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Bullets and paragraph spacing


Is there a 'correct' way to include spaces before and after items in a list (such as bullets)?

I am working on a document that has a space of 12pt after each paragraph. I like the visual break this provides. Should I have a 12pt space after each item in the list? Sometimes this looks too much.

I'm working to a 12pt baseline grid so it seems that the space should either be 12pt to match my grid, or nothing.

Any tips/design examples?

Thanks in advance!