The knowledge imperative

Best practice in using knowledge to increase efficiency and profitability.

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.

The research amounted to 50 hours of interviews. This report distils from these:

• The main client pressures and their implications for knowledge.
• Six knowledge best practices.
• Typical barriers to these.
• The successful outcomes firms have achieved.

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