KPIs are ways that an in-house team can monitor and improve their work. There are so many different variables and these can include matter management, litigation management, and a plethora of others.
What are the main objectives of an in-house legal team?
The objectives of any In-house legal team are defined as a set of KPI’s that tend to measure the legal department’s competencies, effectiveness, and productivity. A productive in-house legal team is described as a legal unit that consistently meets the organization’s expectations, implementing successful cost-effectiveness, and keeping clients (internal and external) happy and satisfied.
Here are the main KPI’s for an in-house legal department
Increase the number of cases closed successfully
This element measures the ratio between the number of cases successfully resolved in relation to the overall number of cases over time.
Cost management: Cost per legal matter/ Lawyer
This includes the entire cost of legal services provided; cost per legal matter, cost of the lawyer assigned to that matter, the legal spend compared to the revenue, and most importantly, the estimated outside expenses compared to having an in-house legal department.
Increase legal matters per lawyer including any paralegals
This KPI indicates the number of matters (or cases) assigned to a lawyer or paralegal. Greater numbers here will measure the efficiency of the in-house legal department, and more importantly, the ability of the team to cope with the whole process.
Cycle time
Timeliness in the delivery of legal services is very important; tracking shifts in performance against this metric, particularly notable trends in a particular area can allow an issue to be investigated to determine the root cause. Here, in-house legal teams might pay attention to time consumed for each legal matter, time to trial, time to respond to emails or other communications. It’s not always about recording time so you can invoice, time recording can help in understanding how long certain tasks can take.
Client satisfaction
The client for in-house legal teams is considered to be the business entity including the individual officers and employees in other departments that interact with them. This can be done through surveys and the number of issues solved/ time.
Conclusion
Defining the most critical issues, how to control and track them, and the expected performance levels are at the bottom of the process. Such decisions must be made in harmony with the organization’s top management and other teams to make sure that they all align with the company’s entire strategy. The Key Performance Indicators – which need to be clear, measurable, and attainable, and should be proved against similar benchmarks – must then be efficiently communicated to all related parties.
Lexzur: the ultimate solution to generate advanced reports and measure key performance indicators with ease
Accurate collection of data, measurement, and analysis must follow – and it’s important to confirm that systems are in place to allow for these steps to be conducted before finalizing the KPIs themselves.
Leave a Comment