KPI Advisement for Corporate Law Departments: Expert Advice to Select and Deploy Metrics

Feb 24, 2017

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Use metrics to prove and improve your law department’s value

PROBLEM: Law department leaders want to use metrics, but often struggle with knowing what is most critical to measure and how to harness the full power of metrics. WHAT WE DELIVER: The LexisNexis CounselLink Strategic Consulting Services KPI Advisement offering provides law departments with the metrics needed to showcase their true value. By the end of the project, you’ll have:
  • A set of key performance indicators (KPIs) that align with departmental objectives
  • A KPI program that is a pro-active management tool
  • Recommendations for best presentation/visualization of KPIs
HOW WE GET THERE: Our KPI Advisement offering gives law departments guidance on best practices for selecting, surfacing and using metrics to inform key business decisions. Our strategic consultants:
  1. Meet with departmental leadership to understand strategic priorities
  2. Facilitate conversations between practice area leaders, executive management and operations
  3. Brainstorm a broad set of potential metrics
  4. Recommend best practice metrics for a KPI program
  5. Propose targets for KPIs
  6. Recommend and/or manage a process of reporting and analyzing KPI results
  7. Offer recommendations for KPI reports or dashboards
 
 

WHY KPIs ARE CRITICAL:

Corporate law departments are hungry to demonstrate their value to the organization. They want to make faster, more effective decisions on ways to reduce costs, better manage budgets, avoid risk and improve their processes. And they want best practice guidance on the key performance indicators (KPIs) and metrics they should be tracking to optimize performance. It’s more than just an adage – if achievement of law department objectives isn’t being measured, managing to those objectives won’t happen. Establishing a disciplined process to tie metrics to objectives is essential. A comprehensive KPI program points to areas that need improvement and helps establish a path to correct wayward trends. Effective programs incorporate measurement, review, analysis, goal setting, and accountability into a routine process. In addition to providing a proactive management tool, KPIs and other metrics – when shared with stakeholders outside of the legal department – demonstrate the ways the department is being efficient, saving money and minimizing exposure for the organization, thereby showcasing the legal department’s value.  

LEXISNEXIS COUNSELLINK STRATEGIC CONSULTING SERVICES

The Strategic Consulting Group helps corporate legal departments advance operationally by advising on process improvement, use of data, metrics and analytics, and change management. Take advantage of the expert guidance of our team by calling to discuss your needs today.  
 

OFFERINGS

  • Health Check
  • Billing Guidelines
  • Rules Optimization
  • Alternative Fee Advisement & Fee Structure Optimization
  • Budget Implementation Program
  • Vendor Management Program
  • KPI Advisement
  • Dashboard Advisement
  • Pricing Strategy
  • Analytics Fundamentals
 
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