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14
M
ost law firms understand that there's
value in the vast amounts of information
they create on a daily basis. It's the key
reason that knowledge management (KM) initiatives
have become more and more popular within the legal
industry.
But while it's one thing to appreciate what you
have theoretically, it's completely another to put the
knowledge to use practically—and squeeze as much out
of it as you can. Therein lies the ultimate challenge for
most KM professionals—turning abstract information
into concrete benefits and transforming esoteric
insights into a widely accessible advantage for the firm.
The task is made less daunting with a traditional
KM software solution, like a well-organized knowledge
management repository. Collecting and indexing
key information and resources (deal precedents,
templates, guidance materials, document clauses and
more) in one place so that they're readily available is
fundamental to making the firm more efficient.
But what KM experts understand—as some
of the most capable and technologically proficient
people in the organization—is that their firm is only
scratching the surface of what's possible. Standard
KM responsibilities include activities like promoting
best practice, ensuring the availability of knowledge
resources, supporting thought leadership and
informing planning initiatives. These are important
contributions that shouldn't be understated, but
they're too narrow, too limiting.
B Y J O H N L O F Y
Here's the Pitch:
Team KM with AI to Differentiate
Your Firm
