Issue link: https://epubs.iltanet.org/i/74024
other. KM and LPM can benefit from the advances both bring to the legal service business model. However, both of these powerful business improvement practices bring logistically different principles and methodologies to the practice of law. Knowledge Management: Wisdom As a Resource The knowledge accumulated by a lawyer over a career can be comprehensive and extremely valuable. The collective knowledge acquired by a law firm over generations of practice by leagues of lawyers is enormous and beyond the capacity of any system to be objectively valued. Nonetheless, the greater degree of ready access to this accumulated knowledge, the stronger the practice capabilities of the law firm and its lawyers. Knowledge management has grown in importance as an essential tool for law firms to access the archival knowledge of the many lawyers who have practiced over time. This knowledge can be in the form of hundreds of thousands (or even millions) of documents in a law firm's archives: briefs, memoranda, opinion letters, templates, transactional records and any repository of a lawyer's work product. KM also includes access to powerful and fast legal research tools that can search the multiple millions of pages of court decisions, legislative enactments, law review articles and business information available through robust search engines. ILTA White Paper 47