Argopoint helps legal leaders to improve the value returned on every dollar spent. Many corporate legal departments are starved for meaningful comparative data and metrics to help assess performance.
Legal Benchmarking and Legal Metrics: Objectives
Today’s legal leaders are looking to assess the value returned on every dollar spent; this is no easy task in the corporate legal environment. Many corporate legal departments are starved for meaningful comparative data and metrics to help assess performance, identify areas for improvement and reduce costs. Benchmarking remains one of the most enduring tools used by business managers to enhance productivity because of the practical value of the information it can provide. However, in the legal environment, benchmarking can be a complex undertaking. If not done properly, it can consume a great deal of resources without providing the desired data or any useful insights.
Legal Benchmarking and Legal Metrics: Overview
Argopoint has experience and expertise in high-impact legal benchmarking; namely benchmarking that makes a difference. Argopoint helps corporate legal clients avoid the pitfalls commonly found in ineffective benchmarking. We are specialists at designing benchmarking studies that yield “decision-grade” insights and recommendations that drive meaningful changes.
We begin high-impact legal benchmarking engagements by looking at the situation of our clients to determine the metrics that will best explain where opportunities for improvement lie. We then select the appropriate companies, both internal and external to our clients’ respective industries, to benchmark. These metrics yield a comprehensive set of data that we distill to formulate key insights regarding the “best practices” that our clients can adapt for use in their corporate legal departments.
Legal Benchmarking and Legal Metrics: Solutions and Savings
Argopoint’s Law Department Benchmarking Approach:
Define Clear Study Objectives
Many legal benchmarking studies fail because specific objectives and questions are not articulated at the outset. Before collecting data, we save valuable resources for our clients by targeting what they really need to know and what benchmarking data is truly required. Our precise goal definition and preparation ensure that our benchmarking exercises are not reduced to “legal tourism,” an exercise that yields few key insights.
Create Useful Metrics
Comparing legal benchmarking data and situations across companies and industries can seem impossible without the proper expertise. We are skilled at devising innovative metrics to enable cross-company comparisons that “tell a story”, allowing us to isolate the most important issues and best improvement opportunities for our clients.
Identify and Recruit Valuable Participants
Improvement opportunities are often missed due to an unwillingness to identify the “best practices” that exist outside of the organization as well as outside of the industry. We are experts in developing the right mix of study participants and recruiting them to participate in our research. We cannot guarantee any one company will participate in our studies, but our historical recruitment rate is extremely high.
Provide the “So What?” Conclusions
Many legal benchmarking studies offer volumes of detailed data, but little insight. We analyze the data in depth in order to offer actionable recommendations—specific to our client’s circumstances—that assess the value returned on every dollar spent.
The Benefits of Working with Argopoint:
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 global corporation. We identify the “best practices” being used by these global leaders and offer insight into how to most appropriately adapt them to the situation of our clients. Instead of having to “reinvent the wheel” when confronting challenges, our clients learn from the mistakes and progress of others via our law department benchmarking process.
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. Our benchmarking exercises are based on empirical evidence, unfiltered by biases or loyalties, to assess the relative strengths of a corporate legal group and diagnose areas for corrective action.
Key Questions for Corporate Legal Departments Considering High-Impact Legal Benchmarking and Legal Metrics
1. How aware is your legal department of the “best practices” both internal and external to your industry that it can adapt to enhance its efficiency and effectiveness?
2. How effective is your legal department at assessing the value returned on every dollar spent?
3. What objective, data-driven performance metrics does your legal department have in place to evaluate productivity and cost-effectiveness?
4. Has your legal department leadership ever run a truly effective and results-driven legal benchmarking exercise?
5. Is your legal department actively seeking ways to improve their methods and strategy?
6. Does your legal group desire to understand how other companies in the industry are performing in key areas?
7. Do your legal department professionals have experience analyzing in-depth data obtained from legal benchmarking projects?