A research report: best practice in using knowledge to increase efficiency and profitability in law firms
Traditional ways of buying legal services are changing. Law firms have to fight harder to win work and sustain their profitability. They are being forced to get more from their assets and to look at new approaches to preserving and gaining competitive advantage.
Practical Law Company commissioned OMC Partners to conduct in-depth research into how firms are responding to these pressures in the area of knowledge.
A range of practices emerged. At worst, haphazard or complacent approaches were hampering fee-earners in their day-to-day role. At best, firms have been able to significantly reduce the overall costs of creating knowledge and matter delivery consistently across all practice areas.
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Outcomes for those firms implementing knowledge best practices:
|Up to 10%||Reduction in the total cost of matter delivery through faster drafting.|
|Up to 15%||Reduction in the total cost of matter delivery through improved leverage.|
|Overall up to 20-25%||Cost reduction in matter delivery.|
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