Updating stock assessments frequently and ensuring that the most recent fishery-dependent and -independent data are included is a costly endeavor. We use a management strategy evaluation for the mid-Atlantic summer flounder (Paralichthys dentatus) fishery to determine the economic returns to increasing update frequencies and decreasing the data management lag. We simulate the annual acceptable biological catch for the period 2015–2040 under a range of update frequencies and data lags. We calculate present value net economic benefits for the commercial and recreational fisheries for each scenario. Discounting, the timing of harvest quotas, species-specific price flexibilities, and fishing cost response to biomass and quota differences suggest that the benefits gained from frequent updating and reduction in data lags will vary by fishery. For summer flounder, we find the cost of more frequent updating (1 versus 5 years) and reducing the data management lag (1 versus 2 years) are more than compensated for by societal benefits generated by the fishery.