Knowledge Management is growing

Highlights from a recent American Lawyer Media (ALM) survey of law firms in US and Europe that are larger than 600 lawyers:

Highlights of survey results include the following:

— The top three objectives of knowledge management were identified as improving the quality of client service (71 percent), leveraging expertise (49 percent) and gaining a competitive advantage. (48 percent)

— Almost 40 percent of firms will spend more than $1 million on knowledge management in 2006.

— The average knowledge management organization in a European law firm was more than ten times the size of the average knowledge management organization in a US law firm.

— The scope of the knowledge managed within law firms has broadened, although there is still a strong emphasis on managing knowledge related to the practice of law and little emphasis on managing knowledge relating to the "business of law."

I still believe that the successful law firms in the future, large or small, will be the leaders in this field. And, it will be precisely their implementation of knowledge management principles that will enable them to use their previously gained knowledge efficiently, profitably and most effectively for their clients that will differentiate them from other law firms and bring them increased successes.

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