The importance of Knowledge Sharing by Law Firms

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Indialaw LLP is a leading law firm across India, which provides a one stop legal service in Mumbai, Navi Mumbai, Delhi Chennai, Kolkata, Bengaluru, Hyderabad, Cochin, Ahmedabad and Pune.

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The importance of Knowledge Sharing by Law Firms While it has been accepted that ‘knowledge management’ does not have a specific definition the phrase is often cut down in two parts to define knowledge first and then contribute to its management. Knowledge of course includes all that we know and is essentially an invaluable intangible asset. Knowledge management therefore has been defined to mean transformation of tacit knowledge into explicit knowledge with the realization that it is easier to communicate and structure explicit knowledge than tacit knowledge. It has been found that knowledge management has several advantages for law firms as it provides it with a competitive advantage ensures its growth and sustainability and aids in documenting valuable research conducted by the firm for future use and reference. It also has several practical advantages like capturing knowledge in a system if an individual leaves the firm transfer of knowledge between lawyers as well as integration of new lawyers into the firm. It is this resourcefulness that Indian law firms need to tap into. While most Indian firms have a website very few have a well-built one with up-to-date blogs on the research undertaken by the legal teams. For the sake of clients and common-man the firms also need to undertake compiling of explanatory texts of various laws. This not just benefits the citizens but also helps in creating a more informed audience for further resource sharing as well as allows people to reach out to firms with better online presence. E-mailing and newsletter mechanisms also need to be put in place with clients colleagues coworkers competitors and other interested people included in a database for sharing such knowledge. Further the role of technology cannot be denied when it comes to knowledge management. Having the latest and most efficient software does add on to the convenience of knowledge sharing. Resistance of law

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firms to technology has in fact been recognized as a major barrier to knowledge sharing. Besides firms also need to engage dedicated knowledge management personnel who may or may not have undergone legal training. Such professionals ensure dedicated and regular inflow of documents and research as well as a uniform format and communication structure throughout the platform. This also includes professionals for social media management as well as increased collaboration between the firms and legal departments and between clients and the firms. Knowledge management is therefore also emerging as a means of acquiring clients who are now becoming more and more savvy with the internet and conducting their own research. In such an environment firms need to push their boundaries consistently when it comes to knowledge sharing and management. Those firms that do not let go of traditional means of knowledge sharing might risk their prospective clients viewing them as archaic and out-of-touch—a possibility that can prove fatal for any law firm in India. Contact us: Apeejay Chambers Ground flr Wallace St Fort Mumbai - 400 001 Tel: 022-22197400 | contactindialaw.in Visit: www.indialaw.in

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