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subject Management information system

Part 1 / Discovering knowledge OPENING VIGNETTE FT Knowledge management in law firms As professions go, the oldest one is the biggest rev- Other US firms question their London rivals' enue generator on the internet', points out Paul claim to supremacy. 'Internal knowledge manage- Greenwood, director of knowledge and information at ment is the area where the New York firms are Clifford Chance, the law firm. Resist any temptation investing and are probably ahead (of London),' says for cheap jokes about prostitution. Mr Greenwood's David Lopez, a partner at Cleary Gottlieb Steen & point is a serious one - and if he is right, the way legal Hamilton. The firm says its focus on 'complicated, services are delivered to clients could be transformed. He argues that technology can be used to escape cutting-edge transactions' does not fit the online from labour-intensive models of delivering services advice approach of breaking legal know-how into face to face. The top musical performers of a few generic chunks that companies can use without con- hundred years ago were strolling minstrels, earning suiting a lawyer face to face. If you are working in a a pittance because they had no leverage,' says Mr field where the answers are more settled, the provi- Greenwood. Now, because they can sell a single per- sion of interactive legal advice is easier because there formance around the world, stars earn millions. is less ambiguity,' says Brent Miller, Cleary's director Clifford Chance aims to exploit its expertise in of knowledge management. the same way, selling regulatory and legal advice Allen & Overy (A&O), another UK magic circle online. It is putting money behind its hypothesis firm, uses an analogous argument to explain why it and claims to have spent a seven-figure sum devel- has steered clear of selling online, despite investing oping NextLaw, its subscription legal advice service an estimated 10 million ($14million) in e-business. for e-business issues. 'What we've tried to do is focus our efforts very It is not the only enthusiast for online sales. much on our core practice,' says partner Jonathan Linklaters, another member of the 'magic circle of Brayne. "What we've done will enhance about 75 per UK law firms, has invested at least as much in its cent of our practice: the competition has opted to Blue Flag range of subscription services. It is also bull- ish about the future. 'We are seeing a lot of talk from selling over the internet, which represent, say, 10 or promote certain niche areas that lend themselves to our so-called major competitors but not a reshaping 15 per cent of revenues. of the legal landscape, which is what Linklaters is committed to doing,' says partner Paul Nelson. A&O will shortly (early 2001) announce a client The company has invested 'very many noughts' in extranet - a system allowing global clients online Blue Flag, with the ultimate aim of an initial public billing and access to all their relevant documents. offering as a separate company. It is in the final stages The service supplements A&O's Fountain product of testing a capital markets product that combines designed to allow each lawyer electronic access to documentation, online advice and transaction man- the firm's collective legal knowledge - and its agement. 'We have cracked it now and will roll it out NewChange document and transaction manage- to the rest of the firm, expanding into property, pen- ment system. NewChange also offers virtual deal sions and mergers and acquisitions,' says Mr Nelson. rooms - secure websites to which teams of lawyers 'We are going to roll out into our Blue Flag effort and bankers involved in a big transaction can gain everything that makes sense to "electronify". access. To date it has opened 450 of these, involving The two firms claim their approach is not only 8,600 users. revolutionary but also streets ahead of their big US A&O is not alone in offering such services. rivals. 'Remarkably, most US firms are not off the Linklaters in September (2000) launched what it starting block,' says Christopher Millard of Clifford claims is the 'most advanced extranet service yet Chance. This is true to the extent that none of the offered to clients in the legal world'. But does this leading New York firms sells advice online. Davis Polk & Wardwell offers 'custom publishing' - tar- herald the start of a revolution in the legal services geted information - but to selected clients only. clients receive? Some lawyers are sceptical. 'It is a Michael Mills, director of professional services and unique period for law firms - we are all jostling for systems, admits: 'I don't know that we have a clear position,' says Mr Brayne. But in a few years' time rationale for this approach) except that it's what we'll be back to competing on whether we are good our clients seem to need. We're not nearly as big as lawyers or not.' Clifford Chance or Linklaters.' Source: Article by Jean Eaglesham Financial Times, 8 November 2000 Questions 1 Describe the advantages of a 'strolling minstrel variety of lawyer over the computer savvy one. 2 Evaluate the shortcomings of law firms that consider e-business synonymously with knowledge management. 3 Discuss the most likely aspects of 'internal knowledge management practices among New York law firms