The corporate governance team is authorized to develop a set of policies, SOPs, and methods that dictate the company’s actions. Number of law firm secondees and/or contractors vs permanent staff – A secondee is an employee that is seconded to a host company from an originating company. KPI Dashboards are the perfect tool for your performance tracking reports as they can be used to visually depict the performance of an enterprise, a specific department, or a key business operation. Expert HR advice is available to all customers free of charge. When a company passes an income-generation threshold, it becomes more cost-effective to employ in-house specialists. Cost variance (CV) (planned budget vs. actual budget) 68. Auditing a sample of executed contracts every three to six months. This series of articles will also provide examples of data and performance metrics that a legal department of any size might consider collecting. An easier, effective method of 360-degree feedback collection from peers, upward, downward and customers too. Examples of KRAs for legal department include the following: Improve timeliness of response for help. Improve the legal spend as a percentage of revenue – The legal spend as a percentage of revenue KPI tracks and measures the ratio between the legal spend and overall revenue. But the best legal practice management software , like Smokeball, can help you achieve the results you want and get the business intelligence to do it. Cost per Trademark Registered – The expenses on ($US) of registered trademarks prepared in a year divided by the number of registered trademarks. A productive legal team is described as a unit that consistently meets expectations, implements successful cost … Read more about each financial KPI. Percentage of Granted Trademarks – The percentage of registered trademarks versus the number of trademarks filed. The higher this metric, the more efficient the legal team, the higher the throughput, and the greater the team’s top and bottom lines. Efficient in-house legal teams rely on Thomson Reuters Practical Law Connect. Ted Jackson. Just as the problems and needs outlined above are not unique to large legal departments, neither is the use of data to demonstrate the value of a legal department, regardless of size. How is it created? Simply send us your job descriptions and we will set up your evaluations. When putting KPIs in place for the legal department, it’s better to identify a smaller number of KPIs to reflect what matters most to the legal department. The ultimate objective of the legal department-s metrics program is to identify and implement strategic goals that would deliver expert legal services to support an organization-s growth and risk management. With many legal departments, this occurs automatically because all … The shorter the turnaround time, the greater the paralegal department’s efficiencies. This is often the first response of a general counsel when the performance metrics conversation first arises. The higher the number of paralegals to lawyers, the more efficient the lawyer’s work process flows. Browse Practical Lawâ¢ know-how, WestlawÂ® primary and secondary sources, market trend reports and other custom tools, all in one place. As you can see, defining objectives, gathering and analyzing data isn’t simple. A productive legal team is described as a unit that consistently meets expectations, implements successful cost efficiencies, and keeps customers happy and satisfied. Here are some KPI examples to demonstrate how you can present key performance indicators to your team in dashboards and reports: 9. Cost performance index (CPI) 71. Copyright Disclosure-to-Filing Cycle Time – The average number of days from disclosure up to the time copyright is filed. 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. How is it accessed? Launching a legal department client satisfaction survey. In addition to reaching out to stakeholders, consider feedback and inputs from the entire legal department team. The legal department’s objectives are defined as a suite of KPIs that measure the legal department’s efficiencies, effectiveness, and productivity. What story do you want to tell about your department, the legal work handled internally, and the value of the contributions of yourself and internal legal team? Increase matters per attorney and/or per paralegal – This KPI tracks and measures the number of cases (or matters) per attorney or paralegal. This tool provides an understanding of the benefit of each KPI, including examples of where and how to use, how to measure and the reporting frequency. The litigation management team undertakes all tasks related to common courtroom procedures as a representative of the firm. Related: Governance Analyst, Corporate Attorney, Corporate Counsel, Legal Systems Administrator, Regulatory Analyst. 8. Examples of project management key performance indicators: 64. KPIs for the Efficient Legal Department. Discover how working with us will help you realize your full potential while helping others achieve theirs, Learn why customers from across the world find AssessTEAM simple to deploy and use. 4. Improve (reduce) the cost per lawyer – The cost per lawyer KPI tracks and measures the cost of retaining an in-house attorney versus the income the attorney generates. Actual cost (AC) 66. Increase production requirements – The production requirements’ KPI tracks and measures the paralegal department’s ability to remain engaged and productive over time; the higher this metric, the greater the output and the more successful the paralegal department. The lower the spend, the greater the revenue. The longer the time taken, the less efficient the legal team, and vice versa. However, today we bring to you key KPI types and KPI examples you may consider. 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. Real-time KPI management and tracking ensure that the Compliance Executive can ensure that employees meet the stated Key Performance Indicators as set out by the organization. Equally importantly, management can identify negative trends in the department and take action to ensure the optimal functioning of the organization. Part 1 of 3: Measuring what matters: Gathering data on your legal department, Part 2 of 3: Measuring what matters: The efficient legal department structure, Part 3 of 3: What have you done for me lately? Trademark Disclosure-to-Filing Cycle Time – The average number of days from disclosure up to the time a trademark application is filed. Average Fee per New Client – The yearly profit accumulated from new customer fees divided by the total number of new customers. Every company, legal department, and leader will be different in the story they want, and need, to tell.
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