Digital White Papers

I L T A W H I T E P A P E R | K N O W L E D G E M A N A G E M E N T 17 H E R E ' S T H E P I T C H : T E A M K M W I T H A I T O D I F F E R E N T I A T E Y O U R F I R M they can't find and then having to re-create it. There's nothing worse than having a partner say, "I know this information is somewhere, but I can't find it." Actually there is—having to contact a client to request information that should be on file. If your goal is to differentiate your firm in a good way, that's the last thing you want to do. With AI, all of your knowledge assets can be sifted through and categorized automatically into a highly intuitive taxonomy that makes finding any piece of information, clause, transaction detail or best practice effortless. AI can also help enforce common standards, constantly monitoring and auditing how matters, key documents, know-how and precedents are being recorded to avoid data loss. UNCOVER TRENDS AND DELIVER VALUABLE INSIGHTS As KM experts work with practice group heads, partners, lawyers, business development managers and other colleagues, they're able to offer new levels of intelligence to improve efficiency and quality. Let's say a lawyer is drafting a clause and wants to know what the market practice for that particular clause is and perhaps the average length of the warranty or indemnity period. With KM and AI, you could immediately serve up all of the relevant clauses that were executed in the last three months, for example, plus all of the pertinent knowledge needed to draft the clause quickly and correctly. With this particular use case, and the hundreds of others like it, there's a striking benefit—the wheel would never need to be reinvented again. IMPROVE PROFITABILITY WITH BETTER LEGAL PROJECT INFORMATION With KM, firms can collect valuable project know- how as they work and then use it to drive continuous improvement and efficiency and create standardized workflows. AI enhances this process dramatically, empowering firms to automatically collect and analyze all documents and data related to a type of project or matter, so they can know, based on historic knowledge, exactly what resources are needed, how long each step will take, what a project will cost, as well as the risks when scoping and pitching services. The result? Science replaces guesswork. Firms are then able to deliver more cost-effective services with fewer resources, achieve better results and increase margins regardless of fee arrangement. How's that for a pitch? Law firms are in business for numerous reasons, but bottom-line considerations remain the key driver for implementing technolo, process improvements, client engagement initiatives and other innovation. Knowledge management is crucial to all of these transformative activities—it's the backbone, frankly. But as artificial intelligence has emerged in the legal tech arena, it's becoming essential as well. And firms that find a way to connect the benefits of both stand to gain a distinct competitive advantage. ILTA John Lofy, Global VP of Client Management, HighQ, is an industry professional with over 20 years experience working in software. He is a a hands on leader of account management, client success, and presales/solutions consulting teams, and has strong team building experience, both domestic and internationally.

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