The world’s leading law firms recognise that knowledge management has become a key business driver, yet KM initiatives are in danger of falling by the wayside unless KM is given more executive support, according to Gretta Rusanow, author of the 2001/2 Global Law Firm Knowledge Management Survey Report for Curve Consulting.
The survey focused on 16 of the leading legal firms in the US, Australia and the UK, selected based on their demonstrated commitment to knowledge management. “The heads of KM proved tremendously articulate about the value of knowledge management to their firms,” said Rusanow. “However, if you scratch beneath the surface it becomes clear that full management support for KM is lacking in most organisations.”
The report also revealed that over 80 per cent of the law firms surveyed do not actively measure the return on investment generated through KM, with few even developing a proper business plan prior to implementation.
The danger, according to Rusanow, is that by failing to tie knowledge management with tangible business gains, law firms are likely to lose funding and commitment to KM initiatives in the longer term.
The survey was nevertheless more positive about the link established in most firms between KM and effective client service delivery. Most firms actively promote knowledge management in business development activities and, in several cases, provide KM-related services to clients.
However, few participants have established formal e-business/KM strategies or generate demonstrable revenue from existing client KM initiatives. Similarly, the majority of firms have still to address cultural barriers to KM, in particular the time-based billing model. This was especially evident among the US organisations surveyed, where 75 per cent admitted to focusing almost exclusively on technology and content-driven KM programmes.
For more information on the 2001/2 Global Law Firm Knowledge Management Survey Report, contact Gretta Rusanow at: grettarusanow@curveconsulting.com