3 ways knowledge managers can increase client retention rates

For a firm to thrive – and provide an optimal level of service to its clients – the administrative infrastructure needs to be equipped with comprehensive knowledge of all of its staff and their unique skill sets. As a component of firm administration and operations, knowledge management (KM) is an indispensable asset.

“Knowledge management is also a role that’s evolving alongside the legal market.”

But KM is also a role that’s evolving alongside the legal market, as a Cornell Legal Information Institute post reported.

These days, the rise of social technology has created an atmosphere where legal firms must adapt to technological growth. This has facilitated the need for greater knowledge sharing, which, in turn, often falls on the shoulders of knowledge managers.

Fortunately, there are tools knowledge managers can use to meet the needs of clients and therefore increase retention rates. Here are three steps they can take:

1. Increase the speed and efficiency of expert finding: The last thing a prospective client wants is to wait to be paired with the right team. A key step toward better KM is to implement a quick means of finding relevant experts.
2. Keep track of the accomplishments and expertise of all attorneys and staff: At the knowledge management administrative level, there should be a comprehensive and up-to-date repository of individuals’ skills. That way, when clients with niche needs arrive, the process of building a team will be straightforward and efficient. To some firms, the prospect of keeping tabs on all lawyers on a regular basis may seem daunting, but it’s a process that can be made direct and successful via the deployment of a tool like The Firm Directory, which integrates a variety of line of business systems, intranets and external bios.
3. Pave the way for better communication and collaboration: While it’s vital that clients be paired with the right expert or experts, it’s also true that the legal profession is a highly collaborative field. But firms must retain the high level of security that’s expected for a client or matter-related information, which is where a security-conscious collaborative platform provides the best solution.

For law firms, the need to accommodate each client with individualized and well-matched service is imperative. With an experience discovery system, knowledge managers can meet this business need through the implementation of a system designed to find the right people, quickly and effectively.