What To Look For In Legal Knowledge Management Tools

According to an article by Bloomberg Law, legal knowledge management (LKM) is a strategic initiative that leverages the expertise of the legal department contained in documents, case files, and legal research. Because much of this is digitized, LKM tools are needed to capture, store, and share institutional knowledge.

The best LKM tools should support collaboration, improve service delivery, increase innovation, and reduce costs. 

While various technology tools can be used to organize and access information, these are the key tools you should consider for effective Legal Knowledge Management:

• A knowledge base is a centralized repository for documents, templates, and FAQs. It may be part of other software systems or developed in-house.
• An intranet functions as a support for secure internal communication and collaboration. It can be accessed by a team, department, or the entire company.
• Document management systems store, categorize, and retrieve legal documents, ensuring that information is accessible and secure.
• Data mining and knowledge management tools are used to analyze and extract valuable insights from large datasets or databases.
• Collaboration platforms enable knowledge sharing, real-time collaboration, case discussion, and project management.
• Contract and content management tools streamline agreement and internal content management.
• Legal-specific software enhances legal operations by catering to specialized tasks like document signing, contract review, and legal research.
• Workflow documentation and skills inventories match expertise with specific tasks. 

LKM is important because it can increase efficiency, centralize knowledge for easier access, and lower costs. Legal knowledge management tools provide a systematic approach for legal operations teams to organize, share, and reuse information to harness institutional knowledge.