header-logo header-logo

Profit from knowledge

02 October 2015 / Mark Collins
Issue: 7670 / Categories: Features , Profession
printer mail-detail
web_collins

In the first of a series of articles, Mark Collins describes some of the key elements required to build an effective knowledge management operation

In the world of legal services, knowledge management (KM) is really just good business management. For KM to succeed, an organisation needs:

  • Management vision and a clear commitment to KM.
  • A business strategy that incorporates explicit KM actions.
  • Resources (both human and technological) to deliver a measurable return on investment.

If you are in the business of selling cakes, the way you buy your ingredients, organise the baking, and manage the decorating and packaging of your cakes is essential to your success. Likewise, if you are a lawyer selling your legal and commercial expertise, then KM is key. In a knowledge economy, if you are selling knowledge, KM is really just good business sense. We need good quality raw materials (law, facts and business intelligence). We need to bake our legal advice carefully and cost efficiently. We should brand and price our product to best effect. KM can help with all

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
back-to-top-scroll