1.  A retained attorney or law firm shall, from the beginning of the term of the contingent fee contract until a date not less than 4 years after the date on which the contract expires or is terminated, maintain records of all expenses, disbursements, charges, credits, receipts, invoices, billing statements and all other payments made by or to the retained attorney or law firm in connection with the matter that is the subject of the contract.

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2.  In addition to the records described in subsection 1, the retained attorney or law firm shall prepare and maintain contemporaneous records reflecting the work performed on the matter by the retained attorney or law firm, including, without limitation, any work performed by a paralegal. The records must specifically describe the work performed, identify the person who performed the work and set forth the time spent in connection with the work, in increments of not more than one-tenth of an hour.

3.  Not less frequently than quarterly during the term of a contingent fee contract and any extension or renewal of the contract, the retained attorney or law firm shall prepare and submit a billing statement to the Attorney General and any other officer, agency or employee represented by the retained attorney or law firm. For the period covered by the statement, the billing statement must specifically describe the work performed on the matter by the retained attorney or law firm and set forth the time spent in performing the work.

4.  The billing statements and other records described in this section are public records and must be open for inspection pursuant to NRS 239.010.