By implementing KPIs, legal department leaders can demonstrate that they are taking control of their department’s spend and aligning their day-to-day performance with the goals of the business as a whole. The paralegal job objectives are designed to track and measure the employees’ job efficiencies in the paralegal department. The higher the billing narrative consistency, the fewer client-queries, the greater customer satisfaction metrics. Getting the best results from your KPI dashboard requires you to choose excellent KPIs. ... All articles about measuring performance in Legal. How does it need to be manipulated to have meaning? Every company, legal department, and leader will be different in the story they want, and need, to tell. The more efficient the department, the greater the legal firm’s cash flow and the higher the profitability metrics. 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. Improve quality of legal work and internal satisfaction with services. KPIs is how you take the pulse of your firm and ensure that your business is performing at its best. Read more about each financial KPI. 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. Examples of KPIs for legal department: The size of in-house legal team compared to industry averages How is it accessed? Internal legal services should make sure that all documents signed by the company are in accordance with its interests and compliant with the latest legislation. Schedule variance (SV) 69. Legal departments provide important support services for a company by handling legal issues that range from drafting waiver forms for employees to handling lawsuits from angry customers. The legal department’s objectives are defined as a suite of KPIs that measure the legal department’s efficiencies, effectiveness, and productivity. Access featured resources that are hand-picked by members of our team of over 200 attorney editors with an average 12 years of experience. Actual cost (AC) 66. Delay in approvals. Examples of project management key performance indicators: 64. +1 (970) 579-0900 Percentage of Litigation Cases Won – The percentage of lawsuits the firm engaged in that are won. Five KPIs for the collections department Understanding the most important factors in determining client payment for services In the world of collections, key performance indicators (KPIs) are incredibly pervasive – and vitally important in measuring recovery on receivables. Matter practice area and which department raised the matter – This KPI measures and tracks the number of practice areas and departments that raised matters and sent them to the legal time. Related: Mergers & Acquisitions Director, Business Development Manager, Deals Analytics Associate, Mergers & Acquisitions Management Consultant. Composite Risk Index – The effect of a risk incident (1-5) multiplied by the feasibility occurrence (1-5 scale). We serve most industry types effectively. What more can the general counsel celebrate other than her ability to better manage outside counsel? Gant Sowinski, Associate General Counsel with Michelin North America, talks with us about his experience defining Key Performance Indicators for … And somewhere mixed in, is the need to develop key performance indicators (KPI) for the legal department. before testimonies and interrogations). The legal suite of Key Performance Indicators allows for the comprehensive tracking and management of KPIs for staff working in the legal department of an organization. IP Conflicts Resolved – The number of intellectual property rights disputes settle yearly. Legal Department Headcount Ratio – The number of company-wide FTEs for every devoted legal FTE (total FTEs/Legal FTEs). The lower the cost, the greater the lawyer’s efficiency, productivity, and throughput, and the greater the company’s top and bottom lines. 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. Schedule performance index (SPI) 70. Schedule variance (SV) 69. Percentage of FTEs Trained in Legal Compliance Techniques – The percentage of full-time equivalent employees (FTEs) who underwent training on pertinent legal compliance and risk control and prevention procedures. Earned value (EV) 67. Legal service metrics can be used to diagnose the root causes of the department-s low numbers and to report on accomplishments. 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