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By Doug Stansfield | Sr. Director Product Management
One of the important lessons that law firms learned amid the COVID-19 lockdowns of 2020 was the importance of an effective knowledge management strategy — and access to KM tools — in order to support remote working conditions.
Law firm KM professionals have a more trusted and valued role in their organizations than ever. Indeed, Law360 referred to the law firm knowledge management team as the “unsung hero of legal innovation.” They are increasingly tasked with not only establishing the firm’s overall KM strategy, but also identifying the best knowledge management tools, increasing adoption and utilization of those tools, and serving as the lead professionals when it comes to leveraging legal analytics to drive meaningful improvements in the firm.
KM Legal 2021
To help law firm KM professionals better achieve these important strategic goals, LexisNexis recently served as a participating sponsor of Ark Group’s KM Legal 2021, the 17th annual Knowledge Management in the Legal Profession conference, which was held as a hybrid event via livestream and in-person in New York City.
The conference included a number of sessions that provided attendees with innovative tools, frameworks and insights to improve their law firms’ KM programs. Some of the highlights of the conference included:
Legal Analytics and the KM Pro
One of the most talked-about sessions at the conference was a panel discussion hosted by our colleagues at Lex Machina — “Legal Analytics for the Knowledge Manager” — that was moderated by Lex Machina’s Neil Magenheim and featured four KM professionals: Eric Hunter, Bradford & Barthel, LLP; Rachel Shields Williams and Lauren May, Sidley Austin LLP; and David Hobbie, Goodwin Procter LLP.
The law firm KM team is often viewed as the central point for the collection and analysis of data related to all aspects of the firm’s performance. Given this perspective, the panelists shared a few best practices for how law firm KM professionals can make good use of legal analytics and data visualization to improve law firm performance:
Lexis Search Advantage
LexisNexis offers a variety of legal analytics, tools and resources to assist KM professionals. For example, our Lexis Search Advantage is an enterprise search solution that simultaneously scans a law firm’s internal documents and LexisNexis content. This allows KM professionals and the firm’s attorneys to search across the entire spectrum of internal and external resources with one stroke of the key.
Lexis Search Advantage uses AI-powered entity recognition to ensure that every search provides a broader and deeper perspective, returning search results with the most relevant content. This “intelligent content enrichment” technology, which is proprietary to LexisNexis, reduces tedious work and human error by directing KM pros and their colleagues to the most relevant work product in record time — regardless of whether that content resides in the firm’s internal databases or external LexisNexis databases. Moreover, Lexis Search Advantage is scalable, allowing legal professionals to enrich virtually an unlimited number of documents as their KM needs grow.
Learn more about Lexis Search Advantage or request a free demo from a law firm support professional.