What are some of the key challenges law firms face when transitioning to a knowledge management (KM) platform?
And how does Knowledge Management software help them overcome these challenges?
Knowledge management (KM) platforms are used today to improve collaboration between law firms and their clients. These tools can increase the efficiency of eDiscovery and improve task management. That’s why the use of these tools is increasing, as more lawyers transform how they work.
The growth of KM tools signals a shift in thinking toward innovation in content management, search and recall, and the dissemination of knowledge held by subject matter experts. These platforms are increasingly the hub for collaboration, but there are still challenges disrupting the implementation of these tools.
Knowledge Management challenge #1 for law firms: Change management
Firms considering a transition to a KM platform will face challenges, including reluctance by lawyers to embrace these new tools. Clear and constant communication about the value of the tool will be critical to the implementation process, particularly with knowledge workers. Studies show that if a team sees excellent management throughout a process, they are 40% more likely to meet the goals of the change.
Attorneys will see no reason to waste time on a task that does not have a clear benefit, so project managers must communicate the benefits of the KM platforms to stakeholders throughout the process. Project managers must also create clear performance indicators for implementation and adoption, to improve chances that their KM initiative will succeed.
Ikaun’s artificial intelligence (AI)-powered KM tool can improve the integration process by eliminating rework for employees and streamlining workflows in your systems of record. KM software enables efficiencies at law firms by cutting redundant tasks and facilitating time-saving search capabilities for including content, subject matter experts, company information, and more. Ikaun can improve end-user adoption simply by allowing attorneys to spend more time practicing law.
Knowledge Management challenge #2 for law firms: Budgetary constraints
In 2018 the International Legal Technology Association (ILTA) surveyed law firms using KM software. Their findings showed nearly 70% of budgets were dedicated to software licensure. The survey also showed that KM budgets are increasing in 94% of the firms surveyed, with the majority using AI as part of their platform offering. After implementation, these KM tools saved law firms time in the areas of models, precedent, and legal research and opinion database search. The key finding was that KM platforms save firms time. Given that the biggest cost center in a law firm is time and labor, it’s clear that the cost constraints associated with KM platforms can be offset by these benefits.
Ikaun’s legal experience management software is priced to overcome these challenges, with instant scalability allowing law firms to increase or decrease access to the tool based on the firm’s size or usage. The platform was designed specifically for law firms, which makes for early and clear ROI in workflows and time savings. No additional resources are necessary to implement ikaun directly into a firm’s IT solution stack.
Knowledge Management challenge #3 for law firms: Team size
According to the ILTA study, the average size of a KM implementation team is two to three people. KM platforms are designed to scale up operations by automating many basic functions to make a small team seem larger by improving their efficiencies. KM software can integrate with legacy systems to improve the performance of the entire technology network.
Ikaun can stretch the resources of even the smallest team, integrating with systems of record across many categories. The software is highly customizable, which allows administrators to control everything from messaging to security and access. This versatile software is designed to stretch resources, improve communication, and increase efficiency.
Overcoming law firm challenges with Knowledge Management software
Implementing a KM platform in your firm can solve many internal challenges:
- Turn implicit knowledge into actionable explicit knowledge
- Automate data collection and eliminate manual data maintenance
- Structure the data for easy search
This is exactly why law firms around the world use KM initiatives to cut costs, innovate, and increase service quality. KM software is a valuable opportunity that allows attorneys to focus their time on value-adding tasks, not rework or administrative processes.
Eliminating these tactical and redundant activities will result in value-added to the firm multiples greater than the cost to implement and manage a KM solution. When considering a platform like ikaun, firms should prioritize activities their attorneys and sellers spend time on, then eliminate the inefficient tasks by folding in a user-friendly platform.
While every firm is at a different place in their KM journey, ikaun is the platform designed to overcome challenges at every stage of implementation. Get a demo today.
Ikaun was built to help organizations easily create, discover, and use knowledge to enhance employee productivity and increase business outcomes.
Leverage your organization's collective experience for better decision making; easily search for internal experts by skill sets, industry expertise, and more.
Ikaun’s Intelligent-Knowledge-Assistant searches through your ikaun environment and other connected systems to help answer FAQs, find people, find assets, or support complex research scenarios.
Create easy-to-read profiles that include biography, skills / expertise, employment history, certifications, affiliations and other key information about your employees.
Leverage experience already unified in your ikaun platform to create beautiful on-brand proposals and pitches in minutes.
Deploy knowledge campaigns to inform employees about active pursuits, new clients, or firm news.
Connect your document management systems, CRM, and other popular applications with ease and confidence.