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Knowledge Management: Cornerstone of the Digital World


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CEO Nancy McKinstry delivered this speech on May 28, 2013 in Amsterdam, to a group of our customers: managing partners of Dutch law firms. …

CEO Nancy McKinstry delivered this speech on May 28, 2013 in Amsterdam, to a group of our customers: managing partners of Dutch law firms.

Law firms can benefit from Knowledge Management on different levels – through enhanced search functions and eLearning capabilities, CRM systems and document management tools; data warehouses are a source of business intelligence.

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  • 1. KnowledgeManagement:Cornerstone in theDigital WorldMay 28, 2013
  • 2. Knowledge Management: Why It MattersWolters Kluwer: Our Strategy and SolutionsNew Technologies: Impact on Knowledge ManagementConclusion2Agenda:
  • 3. Knowledge Management: Why It MattersWolters Kluwer: Our Strategy and SolutionsNew Technologies: Impact on Knowledge ManagementConclusion3Agenda:
  • 4. Knowledge Management:4“Knowledge Management comprises a range of strategies andpractices used in an organization to identify, create,represent, distribute, and enable adoption of insights andexperiences. Such insights and experiences compriseknowledge, either embodied in individuals or embedded inorganizations as processes and practices.”Wikipedia
  • 5. 5Market Trends: Undergoing Unprecedented Change
  • 6. 6Market Trends: Structural ChangesAdvances inTechnology•Enabling productivity improvements•Increased opportunities to add value throughcollaboration•Big Data applicationsCommoditizationof Legal Services•Basic services commoditized•Law firms must prove unique value added•Shift underway from legal services to strategic adviceNew BusinessModels & GreaterTransparency• Alternative fee structures growing•Data mining creating transparency & insights for clients•Growth of outsourcing/offshoringMacro LegalTrendsImplicationsPressure forEfficiency•Reaction to shifting business models and client demandsfor greater value
  • 7. Market Trends: Structural ChangesQ. Which of the following legal market trends do you think are temporaryand which will be permanent?YES – PERMANENT TRENDMore price competitionMore non-hourly billingMore contract attorneysFewer equity partnersSmaller first-year classesLower PPP/Slowdown in PPPOutsourcing legal work2009Response42.4%27.9%28.3%22.8%11.4%13.2%11.5%2013Response95.6%79.5%74.6%72.1%62.2%55.6%46.4%Sources: Law Firms in Transition 2013, Altman Weil; LawFirms in Transition 2011, Altman Weil Survey2011Response89.6%74.9%59.6%68.4%39.6%15.6%41.1%PPP = Profits per Partner7
  • 8. 8Role of Knowledge ManagementTransforms value added insights intoproducts/platforms to driveproductivity and businessdevelopmentProvides tools to manage the businessof lawPricing of servicesPerformance metricsOutsourcing/OffshoringOffers “Big Data” platformClient profitabilityMatter managementShare expertise and best practicesIncreased cost/value proposition forclientsDrives productivity metrics
  • 9. Knowledge Management: Why It MattersWolters Kluwer: Our Strategy and SolutionsNew Technologies: Impact on Knowledge ManagementConclusion9
  • 10. Legal Market is a core customer base for Wolters Kluwer1041%27%Health21%Financial &ComplianceService11%Tax &Accounting27%Legal & RegulatoryFY2012 Revenues€1,491 million(41%)Wolters Kluwer FY2012Revenues €3,603 million
  • 11. 11Workflow Solutions:Rbsource, Smartdox,Kluwer EssentialsLegal Billing/MatterManagement:KleosTyMetrixLegal Spend Managementand Analytics:TyMetrix 360ºWolters Kluwer Strategy: Product FocusMobile Drives decisionsand outcomesTailored to thecustomer
  • 12. Workflow Solutions12 Content is combined withdecision-support software Integrate multiple functions orapplications Delivers work productcreation/filing of documents Often linked to clients,regulatory bodies• Productivity• Compliance
  • 13. Legal Billing/Matter Management13 Practice-management software tools that give lawyers access to all theirclients’ files, anywhere, at any time, creating a flexible and secure virtualoffice in the cloud Integrate trusted expert content from different legal databases in differentcountries Link corporations and law firms around matter management and billingKleos
