Knowledge Management in Law Firms

Abstract

Traditional methods of managing human capital, innovation, and learning within organizations, particularly law firms, have proven ineffective as they often fail to contribute to a firm’s success. Over the last few decades, the rise of a knowledge-based economy has precipitated the need for management of such intangible assets, as they often signify a company’s competitive advantage. This paper examines knowledge, knowledge management, their impact on law firms, and the role of human resources throughout the knowledge management process. The results of this study demonstrate the importance of human resources in the implementation and direction of knowledge management. Human resources (HR) is required to generate an organizational culture of knowledge sharing through the implementation of policies and reward systems, including pay-for-knowledge. HR will also need to ensure person-to-person contact through Communities of Practice, mentoring programs and daily contact. Ensuring support and commitment on behalf of the senior management team is imperative for effective execution of knowledge management. The implementation of knowledge management systems will enable firms to thrive in the face of today’s rapidly changing economy and will further contribute to the development of sustainable competitive advantages. The scope of this paper is to examine what human resource professionals can do, and describe how human resources management can play a critical role, in ensuring the successful implementation of knowledge management within law firms. The main objective of this paper is to establish and analyze the importance of knowledge management (KM) in today’s law firms. Throughout this paper, the concepts of knowledge and KM will be explored in detail, with an emphasis on their roles within law firms. Knowledge and KM are increasingly important issues for human resources management, and they are particularly amplified in law firms compared to other industries.