Much has been written about the legal industry’s efforts to provide greater value to clients at a lower cost. But the special challenges that large, global law firms face when implementing this innovation mandate are often overlooked. Increasingly savvy clients want their firms to leverage meaningful data, streamline their workflows, and provide greater clarity and reliability on pricing. Doing so requires outside counsel to properly collect and store data, standardize work product to the extent practical, automate where possible, and develop holistic solutions that meet the aforementioned goals and promote client collaboration.

With thousands of lawyers and dozens of practice groups spread among multiple jurisdictions around the globe, devising more than just point solutions can feel daunting for global firms. What’s more, most lawyers don’t have the bandwidth to focus on innovation. And most IT professionals—if they are not lawyers themselves—are not familiar enough with lawyer and client needs to design solutions without heavy lawyer involvement. This is why knowledge management (KM) teams are essential to meet firms’ innovation goals.

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