Buried deep within the legal workproduct that you’ve paid your inside and outside counsel to produce—within the pages of every trial and appellate brief, memorandum, pleading, deposition, letter, e-mail, and spreadsheet residing in your computer network—your legal knowledge assets lie securely hidden. Millions of dollars of value. Generally used once, filed away, never to be seen or used again.
The Assistant General Counsel of a Fortune 500 insurance company recently admitted that workproduct redundancy costs her company millions of dollars of unnecessary expense per year. In her words, "We know we’re paying for research over and over again. We just don’t know how to reuse it."
Legal Knowledge Management (KM) is the last buried treasure for law firms and corporate law departments wanting to cut costs and increase productivity. Recent studies have revealed that 60% of legal professionals spend at least an hour a day duplicating work that someone else in their law firm or department has already completed. The opportunity for system improvement and cost-savings is significant, however the challenge of where and how to find the buried KM treasure is similarly immense and daunting.
Imagine…
- » Reducing your corporate legal spend by at least 5% within 12 months.
- » $1 million in savings for each $4 million spent on legal research.
- » Six Sigma levels of accountability and responsiveness from your legal service
suppliers.
Increased productivity. Reduced redundancy. Measurable cost-savings. Improved access to workproduct for which you’ve already paid.
Sound too good to be true? Read on to discover how an enterprise-wide program of legal knowledge management can deliver these metrics—and more—to your legal services team.