In their quest to be "best-in-class", leading legal departments use legal benchmarking to assess their capabilities, resources, effectiveness and efficiency. Effective legal benchmarking and cross-department data enables "apples to apples" comparisons.
Legal Department Benchmarking
Legal Department Benchmarking and Legal Metrics: Objectives
In their quest to be "best-in-class", legal department leaders are looking to assess the capabilities, resources, effectiveness and efficiency of their organizations. This is no easy task. Many corporate legal departments are starved for meaningful comparative data to help assess capabilities and performance, and then identify areas for improvement and reduced costs. Our benchmarking typically identifies improvement opportunities that offer savings and benefits that are at least ten times the cost of the study.
Benchmarking is one of the most enduring management tools used by legal leaders to enhance effectiveness and productivity.
Legal Department Benchmarking and Legal Metrics: Overview
Argopoint is deeply experienced with high-impact legal benchmarking: benchmarking that makes a difference. Our proprietary benchmarking (and metrics) yields “decision-grade” insights and recommendations that drive meaningful changes for our clients.
Legal Department Benchmarking and Legal Metrics: Solutions and Savings
Discovery of Innovative “Best Practices”
Our experience suggests that it is likely that almost every function performed by corporate legal departments has been studied, improved and potentially optimized by another admired corporation. We identify the “best practices” being used by these leaders and offer insight into how to most appropriately adapt them to the situation of our clients.
Recruiting Valuable Companies to Benchmark
Improvement opportunities are often missed due to an unwillingness to identify the “best practices” that outside of the organization, and outside of the industry. We are experts in developing the right mix of study participants and recruiting them to participate in benchmarking.
Information Tailored to Client Needs
Benchmarking data is incomplete without considering relevant context and the operating environment. Rather than producing a generic, meaningless set of data, we use a collaborative approach with our clients to ensure our benchmarking studies and data are tailored to their needs. Among other factors, we take into account our clients’ business strategy and objectives, business structure, historical conditions, personnel capabilities and position relative to competitors to provide insight into key topics.
Often leading corporate legal departments fail at improving performance and enhancing cost-effectiveness because they primarily look inward, rather than outward, for solutions. We offer an impartial perspective, without predispositions to the status quo, which enable us to conduct best-in-class legal benchmarking exercises.
Understanding where your department is on the journey, and how progress on that path can be accelerated is a critical first step. Argopoint's expertise and knowledge of leading departments "best-practices" are reasons why legal department leaders speak to us first when they want to get started.