With corporate legal departments under increasing pressure to provide support for the organization’s strategic decision making, better manage matters and legal costs and to demonstrate their value to the enterprise, actionable metrics have become key components of legal operations’ toolkits.
We were interested in learning more about the use of metrics in the corporate legal environment, so LexisNexis CounselLink partnered with the leadership of the Corporate Legal Operations Consortium (CLOC) in August 2016 to survey legal operations professionals across the country. We wanted to explore the views of corporate legal operations professionals regarding the metrics they use to support their departments’ objectives.
The following report analyzes what we learned from the 58 legal operations professionals who responded to our survey.
We provided survey participants with a list of 15 metrics and first asked them to rate each metric’s importance on a scale of 1 to 10. Figure 1 shows how respondents rated the importance of 15 key metrics. The 15 metrics we listed in the survey support one of three legal department objectives:
- Financial Control
- Outcome and/or risk management
- Operational efficiency