Knowledge management and operational efficiency is is a really interesting area. And I think it’s actually probably one of the last profitability levers that law firms haven’t really pulled yet and could leverage much better in the future. If you think about all of the business that you bring in over the years, every transaction you’ve ever done is very, very similar, or there are similarities across those transactions.
And if you’ve got a better understanding as a firm of all your past work product, when you bring in new work and when you go out to pitch for new work, you can be in a much better position to understand how you can deliver that very quickly.
So if you have documents that are very similar in a past transaction that you’ve done, for instance, if you can access those, then in a future transaction you can provide that much, much quicker than you could without.
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