Knowledge and experience management is one of the top four most important strategic challenges faced by the UK’s leading law firms, according to research conducted by Thomson Elite. Following a recent survey of the UK’s 125 largest firms, 73% of those surveyed rated it as either a ‘very important’ or an ‘important’ issue.
Retaining and exploiting the knowledge and experience within a firm, and being able to use it to the greatest competitive advantage, has always been a key management challenge. Its importance in recent years is heightened as the level of churn among qualified lawyers increases. How do you ensure that the knowledge and experience of departing lawyers is not entirely lost to the firm when they walk out of the door for the last time? And how do you ensure that the knowledge and experience of those who replace them is marshalled and maximised as quickly and effectively as possible?
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