Thomson Reuters has introduced its new online know-how access tool, Practical Law, in the Asian legal market beginning with China.
Maintaining a set of know-how resources is a mammoth task that can overwhelm even a large and sophisticated internal knowledge management team. But with Practical Law, this sort of maintenance becomes extremely easy. A vast set of practice notes and standard documents, all of which are kept up-to-date, are made available to subscribers at the click of a single button.
Apart from being able to access know-how, subscribers also receive regular legal email updates, checklists, flowcharts and quick reference reminders of the law as it applies in practice. Practical Law also publishes guides to frequently asked questions which allow subscribers to compare the law of multiple jurisdictions at a glance and run international arbitration and competition law services that cover multiple jurisdictions.
Practical Law’s “Ask” service lets subscribers put up their queries which are solved by the resident team while the “What’s Market” tool compares terms and features of public deals (and is accompanied with links to the original documents).
Lawyers will be able to use Practical Law to access current and market-standard resources for less than it costs to maintain that capability in-house, thus freeing up associates to focus on billable matters, partners to focus on client development, and PSLs to focus on the specialised know-how of the firm.
The China Online Report in this regard can be accessed here.
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