Welcome back to the key performance indicators (KPIs) for legal teams blog series. We’re outlining the measurable and meaningful KPIs that legal teams need to track as they continue to serve as business partners to their organization.
KPIs allow legal teams to precisely describe, analyze, and improve the work they do to benefit the organization. Last week, we outlined the 6 topline KPIs your legal team should track. This week we’re going to look at six growth metrics to help your team plan for (and measure) success.How many agreements have we added each month/quarter?
What is your topline rate of contract growth?
How many new agreements became effective in each month/quarter?
How many more contracts do you have to monitor? That matters more than how many historic agreements are on file.
How many agreements have we added each month/quarter by Agreement Type?
The rate of growth of sales agreements has a different impact than the rate of growth of NDAs.
How many agreements have we added each month/quarter by specified Term?
What lengths of agreement are you regularly creating, and are you under- or over-committing to those agreements?
How many agreements had renewal dates within a set period?
How many agreements do you need to review, rather than simply allow to continue?
How many agreements had termination dates within a set period?
How many customers do you need to win back, and how soon?
Next week on the blog, we will outline eight productivity metrics that your legal team can (and should) track. Eager to learn more? Download this eBook that outlines the full 20 KPIs legal teams need to track to account for their own business impact and improve their ability to drive profits.