In-house legal department strategies should bolster shareholder value by developing a proprietary set of actions that make the “whole” worth more than the sum of parts.
Legal Department KPI's
Legal Department KPI's: Objectives
Even for leaders of Fortune 500 Legal Departments, there are always ways to improve efficiency, cut costs, and better manage both clients and outside counsel. However, without concrete, actionable data, the legal department would be grasping in the dark - this is where legal department key performance indicators (KPI) come in. Legal department KPI can capture a variety of data, but truly effective KPI are designed to objectively and critically examine the goings-on at the legal department with the goal of finding the weaknesses. Argopoint's expertise in legal department KPI enables legal department leaders to obtain decision-grade data that directly goes into the heart of improving legal department performance.
Legal Department KPI's: Overview
A well-designed legal department KPI not only seeks to describe the performance of the legal department - it must also have specific goals and objectives in mind. It is not enough to merely describe any potential deficiencies or lapses in the legal department. At the same time, every legal department is different, and one set of legal department KPI may not work for another legal department. Argopoint is aware of both these potential challenges, and focuses on the legal department's unique structure and needs in order to create a specialized and thorough legal department KPI aimed at directly providing actionable insights into the performance of the particular legal department. At the same time, Argopoint's industry-leading expertise in the corporate legal department space gives us the understanding necessary to benchmark your legal department's performance to the industry, and apply, when appropriate, industry best practices to your unique needs.
Legal Department KPI'S: Solutions and Savings
At the end of the day, the objective of a legal department KPI is to understand the potential shortcomings in the department's activities in order to create long-term efficiency gains, both in terms of employees' time and the firm's money.
Argopoint's industry experience gives us the understanding of general counsels' needs and expectations necessary to target specific problem areas for deeper examination. Argopoint, through the legal department KPI, pinpoints areas of potential poor performance and outlines specific plans for improvement. This way, Argopoint's legal department KPI specifically aims to seek out and target the most high-impact areas, to maximize the potential efficiency gains and cost savings.