Introduction. Data, information and knowledge together constitute a vital business asset for every organization that enables every business activity, every business process and every business decision. The global legal industry is facing unprecedented change, which inevitably creates challenges for individual law firms. These global changes affect law firms' business as well as information environments. Method. Qualitative interview-based empirical research was conducted with partners and practice managers in law firms in Australia, South Africa and the United States of America, to investigate the changes in the legal industry, the challenges subsequently faced by law firms, and how these challenges are being addressed. Analysis. The interview transcripts were thematically analysed, supported by the NVivo10 qualitative analysis software. Results. The legal sector, one of the most data, information and knowledge intensive industries, is currently undergoing unprecedented change resulting in numerous challenges for law firms that are creating increased pressure to be more effective and efficient. Conclusion. The findings show that significant improvement to law firms' business performance can be driven by overcoming barriers to information asset management such as lack of executive awareness, justification, business governance, leadership and management, as well as ineffective tools. This paper recommends the steps that law firms can take to overcome these barriers.