LogRotate in unix - Utility for rotation of files (i.e log files ) in unix

I've just learned that this utility exists in linux / unix

Logrotate is a great utility to manage and adminster log files in a system. It provides you with a lot of options, namely, automatic rotation, compression and mailing of log files. Each log file can be rotated hourly, daily, weekly or monthly. In this article, I will show you how to manage your log files using logrotate.

You can add your own configuration file like /etc/logrotate.d/LPapache which defines which files should be rotated.

Example of configuration file:

/etc/logrotate.d/LPapache

/liveperson/data/server_tomcat/logs/*txt /liveperson/data/server_tomcat/logs/*log /liveperson/data/server_tomcat/logs/catalina.out {
    copytruncate
    daily
    rotate 365
    missingok
    dateext
    sharedscripts
    compress
}

Another example /etc/logrotate.d/LPapache:

/liveperson/data/server_apache/logs/*log {
    rotate 365
    missingok
    size 500M
    dateext
    sharedscripts
    compress
    postrotate
        /sbin/service LPapache reload > /dev/null 2>/dev/null || true
    endscript
}

More info here
  http://linuxers.org/howto/howto-use-logrotate-manage-log-files