Thomson Reuters

Effective knowledge management supports profit growth

By Fayaz Kabli

The value of information and internally developed knowledge has never been more important to a law firm. It acts as a differentiator and demonstrates expertise that is above and beyond what competitor firms can offer, and more importantly what clients can obtain or develop for themselves.

However, the boundaries between what is developed and maintained internally and what is now available online is becoming blurred. Content providers are making their services easier to use and more flexible to access. Equally, providers are showing an increased willingness to support better integration with a law firm’s own internal systems and processes. This makes it harder for individual firms to differentiate the services that they offer and can also make it easier for new competitors to enter the legal market with the ability to quickly access high-quality and reliable information services.

This article explores the relationship between internally managed content and that provided via online services; the different approaches taken to simplify complex information management issues; the myth that only the largest and richest firms can afford a tailored solution; and the benefits and returns that can be achieved when an effective KM and integrated search solution is put in place…

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