Issue link: http://read.uberflip.com/i/34417
“business of law,” and librarians became involved with competitive intelligence activities. In 2008, as the Great Recession took hold and transformed the legal market for the foreseeable future, the focus of KM shifted further. Now, the supply of legal services exceeds demand, and firms are competing to meet client expectations for cost-effective services. The increased emphasis on alternative fees, fixed fees and portfolio fees is also forcing firms to look into ways to manage matters more efficiently. KM professionals have responded to the new frontiers of project/matter management and legal process improvement by applying historical methodology strengths and habit of innovation. At the same time, they have addressed internal pressures to “do more with less” by re-prioritizing the services they deliver and by treating situations where there are lawyers operating under-capacity as opportunities to engage underutilized lawyers in KM projects. In light of these changes, we now see firms focusing their strategic KM initiatives to address the following questions: • How do we balance the basic KM need to identify and share knowledge derived from work we do for clients with the competing pressure to restrict access to client work product based on information security, data privacy and client confidentiality concerns? • How do we support our lawyers in managing matters effectively and collaborating across offices and with our clients? • How will we leverage and manage knowledge that resides in cloud computing and social media technologies? 24 Knowledge Management ILTA White Paper • How will we share the knowledge locked in personal email repositories? • As we create and deliver ever-increasing volumes of information to our lawyers, how will we help them work more efficiently by managing their attention and focusing them quickly on what matters to them most in the immediate context of the work they are performing? ESSENTIAL COMPONENTS OF A KM STRATEGY At its core, a KM strategy establishes a vision for KM that identifies the initiatives that are most important to a firm’s specific business goals and objectives, and defines a high-level plan to achieve the vision. A KM strategy does not include detailed implementation plans; these are part of the execution work that follows over time, after the strategy has been accepted. When formulating a KM strategy, I rely on the three basic elements of a strategic business plan: • Current State Analysis. This investigation combines interviews with individuals, collection and analysis of data about the KM work performed (e.g., volume, frequency, perceived quality), understanding of current business drivers and benefits achieved, and collection of information about competitors and the current market environment. The investigation often identifies perceived operational deficiencies. It also helps you identify the supporters of KM within your firm. The results are documented in a current state findings report and represent the baseline against which to plot the firm’s future course of action and to measure future success.