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Outside Counsel Deskbook
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  1. Representing the FDIC
  2. Conflicts of Interest
  3. Legal Services Agreement
  4. Legal Referral
  5. Case Management
  6. Case Plan and Budget
  7. Invoice Package
  8. Legal Matter Closeout
  9. Post-Representation
 10. Foreign Laws Firms


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  2. Statutory Compliance
  3. Electronic Billing / Timekeeping
  4. Legal Services -
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  1. Litigation & Resolutions Branch
  2. Corporate Operations Branch
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  4. Consumer & Legislation Branch

Legal Matter Closeout

8.1 Final Invoice Package
At the conclusion of a matter, you should submit your final Invoice Package within 90 days of conclusion. It is important that you note on the invoice and the LIF&E form that this is a final Invoice Package. Refer to Chapter 7 for procedures for submitting your Invoice Package.

8.2 Forwarding Documents to FDIC
At the conclusion of a matter, or group of related matters, the FDIC will take custody of all records related to the matter(s), including attorney work product, unless you, as FDIC outside counsel, want to continue to preserve the records for your own purposes (i.e., state bar requirements, malpractice insurance requirements, firm’s business practices, etc.).  Note that records such as time sheets, receipts etc., that must be kept for audit purposes pursuant to paragraphs 1.7 and 7.11 are your firm’s property and should not be sent to the FDIC with records related to the underlying matter.

If, at the conclusion of the matter(s), you have no further interest in preserving the records for your own purposes, the FDIC will pay for shipping and permanent withdrawal fees (if the files are in the possession of a private records storage vendor) to transfer the files. All outstanding fees related to the transfer of these records, including permanent withdrawal fees, must be submitted with the final invoice package.

If, however, you have a continuing need to preserve the records for your own purposes after the matter has been concluded, you will inform your oversight attorney in writing of that decision with a list of records at issue, and, if the oversight attorney agrees, you may continue to preserve the records at your own cost. You will be responsible for all storage costs during the time that you preserve the records for your own purposes.   The oversight attorney cannot commit to continue to pay for storage or permanent withdrawal fees after the matter has been concluded and the final invoice has been submitted.  While the records are being preserved for your own purposes, the records shall not be intermingled with non-related matters pertaining to other FDIC assignments or other clients. The segregation of these records will facilitate the destruction or transfer of the files at a future point.  

When you no longer need the records for your own purposes you must contact the FDIC in writing to determine whether the records may be destroyed.  Inquiries are to be sent to the Legal Services Group, Attn: Counsel John C. Binkley, 3501 Fairfax Drive, Room VS-E-6068, Arlington, VA 22226 (Phone (703) 562-2322), with a list of records that are at issue.   The records may not be destroyed without the written permission of the Legal Services Unit.   If you receive written permission to destroy the records, it will be at your own expense.  If the FDIC cannot authorize the destruction of the records, the FDIC will take custody of the records.  The FDIC will pay for shipping the records to the FDIC, but you will be responsible for any permanent withdrawal fees related to the records as well as outstanding storage fees. 

When requested by the FDIC upon completion of the legal matter, you must return any FDIC property and materials (e.g., original documents from a financial institution and computer software media, documentation and licenses) and forward all substantive legal work product not previously submitted. Failure to do so may delay or prevent payment of your final invoice.

NOTE:  For purposes of subsequent audit, Outside Counsel must retain certain documentation.  Refer to Chapter 1, Section 1.7 and Chapter 7, Section 7.11.  Your failure to maintain required documentation may cause the FDIC to disallow previously paid fees and expenses.

Last Updated 05/20/2005 legal@fdic.gov

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