Your legal department likely has several goals, whether formally written or just understood. You’re expected to meet your budget targets as you pursue and defend your company’s interests, minimize the risks it faces, provide support for initiatives and transactions and ensure that agreements with other entities are beneficial. Another goal that is often more difficult to track is contributing value to the company. If this goal isn’t specified or quantified, it’s impossible to determine whether you’re succeeding. So how do you achieve improved performance?
If your legal department is like most, a significant share of your annual spend goes to the outside firms. Firms that provide specialized counsel to your in-house team. Here again, without defining as well as tracking your expectations, it’s challenging to accurately determine whether that counsel is merely approaching those expectations or exceeding them. In essence, without some kind of measurement, how do you know whether you’re getting your money’s worth?
Being an innovative legal department that contributes to the value of the company demands to leverage the power of data. This same tool gives you a way to derive more value from your relationships with outside counsel. When implementing key performance indicators and tracking both your department’s own performance and that of outside firms, you’re better able to demonstrate the value add to corporate leadership with data. You can make strategic, data-driven decisions. Ensuring outside counsel is aligned with corporate objectives and improved performance.
Just as important, you can communicate more effectively with outside counsel, so they have a clearer understanding of your expectations and how well they are performing against them. Data provides an objective basis for reviewing their performance as well as pinpointing areas in need of improvement. It removes the subjective elements that often interfere with these critically important conversations and drives a focus on continuous improvement.
There’s an even bigger benefit to knowing your outside counsel’s time and also their efforts are properly focused. You spend less time reviewing and second-guessing their work. More of your time using your department’s resources and energy on creating business value. And if you’re also measuring and monitoring indicators for that, your value in management’s eyes will soar.
Qualmet is a cloud-based SaaS provider. Offering customers a single sign-on platform to objectively as well as easily evaluate the quality of service. Services provided by their outside counsel as well as alternative legal service providers. Many of the world’s largest law firms and corporate law departments collaborated in the development of Qualmet. The Qualmet tool uniquely positions users to quickly as well as easily measure the value delivered by their service providers. By coupling industry-aligned evaluation as well as legal metrics with objective benchmarking capabilities, Qualmet helps customers define and drive meaningful cost savings as well as value in their organizations. Qualmet’s searchable database of evaluated service providers ranked based on objective metrics is the first of its kind in the legal industry. Know Where You Stand™. Let Qualmet help you drive sustainable and meaningful value for your organization. Follow us on Facebook for updates.