  • 14. 14 We have the most comprehensive data on legal spending globally anduniquely understand the wave of market efficiency engulfing the legalservices marketCorporate Legal Services Group: Legal Spend ManagementHarnessing the Power of Legal Big Data$43.5 BLegalInvoices$43.5BLegalInvoices285K+Lawyers &Paralegals120M+ Tasks& ActivitiesInvoices From:•T360Customer•Non-Customer425+ M BilledHours238 MMBusinessRecords25 TBLegalDocuments55 MMLienFilings60 MMGlobalTrademarks
  • 15. $43.5B+LegalInvoicesTyMetrix LegalVIEWOpen DatabaseProducts &Services“I don’t know where to begin. The data is incredible…”– Leonard (‘Lenny’) Gail, Massey & Gail285K+ Lawyers& Paralegals120M+ Tasks& Activities425M+ BilledHoursT360ºInvoice DataThrough TyMetrix Legal Analytics Wolters Kluwer isLeveraging Data to Create Value for Customers15
  • 16. TyMetrix Legal AnalyticsIllustrative ExampleCase SummaryCase Type: LitigationCategory: Product LiabilityClaim Type: Bodily InjuryIndustry: ManufacturingJurisdiction: Tucson, AZAllegation: $500K damagesLitigation Severity Index 72Low Average HighRange of Total Case Costof Similar Cases(125 cases)$135K $275K $525KRange of Settlements(250 cases) $125K $250K $450KRange of Legal Fees(125 cases) $10K $25k $75kAverage Cost ProfileLegalFees% ofFeesHoursBilled% ofHoursPartner $9K 36% 15 19%Associate $11K 44% 28 35%Paralegal $5K 20% 36 46%Total $25K 7916
  • 17. Tailored Products: General Counsel Navigator17
  • 18. Knowledge Management Tools: Considerations for Selection18ROIPracticeFocusPartnersKnowledgeManagement
  • 19.  Facilitates decision-makingcapabilities Builds learning organizations bymaking learning routine Stimulates cultural change andinnovationROI Balance of Returns vs. Resource Commitments19Three key reasons why actively managing knowledge is important Capital Allocation Change Management TechnologyAdvancements
  • 20.  Standardization and automation of key processes Optimization of user experiences Creation of a user ecosystemPractice Focus: Managing KM Successfully20
  • 21. Execution: Leveraging Partners/Outsourcing:21 Developments around technology and business processes accelerating Most firms/corporations using a range of KM solutions Partnering reduces risk of “home grown” solutions
  • 22. Knowledge Management: Why It MattersWolters Kluwer: Our Strategy and SolutionsNew Technologies: Impact on Knowledge ManagementConclusion22
  • 23. Semantic Searching: Increase in KM Efficiency23Drivers: Goes beyond the limitations oftraditional keyword searchtechnologies Takes into account meaning andcontext Flexible syntax New level of discovery andcollaborationImplications: Productivity improvements Global Platforms
  • 24. Open Government: Continues Expansion24Drivers: Open Government driven bytechnology and shift in role ofgovernment Quality improvingImplications: Allows for greater integrationbetween information andcompliance Analytics for better decisionmaking
  • 25. Cloud Computing & Mobility25Drivers: Products assembled quickly byintegrating cloud services Creating of new business models atmobile point of useImplications: Engage with clients in a personalizedway Cost to serve can be significantlylower (Cloud native, zero footprint)
  • 26. Social26Drivers: Valuable information contained withinsocial network conversations Powerful brand development andmarketing Lawyers as creators and consumers ofknowledge via social mediaImplications: Social media impacts knowledgemanagement systems Collaboration/integration of internalsystems and social
  • 27. Knowledge Management: Why It MattersWolters Kluwer: Our Strategy and SolutionsNew Technologies: Impact on Knowledge ManagementConclusion27
  • 28. Conclusion281. Knowledge Management tools can helpaddress the structural changes to thelegal market2. Knowledge Management executionrequires a focused approach to reducerisks of a low ROI3. Technology advances are rapid in theKnowledge Management space4. Wolters Kluwer is committed todeveloping Knowledge Management toolsthat drive decision making andproductivity