Hélène Russell - Böcker

The discipline of knowledge management (KM) continues to evolve along with our ability to record larger and more varied kinds of information than ever before. Since its inception in the 1990s, it has passed through several stages, quickly becoming a credible field, and now an integral part of major businesses worldwide. Now, many have started to argue that KM is undergoing resurgence, possibly even transforming into KM 3.0, thanks to developments in artificial intelligence (AI). And, while AI has been around for many years, it has become a buzzword in the industry as questions loom over what it could mean for the labor market of the future. Adoption has been relatively slow in the legal profession, owing in part to its conservative nature, individual-focused training and no real incentive to overhaul the hourly billing model1. When in-house legal teams can exceed 1,000 people, sharing and reusing knowledge can easily become inefficient, with counsel often needlessly paying for the same research twice. Global intelligence software leader Comintelli estimates that $8.5 billion per year is lost between Fortune 500 companies alone on poor KM2, up from $31.5 billion in 20043, suggesting a recent rise in the number of firms embracing the concept. Despite this, there are still challenges posed to the legal world, and sharing insight is more vital than ever, not only within companies but between them. Innovations in Legal KM explores the endeavors of various legal firms - the problems they have faced, and the solutions they have developed - to improve their KM processes, and, ultimately, their bottom line.

The legal profession, like so many other fields, has continued to reel from the deep-reaching and significant impact of the 2008 financial crisis. In the years following the crash, a general downward turn in the demand for legal services compelled firms to tighten their belts, make tough decisions, and come up with innovative strategies in order to survive. One of these was an increased focus on profitability and different means of managing and improving it, a relatively new development for the legal industry. However, in recent years there have been small but positive signs of improvement, manifested in a gradual pick-up in client engagement, as global economies continue to slowly but steadily recover from the crash. It is definitely a better time to be a lawyer, as latent demand begins to manifest in parallel with growing client confidence in a stabilizing market, fast-paced disruptive technological innovations, and significant changes in laws and regulations. However, this does not mean that firms can afford to be complacent. The legal landscape continues to be in flux, and improvement is slow. Increased revenue and client demand does not come to firms that do not proactively seek it, nor is it achieved by those who are not applying innovative and cutting-edge techniques and strategies to the management of their firm. Of course, delivering the best service to clients should always be a top priority; however, there should also be an emphasis on running the firm like a business, which includes intensive scrutiny of expenditure and coming up with new and inventive ways to generate profit. Managing and growing a firm's profitability should not just be an exercise for difficult economic periods, but instead must be a priority at all times. Rather than being perceived as an irksome bolt-on, it is necessary to see it as a great opportunity in these times of increased business. Existing and persistent cultural norms amongst lawyers, however, means that the reform of current business practices does not always come naturally. Nor is it necessarily easy to find the right practical advice that can carry a firm through the transition. Emerging Approaches to Law Firm Profitability aims to be the ideal tool to assist with implementation, providing essential guidance for those seeking new means of maximizing their firm's capacity. Featuring advice and reflections from a wide variety of contributors, ranging from business and finance professionals to thought leaders and consultants, this book offers in-depth, intensive insight into the challenges generated by today's dynamic and hypercompetitive legal landscape. Most importantly, Emerging Approaches to Law Firm Profitability moves past the identification of these obstacles and supplies original, innovative ways of tackling them. Expert guidance is complemented by compelling case studies and effective real-world examples, supplying principles that can be applied to firms of any size or capacity.

The role of the professional support lawyer (PSL) first emerged in the early- to mid-1990s amongst London's Magic Circle, and quickly became essential for mid-size and even smaller firms. However, this golden period for the PSL came to an abrupt end with the global financial crisis and the subsequent recession, which rocked the legal landscape; the greatest shockwaves were inevitably felt by legal support teams, as many firms sought to maintain profitability by shifting their focus to fee-earners and cutting what was quickly perceived as superfluous business functions. The slow but steady recovery of the economy and the consequent pick-up of client demand since then has meant that the importance of PSLs to law firm operations has once again been recognised. However, the legal profession is not the same as it was before the recession; this is reflected in not only the changes in what is expected from fee-earners, but also support staff such as PSLs. Traditionally seen as a backstage position that mainly involved administrative work and the drafting of precedents, the PSL role is rapidly transforming. A PSL cannot only contribute to a firm's competitive edge by providing the traditional technical expertise; it has now become essential to perform tasks ranging from involvement in business development to the provision of training, the capture and dissemination of knowledge, product selection, and project management. This kind of flexibility is a quality that has made the role of the PSL attractive to those seeking an alternative to legal practice; however, it brings its own challenges. With such a wide variety of responsibilities and functions, it can be difficult to find relevant information on what career development might look like, or the skills needed for the progression. Identifying current issues and future challenges, too, is rendered problematic by this versatility. The Evolving Role of the PSL aims to fill this information gap.

Innovation is arguably an integral part of the knowledge management function and KM practice – as a popular “buzzword” over the past few years, and in the fast changing business world of today, it has become the mainstay of professional service organizations. The complexity of innovation increases with the growth in knowledge available to organizations, and with this comes the need to determine its place in business. Tomorrow’s KM: Innovation, best practice and the future of knowledge management focuses on the relationship between innovation and KM, elaborating on the role of KM as the facilitator and enabler of change. Consisting of in-depth case studies and insight from experts within varied fields, this book offers some contextual trendspotting and a general overview of the market. In order to “innovate”, one needs to know what it actually means. What is innovation and how does it relate to KM? Where does it start and end within the organization? How do you find out what you need to know in order to innovate?