases, important papers or property should be kept for a minimum of five years after closing the case, ing to the California Rule of Professional Conduct.
KEEP FOREVER Additionally, it's a good idea to hold on to records of major financial events, such as legal filings or inheritances. You can easily access your paperless statements and documents online and keep them safely stored there.