Legal departments are no longer confined to traditional roles. With remote and hybrid working the norm, legal teams are required to adapt, streamline their processes, and demonstrate their value to the business. Advancements in technology have made it possible to use legal metrics to aid in these efforts.
Legal metrics can be a game-changer for in-house legal teams. Let's explore how these metrics can make a significant difference:
- Expedite processes: Tracking metrics like the number of agreements prepared, contracts set up for other departments, or agreements executed can provide a clear picture of how rapidly your legal team is working. Acceleration in these activities can markedly improve overall productivity and business efficiency.
- Enhance internal review: By monitoring the progression of new drafts through internal review stages, legal teams can identify bottlenecks and work towards addressing them. This will not only improve the review process but also enhance the team's efficiency.
- Foster innovation: Metrics such as the number of new templates created can indicate the level of innovation within the team. Encouraging innovation can lead to improved drafting processes and enhanced legal support for the business.
- Boost customization: Tracking the number of new drafts created using specific agreement details or by each user can offer insights into customization levels and individual productivity. This can be utilized to provide custom solutions and to highlight top performers within the team.
- Foster cross-departmental collaboration: Metrics can also foster collaboration. For instance, providing other departments with insights into the legal team’s work can help build understanding and foster collaborative relationships.
Beyond these, legal metrics offer a data-driven approach to better identify areas of improvement. They can help the team focus on high-impact tasks, thereby enhancing their relevance and visibility within the business. Through this lens, legal metrics are not just numbers but stories that articulate the legal team's value and contribution.
By effectively leveraging legal metrics, in-house legal teams can conduct insightful conversations with leadership, align their goals with the business, and continuously highlight their value. It's time to embrace legal metrics – your tool for success in the new normal.
Make legal metrics work for you. Get a demo today.
