publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/355985
ILTA WHITE PAPER: JULY 2014 WWW.ILTANET.ORG 28 Law firms are already complex, but now that environmental noise is increasing. A shared understanding of the value KM can deliver to a specific firm — and therefore where KM investment should be directed — is more difficult than ever to establish. It's difficult, but not impossible. Here are some tips for keeping a broad perspective with an ability to zero in on what will really make a noticeable difference in your firm. UNDERSTANDING AND ADJUSTING KM MODELS Many legal organizations started their KM journey decades ago. For many, this journey started in tentative steps involving the management of high-value documents and precedents. At some point, most firms have gone through a process of sketching out an overarching vision of their knowledge strategy, covering expertise-related initiatives from document production and management to associated working practices, collaboration systems and processes, expertise management, matter management, internal and external research aggregation and so on. Here is a typical overview of law firm knowledge categories familiar to those working in knowledge functions. This overview is designed to reflect a strategy for implementation that is balanced among governance, IT, people, processes, metrics, etc., delivering favorable outcomes for the business on all these fronts. Literal implementation of these visions typically involve a massive, multi-year investment of time, expertise and money. After many years, some areas of focus naturally emerge as delivering value in a particular firm context, and others don't seem to get the traction they need to be effective or supported. Some initiatives take off with some practice areas and teams; other initiatives are more effective elsewhere. CATEGORY DEFINITION Client Knowledge Creating, sharing, finding and using information that provides insight and understanding about client industries and specific business challenges Current Awareness Keeping up with the most recent changes in the business environment that are of relevance to the firm's clients and with changes in the law that are of relevance to the firm's practice areas Filtering the stream of information to focus attention on the most significant developments and to avoid wasting time processing non-valuable information Financial and Matter Knowledge (Including Project Management Info) Finding, tracking and analyzing client- or matter-related financial and project information Improving efficiency and minimizing write-offs Expertise Creating, capturing, organizing, finding and reusing knowledge in the form of work product, precedents, forms, models, guidance notes, checklists, best practices, etc. Sharing leading-edge experience and knowledge throughout the firm through mentoring, coaching and professional development Collaboration (Including Client Collaboration) Easily finding and consulting with experts, both inside and outside the firm Knowing who in the firm is working on what Locating and quickly collating the firm's collective experience in specific areas Easily and effectively sharing the firm's knowledge resources with clients Reducing barriers hampering the exchange of information between client and lawyer Professional Development Providing resources and substantive materials to support ongoing legal education and development of business skills for lawyers Mentoring and coaching lawyers to help them learn more about effective lawyering and client service in their specific practice area and to help them achieve their professional goals SIGNAL TO NOISE: LOCATE AND FOCUS ON VALUE AMID COMPLEXITY