Law firms are one of the key industries that pivot around data and depend on its efficient management to operate successfully. There is a considerable emphasis on intellectual capital for long-term growth and development in the legal industry. To transfer legal data effectively within and outside the organization is one of the many challenges law firms face today, along with managing risks associated with data. Therefore, law firms must develop robust Knowledge Management strategies that match their goals and resolve multi-faceted legal challenges that occur from time to time.
The combination of AI and Knowledge Management has enormous potential for the legal industry to embrace some of the most complex knowledge management challenges and even turn them into a competitive advantage. AI-powered Knowledge Management unifies all vital data and preserves it to enable efficient knowledge transfer across the organization.
Here are some fundamental ways embracing AI can resolve legal knowledge management challenges:
1. Eliminates data silos
Unstructured data is one of the biggest obstacles to financial success that the legal industry faces. It takes inordinate amounts of time for lawyers to access client information from different files and formats and align their cases with industry policies and norms. Firms also incur considerable knowledge loss each time an experienced lawyer retires or leaves the firm.
Adopting AI in Knowledge Management practice eliminates data silos by bringing all the vital legal data into one place. Legal practitioners must retain experiences and best practices to prevent knowledge loss. AI-powered Knowledge base stores and protects all the documented information and enables content management so the industry can keep up with the latest developments to serve its clients well.
AI in Knowledge Management uses semantic search to furnish efficient results, helping lawyers quickly access research documents and industry policies. This helps them build trust with clients and deliver satisfactory services. Applying natural language processes to content quickly finds and provides relevant data from a pool of information contained in different languages. Legal practitioners can thus keep track of all the industry’s knowledge and prevent missing out on business opportunities owing to unorganized data.
2. Avoids repetitive tasks
In a fast-paced world where time is most valuable for people, legal practitioners need to be cautious and not repeat mundane tasks. To this end, a knowledge management system must introduce automation to the legal landscape and transform the way lawyers serve clients.
Besides unifying data, AI-powered Knowledge Management uses content taxonomy which classifies the content repositories making it easier for law practitioners to identify knowledge. Instead of beginning from scratch and drafting preliminary documents, lawyers can easily avail themselves of the research memorandums and other vital information relevant to their case.
The availability of a rich knowledge repository eliminates the need for lawyers to spend extensive energy on mundane tasks and reduces the time they spend on the documentation before beginning their cases. The saved time can be invested in strategy for better client services and generating value for the firm. By eliminating the need to repeat mundane tasks, lawyers can constantly improve the quality of their services and become valuable assets for the firm.
3. Risk Mitigation
A key challenge intrinsic to the legal world is the number of risks involved in processes. Infinite information needs to be utilized correctly to avoid and manage risks. Therefore it is critical to have a knowledge management framework that can track patterns of engagement with the information and embed lessons learned to avoid repeating past mistakes and mitigate risks for the future.
Adding AI in Knowledge Management functions helps Knowledge Development Lawyers to facilitate knowledge sharing throughout the organization. With the help of AI analytics, they can
track how lawyers engage with the firm’s knowledge base, such as legal briefs, case studies, and practice manuals. Tracking the knowledge acquisition process helps them with valuable insights to improve the quality of the firm’s knowledge repository and tailor it to match industry standards and client expectations.
Therefore, AI-backed knowledge base software eliminates the need to maintain data manually, minimizing the chances of human error and optimizing data for business value.
4. Overcoming communication challenges
A data-driven world exposes multiple challenges for organizations to manage their knowledge effectively. The most prominent among them is the challenge to convert the tacit knowledge(knowledge stored in the human mind as experience or best way of doing certain things) into explicit knowledge (as standard and tangible content) for the organization. It gets challenging to communicate the right information to stakeholders and ensure adequate reception. Therefore, law firms need to establish a Knowledge Management infrastructure that encourages people to communicate efficiently and share their knowledge.
AI improves the efficiency of Knowledge Management tools by standardizing the process of acquiring and sharing knowledge across the organization. An AI-powered Knowledge base helps all the new law practitioners to access documented modules, research memos, and practice advisories to speed up their learning process and save the time they would have otherwise spent communicating to acquire the knowledge. A standardized and updated knowledge repository improves the way lawyers communicate within and outside the firm to acquire knowledge and gives them a direction to practice law efficiently.
The challenges thrown by a data-driven world are indeed enormous and challenging to overcome. However, employing an efficient knowledge management strategy can help law firms to optimize their knowledge infrastructure and encourage people to become active participants in the knowledge-sharing process.
Adding AI in Knowledge Management can help law firms to channelize their resources to draw insights from hidden data by organizing scattered data and clhecking it effectively to manage risks. It is vital to leverage the benefits of an AI-powered Knowledge base to reduce repetitive tasks and encourage lawyers to utilize their skills and strategy to handle cases and maximize client satisfaction.
Sowmya is a content developer & digital media specialist at Knowmax, a knowledge base software for enterprises who are seeking to reduce their customer support costs & increase their agent productivity.