Recently, Kathy Zhu, Co-Founder and CEO of Streamline AI, and Ilan Hornstein, Vice President, Deputy General Counsel of 8×8, led a discussion of legal metrics in partnership with In-House Connect.
Watch the session:
Key takeaways from the conversation:
Establish clear Objectives: Before diving into metrics, in-house legal teams need to define what success looks like for their department and for the greater organization. This involves setting clear, measurable objectives that align with the broader business goals, in collaboration with business stakeholders. For example, if the objective is to reduce contract turnaround time, the metric that Legal to track could be the average number of days from legal request initiation to contract signature.
Select relevant metrics: Not all metrics are created equal. Choose those that directly reflect the team's performance or drive meaningful and tangible impact. Leverage metrics to inform resource allocation, process improvements, and strategic planning. For instance, tracking the number of contracts reviewed per month can highlight efficiency.If data shows a bottleneck at a certain stage of the contract review process, this could indicate a need for additional training or process optimization.
Implement efficient data collection methods: Automating data collection where possible can significantly reduce manual effort and increase accuracy. Tools like Streamline AI can be instrumental in automatically gathering data on legal request volumes, time at each step, and turnaround times, ensuring the team has reliable, up-to-date data for analysis.
Analyze trends over time: Looking at metrics in isolation can be misleading. Analyzing trends over time allows legal teams to identify patterns, anticipate future challenges, and adjust strategies accordingly. For example, if there's a quarterly spike in contract requests or growing volume trends, planning resource allocation in advance can help manage the workload more effectively.
Communicate findings clearly: Sharing metrics and their implications with the wider team and stakeholders promotes transparency and alignment. Using real-time dashboards and visualizations can help convey complex data in an understandable way, facilitating informed decision-making across the organization.
Regularly review and adjust metrics: As business priorities evolve, so should the metrics in-house legal teams track. Regular reviews with the legal team and with business stakeholders ensure that metrics remain relevant and aligned with the team's objectives and the organization's goals. This iterative approach enables continuous improvement and adaptation to changing business needs.
By implementing these best practices, in-house legal teams can harness the power of metrics to improve efficiency, demonstrate value, and drive strategic decision-making within their organizations. Interested in learning more? Download the Streamline AI Guide: Metrics that Matter for In-House Counsel.
