What a firm knows today may not be relevant in the future, and many risk a significant loss of knowledge when partners retire. Fostering a culture that efficiently transfers knowledge is crucial. Is your firm’s knowledge centered mostly in its partner group? If so, it may be unable to remain competitive in the future.To many partners, knowledge is tantamount to power. But if a firm’s intelligence is locked away within its partner group, it cannot grow much beyond its current profit levels. Systems, processes and culture will inevitably require an overhaul to remain competitive in the future. Why? A firm’s intelligence revolves around information, experience and wisdom. The speed, leverage and scale at which a firm can transfer this block of knowledge are determined by the quality of its training program and willingness to share information.
Many firms talk about training, but few invest the resources to insure success and consistency. Partners’ attitudes toward training generally determine its success. If partners are too busy to train or lack the confidence to transfer knowledge and wisdom, training programs typically fail.
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