Knowledge management – building a repository of precedent information and effortlessly retrieving it – is a key enhancement for law firms. Knowledge management is important for several reasons. For example, if a law firm keeps good records of legal advice provided to a client undergoing a major event such as an acquisition, the law firm can offer better-priced legal advice for future transactions, supported by previously developed content, documents, and experience.

Well-established procedures and protocols for both contributing to a corporate knowledge base and withdrawing information when needed can significantly improve efficiency for legal departments and law firms. Technology has an important role to play, and legal consultants can help build technology-based tools, such as portals that enable firms to track the movement of information back and forth or data rooms to house critical information.

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