7 KPIs that Challenge Legal Departments
Published on :
22/02/2021
22
February
Feb
02
2021
KPIs or “Key Performance Indicators” have become essential in many areas, including within legal departments. But which KPIs can lawyers no longer do without?
Those 7 key indicators will help you optimize your performance.
1. Expense Evolution: a KPI helping legal departments control costs
- Legal departments need to control their budget.
Mapping legal expenditure by highlighting the most expensive items allows for optimization.
- Measuring changes in legal spending.
Are you still in line with cost control measures you had previously implemented? Have these measures been effective? Comparing changes in external legal expenses provides a good indication of whether your budget is on track.
2. Average Processing Time: an indicator to gain efficiency
- One of the most used KPIs.
One of the most important legal department KPIs is the average time for processing a file or contract. This measure must be performed by considering the nature and complexity of the files being processed.
- KPIs for better performance.
Map your interventions and classify them by nature and time spent. Quickly distinguish between low value-added interventions and those where your added value is critical.
This KPI also assesses the satisfaction of your internal customers, including the often-mistaken perception that your response time is too long.
This KPI also assesses the satisfaction of your internal customers, including the often-mistaken perception that your response time is too long.
3. Number of Files Processed: a KPI which reflects your productivity
- Case volume – quickly identify areas of improvement.
If you have an increasing number of low value files, then think of digitalization!
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Automate recurring tasks, such as generating standard contracts and responding to frequently asked questions.
4. Internal Customer Satisfaction: measure the quality of your service
- Score – a concrete measurement of customer satisfaction.
Quality is at the heart of any business approach. Measuring satisfaction provides a clear and readable score of your services.
- Analyze the results of this KPI.
This analysis is often complex because it involves a combination of factors such as time spent per file, quality of answers, and operational assistance.
5. Annual Activity Report: a powerful retrospective tool
- Assess important matters.
Evaluate which major matters kept your operational staff busy during the past year, as well as gain insight into future matters.
- Risk factors – identify and intervene.
What types of files have you dealt with most often? Have you identified new risk factors? Have you intervened in your domestic market and/or noticed an increase in international files?
6. Company Risk Levels: an essential preventive KPI
- Subjects at risk.
Recognizing subjects at risk and risk levels is imperative to a company’s longevity.
Company exposure is mitigated with tools based on artificial intelligence that provide real risk prevention policies, particularly in contractual or litigation matters.
Company exposure is mitigated with tools based on artificial intelligence that provide real risk prevention policies, particularly in contractual or litigation matters.
7. Opportunity Detection: measure your contributions
- Measure operational impact.
In addition to supporting operational staff, legal departments play a big role in business development. Reviewing negotiations and contract terms will help detect business opportunities.
Those 7 key indicators will help you optimize your performance.
Download the checklistHistory
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