Predicting and preparing for risk is second nature to a lot of law firms. But how many have planned for economic risks as well as legal ones? At the "How to Lead a Knowledge Management Program Through a Recession" panel at the International Legal Technology Association's ILTACON 2019 conference, knowledge management (KM) professionals highlighted strategies their teams deploy to weather the next economic downturn.

To be sure, many KM teams likely have been through a recession once before in 2008. But not all experienced it the same. "We talked to a number of our peers because we knew they had gone through the last recession, and one of the things we learned was that the recession as not universally bad for KM," said Dora Tynes, director of knowledge and research services at Stoel Rives.

The reason? "A lot of KM programs were just getting started in 2007. … People were trying to still create the program and therefore they didn't have large teams," she explained.

There wasn't much, therefore, for these nascent groups to lose. On the contrary, Tynes said KM teams were in a unique position to onboard associates made idle by lagging business, and demonstrate KM's ability to help the firm become more cost efficient during difficult economic times.

For the next recession, however, these now more developed KM teams may not be so lucky. But that doesn't meant they can't find ways to survive.

Michael Mills, co-founder and chief strategy officer at Neota Logic, emphasized that it's always important for KM teams to demonstrate their value to their firm. "Maximizing the quality and quantity of what you do is important," he said, adding that KM teams need to tie their operations into the firm's broader business plan.

Tynes agreed, noting that "if you're not looking at that strategic plan for the firm and aligning the program to that, then it's going to be much more difficult for you to justify spending."

To better understand the firm's strategic goals, Chris Boyd, chief knowledge and talent officer at Wilson Sonsini Goodrich & Rosati, advised turning to practice groups' business plans, which he called "a great source" of information.

Mills added that KM teams can also connect with certain law firm leaders to understand and help with their specific business problems. Among these leaders, he cited managing partners and those in practice groups who may have relationships with clients that are essential to the firm economically and strategically.

Of course, KM teams themselves won't be immune from budget cuts that may result from a recession. To that end, Boyd said it's important to "minimize the amount of resources your KM team uses," including limiting the head count of the team and leveraging "other departments resources as much as possible."

Tynes added, "Your folks in pricing can do a lot for you when it comes to efficiencies. … And don't forget your administration support staff: They can be an ally for you."