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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
Formal and informal types of information take many forms. But while the specifics vary from team to team, some are common to all:
Before selecting the best information to retain, you need to determine:
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” and “why”.
The best way to deliver significant value to your company is by applying your knowledge in the most suitable way to fit the company’s core purpose and needs.
Challenges and solutions
The main obstacle to effective information management is “information silos”. There is a tendency for knowledge to be held insularly either by individuals or within the wider legal team; primarily due to the perception that holding onto it
confers power. However, keeping information in people’s heads isn’t utilising it fully and adding value. A change in perception is necessary to avoid reinventing existing solutions or repeating errors that have been made in the past.
Ushering in a cultural change in attitude towards teamwork is not easy, especially because, as some delegates pointed out, lawyers don’t like change. The LIKE forum has previously discussed how to embed knowledge sharing in the culture of the legal
team. Click here to read the best
How to share information
The way information is communicated can have a significant impact on its perceived value so it is important that knowledge is communicated and presented in the right way. The forum considered possible ways of communicating information, such as:
There are several factors to consider with regards to storing information, including:
Creativity is key. Don’t be afraid to innovate, to challenge accepted processes, to ask questions. Are you adding value for your client? Are you delivering what you need to in the best way possible?
Don’t accept the way things are just because that’s how it has always been done. As part of an in-house legal team you should be part of a continuously evolving, improving process.
Read the full LIKE Forum report here >
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