Global News
Yerra Solutions AG, a company offering Legal and IP consultancy, managed services and products to Fortune 500 clients, today announced that the Knowledge Management (KM) Uniform Task Based Management System (UTBMS) Code Set is open for public comment.
The new Code Set creates a legal industry standard to enable law departments to better leverage the benefits of KM within their organisations. The Code Set was spearheaded by Corinna Codd from Yerra Solutions, and sponsored by Jane Bennitt, founder of Global Legal Ebilling, and the LEDES (Legal Electronic Data Exchange Standard) Oversight Committee.
The KM Code Set allows law departments to track time spent on KM activities and is designed to be applicable to organisations at all levels of KM maturity. It includes a definition of each KM task and supplemental definitions with test questions to provide further clarity on the scope and purpose of each task.
“High-performing law departments recognise the need to effectively manage their organisations’ knowledge to improve productivity, reduce risk, and elevate the quality and value of the legal support they provide,” said Rajitha Boer, founder and director of Yerra Solutions AG. “However, to date the essential tool that would help them accomplish this feat – a universally accepted task-based coding system for the tracking and billing of KM activities – has not existed. This standard will allow law departments to define and implement strategies to handle KM more effectively and we’re honoured to work with the LEDES Oversight Committee establish it.”
“Since 1998, the LEDES Oversight Committee has been dedicated to establishing and maintaining universal standards for legal organisations no matter where they are located,” commented Bennitt, a former president of LEDES. “We welcome the insight and leadership of Yerra Solutions as we review and establish this important legal standard.”
"Congratulations to all who contributed to the impressive new KM UTBMS Code Set. I like the distinct progression of KM categories as it certainly highlights the path and the milestones that one should expect to encounter on the KM journey. The Code Set serves as a good reminder to all KM directors of well recognised KM building blocks - whether or not they choose to adopt the code for timekeeping purposes," commented Robert Bell, Assistant General Counsel and Legal Knowledge Officer at RBC Law Group, Royal Bank of Canada upon being introduced to the draft Code Set.
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