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Legal Technology Complements Knowledge Management; Here is How
The most successful firms in the field have reached to a point where collaboration that supports colleagues to share experiences across teams is encouraged. Legal technology gives the lawyers the ability to capture legal knowledge, seamlessly
By
Apac CIOOutlook | Friday, January 17, 2020
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The most successful firms in the field have reached to a point where collaboration that supports colleagues to share experiences across teams is encouraged. Legal technology gives the lawyers the ability to capture legal knowledge, seamlessly collaborate with colleagues, and jointly share knowledge in real-time
Fremont, CA: A significant part of a corporate lawyers' job is to assist their clients in pulling through the complexity of law to obtain the most suitable outcome for the clients' businesses. By doing so, the goal of the lawyer is to meet the expectations of the clients by incorporating knowledge management efficiencies. The most successful firms in the field have reached to a point where collaboration that supports colleagues to share experiences across teams is encouraged. For doing the same and also enhancing the value of the practice, legal technology provides various options to leverage from, for knowledge development. It enables the lawyers to capture legal knowledge, seamlessly collaborate with colleagues, and share knowledge in real-time.
- Increased Efficiency:
Legal technology gives lawyers the necessary tools to access the existing knowledge seamlessly in a single repository where the entire firm's information is stored and managed. As clients demand faster service from the law firms, lawyers are in a position to respond on the same grounds by leveraging technology in a manner that provides experience, work product, and counseling instantly available to the clients. With the use of knowledge automation, firms can transform documents into smart, shareable templates to be used among internal colleagues. The document production and workflow automation will help firms conserve time and resources while increasing accuracy and reducing risk.
- Increased Value to Clients:
The key to law firms' ability to deliver quality legal services and consistency lies in the implementation of knowledge management. Knowledge automation technology helps increase the efficiency that directly impacting the margins, and also adding value to the client relationships. With the provision of improved transparency, heightened responsiveness, and boosted communications, law firms have the power to set themselves apart from the bandwagon and build trust and confidence.
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- Delivery:
An innovative approach for the delivery of legal services is the most critical feature contributing to a firms' success, and ultimately clients' satisfaction. The advancements in knowledge management will help law firms improve productivity, risk management, and client services. Firms are utilizing automation to leverage know-how through a quicker and more efficient approach. In turn, placing the in-house counsel in a stronger position to report out on legal issues to internal colleagues.
A centralized knowledge management center assists in the provision of a framework for capturing, maintaining, and sharing expertise that will uplift the firm to the high tide. May it be positioning associates to accelerate their learning or to protect them against loss of knowledge, a custom information repository for all internal and external expertise, will provide an upper hand to the lawyers for effortlessly searching and managing the know-how, time, and money. By integrating these processes with AI and contextual search tools, the search experiences are optimized to find the valuable knowledge necessary for the lawyers.
The significant issues that keep law firm attorneys up at nights are the compliance regulation and risk mitigation. Lawyers need to be well versed in the identification of potential risks and the quality to referring to previous matters efficiently. Knowledge management technologies allow law firms to tackle this need for leveraging relevant information by streamlining compliance workflows and better data management across the entire workplace.
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