Use metrics to prove and improve your law department’s valuePROBLEM 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
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.