Matter practice area and which department raised the matter – This KPI measures and tracks the number of practice areas and departments that raised matters and sent them to the legal time. This metric, indeed most the metrics on this list, pre-supposes that a more basic … Related: Mergers & Acquisitions Director, Business Development Manager, Deals Analytics Associate, Mergers & Acquisitions Management Consultant. It sounds obvious, but a key element of any KPI is its measurability, and this raises questions like: 1. Equally importantly, management can identify negative trends in the department and take action to ensure the optimal functioning of the organization. Improve deadline compliance – The deadline compliance KPI tracks and measures how many matters meet the compliance deadline in relation to the total number of matters the legal team is dealing with at any given moment. But now that nearly a decade has passed from this watershed moment for the legal industry, have legal departments changed course in the metrics and KPIs they collect to demonstrate their contributions to the department? The intellectual property team safeguards the firms’ non-physical properties like trade secrets, company taglines and logos (trademarks), innovations (patents), printed materials, and documents (copyright). Findings from the 10th anniversary report of the Law Department Operations Survey revealed the differences in the top key performance indicators today versus 10 years ago, mainly regarding legal departments’ emerging comfort, use of alternative legal service providers and tripling of “total outside counsel and service-provider spend” as KPIs. These paralegals are internally employed or hired as external consultants and paid per hour for their services. Efficient in-house legal teams rely on Thomson Reuters Practical Law Connect. IP Conflicts Resolved – The number of intellectual property rights disputes settle yearly. Planned value (PV) 65. The lower the cost, the greater the legal team’s profitability metrics. Average Total Cost of Case (TCC) – The average total expenditure on a litigation case, including legal expenses, settlements, and regulatory costs. Typically, the list of litigation KPIs is determined by the law department management. Improve the billing narratives – The billing narratives KPI is designed to measure and track how accurate, consistent, and compliant all billing descriptions are with predefined company billing standards. As you can see, defining objectives, gathering and analyzing data isn’t simple. Gant Sowinski, Associate General Counsel with Michelin North America, talks with us about his experience defining Key Performance Indicators for … Create bench strength strategy for Marketing Director position to be achieved in the next 2 yrs. Cost performance index (CPI) 71. Done right, implementing KPI in the legal department can show value, change behavior , identify needs and track trends, all of which can have a positive, long-term impact on the effectiveness of the legal department. before testimonies and interrogations). The shorter the turnaround time, the greater the paralegal department’s efficiencies. Improve collections – The collections KPI is designed to measure and track the paralegal department’s ability to collect outstanding monies. Percentage of FTEs Trained in Legal Compliance Techniques – The percentage of full-time equivalent employees (FTEs) who underwent training on pertinent legal compliance and risk control and prevention procedures. Read more about our experience in serving specific industries. You can influence how efficient your legal department is by experiencing firsthand how this integrated, innovative offering … Cost per Trademark Registered – The expenses on ($US) of registered trademarks prepared in a year divided by the number of registered trademarks. Legal departments do not always lend themselves to neatly setting goals like the business units, i.e., it can be difficult to measure “success” in legal vs. measuring profits and sales or setting key performance indicators (“KPI’s”). Related: Industry Relations Coordinator, Government Relations Specialist, Local Government Relationship Manager. The lower the cost of services rendered to the legal team, the greater its top and bottom lines. Use resources efficiently. Improve the legal matter time and expense versus administrative tasks – This KPI measures and tracks the time spent on administrative tasks versus the time spent on the legal matters themselves. Average Fee per New Client – The yearly profit accumulated from new customer fees divided by the total number of new customers. Schedule performance index (SPI) 70. See how legal AI can help you work faster and strengthen your practice. Auditing a sample of executed contracts every three to six months. Often, despite good intentions and a sound data collection process, many legal departments find themselves asking, âNow what?â Accordingly, this series will also share examples of process improvements or other changes a department might consider to achieve greater department efficiencies. firstname.lastname@example.org This ongoing series will investigate why legal department leaders must evolve the performance metrics conversation from an exclusive focus on outside counsel and external spend management to a holistic overview that includes the efficiency and effectiveness of in-house staff resources. You can influence how efficient your legal department is by experiencing firsthand how this … email@example.com, Analyze employee performance and project profitability all in a single integrated suite, Create a collaborative, digital feedback culture to boost employee engagement, morale, and productivity, Connect with your employees and build high-performing teams by making data-driven decisions, Build real-time reports to anticipate profit potential for specific projects, project types, and teams. Take a look at 18 defined examples. Increase matters per attorney and/or per paralegal – This KPI tracks and measures the number of cases (or matters) per attorney or paralegal. Ted Jackson. This 24-page benchmarking report includes benchmarking data for 9 Legal Department performance metrics, or KPIs, including Attorneys per Paralegal, Legal Department Expense per Employee and more. Delay in approvals. 9. It also tracks the cost of the time spent on admin tasks in relation to the cost of the time spent working on legal matters. Immediately after the Global Financial Crisis, when all eyes â across all organizational departments â were on expense management, the general counsel often reported exclusively on outside counsel and external spend management; as a cost center within an organization that historically had not exercised budget management, this immediate reaction made sense. Right information to manage the department toward its goals, not just more information â. Are not good at letting go … Read more about each financial KPI department Ratio. Trying to do everything have gone related: mergers & Acquisitions management Consultant metrics. ( contracts, NDAs, etc. general Counsel celebrate other than her ability to collect outstanding monies performing its. The exact issue on your legal performance and provides information for strategic decisions ensure engagement. 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