chapter  Chapter 8
16 Pages

Knowledge Management

WithAnn Hemming

The knowledge becomes the organization’s asset rather than an individual’s (that will leave if they do). It is about efficiency and profitability and therefore is tied to the bottom line of any business. It is worth acknowledging the cultural tensions in knowledge management (KM) at the start of any project. Lawyers are still measured by and large on individual performance as well as team measures. They are trading in their own hard-won knowledge and there is a natural and understandable desire to protect that intellectual capital as part of their professional profile. However for the firm, the reality is that one individual can only achieve so much in terms of profit, revenue and sustainability. For the firm, it is important that knowledge is shared and becomes part of the organization’s capital. It means tasks can be completed more profitably, with less risk and can be delegated to more junior staff, to help increase their knowledge and to improve profitability.