Knowledge Management on a Typical Day

Progressive firms are able to weave knowledge management from various resources into a cohesive business development strategy. What follows is how one law firm's marketing department might interact with the firm's lawyers about a business opportunity on a typical day.

On alert -- 7:23 a.m. The Google Alert arrived; information systems were preset to notify the marketing department in real time. Industry analysts were monitoring rumors that a subsidiary of XYZ Widgets was experiencing a liquidity crisis. The subsidiary claimed more than $81 million in assets; analysts believed the subsidiary's value was only a fraction of that. Marketing forwarded the alert to the bankruptcy section leader and requested a meeting to consider the possible opportunity. Preparing for the meeting, marketing reviewed the firm's contact database to identify relationships with potential decision-makers in the company and generated a list of connections.

Rapid succession -- 9:12 a.m. During the meeting, questions were fired back and forth:

• Do you agree that a potential opportunity exists?

• What do we know about the subsidiary, XYZ and its industry?

• Where could/will this potential bankruptcy file?

• Is this a good fit for the firm?

• Do we have the capacity to manage a matter like this?

• Can we clear potential conflicts?

• What team should staff the matter?

• Which of our connections represents the strongest relationship?

• How do we approach XYZ to inquire about potential representation?

• Where is XYZ in the decision-making process?

• What is the window of opportunity for approaching XYZ?

• Should we approach XYZ prior to a formal request for proposal?

A decision -- 9:47 a.m. After 35 minutes, the decision was made that Sara (a young partner at the firm) should telephone Max, the assistant general counsel at XYZ, a fellow law school alum with whom she'd previously connected through a professional network online. Although the two had never met face to face, Max was on marketing's mailing list, and was, therefore, familiar with Sara through her writings and speaking engagements that focused on the widget industry.

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Source: Law.com
By Felicia A. Gojmerac and Paul D. Webb