http://ow.ly/7AfLw
An article by Keith Okano on the legalitprofessionals.com website.
This article touches on the need to provide metrics for a corporate law department, so they can properly utilize technology to enhance the performance of their in-house law department, and reduce their legal expenditure.
The article states, "Technology and the metrics it provides are literally changing the way savvy law departments do business. It’s no longer enough to reduce overhead or outside counsel spend, now is the time to improve legal services both internally and externally, lower the overall cost of these services, and become strategic partners of business units."
The article further states, "Metrics gleaned from dashboards and established key performance indicators (KPIs) are enabling legal staff to go beyond merely tracking both outside and inside spend. These metrics also provide the transparency necessary to demonstrate the value of the legal service being delivered by enabling legal departments to:
- provide the insight needed to drill down and make critical decisions such as what matters can be in-sourced rather than outsourced – and in the case of outsourcing, if a firm’s offer to take on certain litigation is beneficial in terms of cost and performance
- identify risk and various cost drivers and address those issues in real time
- identify key trends such as specific types of litigation and related performance
- identify when it is beneficial to spend more to protect intellectual assets
- accurately predict annual spending
- provide specific data for compliance reporting, 10K reporting, financial planning."
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