WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management

AGENDA  INTRODUCTION  WHAT IS “KM”?  YOUR FIRM IS READY FOR ONE NOW  CHOOSING THE RIGHT ONE  CONCLUSION  Q AND A

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What is Knowledge Management?

Knowledge Management Definition  Knowledge is What Differentiates one Organization from Another  KM is the leveraging of your firm’s collective wisdom by creating systems and processes that identify, capture and disseminate in order to meet your business objectives  KM Documents, People, Matters…

I’M NOT SURE MY FIRM IS READY FOR KNOWLEDGE MANAGEMENT… 6

Why Knowledge Management is Critical?  Pressure from Clients for Efficiencies  Managing Information and Communication  Alternative Billing  Shrinking Budgets

Simple  The Average Information Worker spends 8.8 hours per week Searching for Information  As Compared to 6 hours Creating Content  At $75,000/year salary that’s $14,000 per employee Source: IDC: Hidden Cost of Information Worker Report 2009

9 Value and Need of Knowledge Management Solution

Value of IT investment in the current legal market 10

LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Leverages information/ technology investments Increases productivity and profitability Promotes business development Improves project speed to support alternative billing Enhances quality of work product Facilitates quicker associate development Reduces write-downs and write-offs Proprietary & Confidential

LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Leverages information/ technology investments DMS Internal work product systems Word- processing applications Westlaw Intranets/ portals/ search engines Increases productivity and profitability Promotes business development Proprietary & Confidential

LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Bolsters client service Gives you a unique marketing advantage Leverages Information/ technology investments Increases productivity and profitability Promotes business development Proprietary & Confidential

HOW SHOULD I CHOOSE THE RIGHT ONE FOR MY FIRM? 14

KNOWLEDGE MANAGEMENT SYSTEMS

Knowledge Management System Considerations  Scope  Capture & Disseminate  Easy to Use  Multiple Access Points/Single Access Point  Leverage Existing Technology  Integration  Support & Training  Security

Question- Will it Be Worth it?  Increase Productivity and Profitability  Leverages your Organization’s Technology Investments  Better if it is Business Development Tool

18 Content Processing Other Collections Westlaw Intranet/Portals Word Processor Document Management West km Server Vetting Toolkit Full-text Indexing Profile Extraction Engine (Analyzer) Citation Identification Document HTML Rendering DMS Profile & Metadata Import Classification Engine. Proprietary & Confidential

… 30% said they send a companywide

NOW IMAGINE THAT YOU ARE AN ATTORNEY LOOKING FOR SPECIFIC INFORMATION TYPE of document (summary judgment) in a specific JURISDICTION ( Federal) and a certain COURT ( 2 nd Circuit) by a certain JUDGE (Milton) that discusses opinion testimony…

CONCLUSION  Knowledge differentiates your firm from competitors  Knowledge Management is Leveraging that wisdom by creating Systems  A KM System will Increase Productivity, Efficiency of Attorneys, and Profits  The Time if Not Now- When?

WEST KM. WHERE WESTLAW MEETS YOUR ORGANIZATION’S BEST WORK.