How to identify, store and share knowledge to assess value

How to identify, store and share knowledge to assess value

There is a tension between aspiration and reality with regards to knowledge in business. People want easy access to a small well of concise information, but what they have is a “dirty ocean of information that’s leaking and failing.” This is a particular problem for in-house legal teams who, by default, often become the ad-hoc information banks for their companies.

The LIKE Forum, chaired by Sophie Gould, Head of LexisPSL In-house, and led by Ian Leedham, Head of Commercial (Consultant) at Thames Water Limited, met on March 28th 2017 to discuss how to identify, store and share the knowledge that in-house legal teams have at their disposal. At the core of the discussion was how such knowledge, once identified, could be used to add value.

The forum focussed on several key areas, including:

  • Types of information in in-house legal teams
  • Identifying and delivering value
  • The challenges and solutions
  • Storing and sharing information

Types of information

Formal and informal types of information take many forms. But while the specifics vary from team to team, some are common to all:

  • Business knowledge
  • Historical files
  • Precedents
  • Know-how
  • Experience
  • Contract library
  • Company information
  • Problem-solving data

Before selecting the best information to retain, you need to determine:

  • What is in the best interests of the organisation?
  • What is the legal team’s role in the organisation?
  • How to best use the information you have
  • What to throw away, and when?

Deciding what information to collate and use will prevent you from having an “ocean of data”. Instead, you will have access to a well of useful, valuable information.

Identifying and delivering value

When assessing and identifying value, it is important to consider “what”, “how

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About the author:
Sophie Gould is the Head of Lexis®PSL In-house. Sophie worked as an in-house lawyer for 10 years including seven years as Head of Legal for Virgin Radio and Ginger Media Group. She has also run a legal risk and compliance training business.

 

Since joining LexisNexis in 2009 Sophie has worked on developing our legal and business content for the in-house legal community.  She also runs various networking and mentoring groups for in-house lawyers and works with schools to promote social mobility within the legal profession.