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Reaping growth

Law firms are regularly leaking intellectual capital, say David Griffiths and Brian Moon

 

27 September 2011

Law firms are regularly leaking intellectual capital, say David Griffiths and Brian Moon

 

Does your firm know what you know? Does the firm know what it knows as a whole? What are the consequences of not knowing? How valuable is your expertise? Does this have anything to do with knowledge management? It should.

Reality tells us that firms leak knowledge or expertise every year, regardless of the economic environment. The fact is that firms are faced with a problem. The wealth of expertise or experience, and therefore competitive advantage, resides within high performers – what we might call ‘franchise experts’. Many firms experience a trauma when franchise experts retire or, worse still, are lost to competitors.

KM functions should be acknowledging this challenge, scenario planning for it and responding with tactical knowledge retention solutions that protect the needs of the firm,

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