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A Call to Action: Making Your Legal Metrics Count

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From selecting, managing and evaluating outside counsel to building stronger client relationships, and delivering cost predictability and forecasting, metrics can add up to valuable insight and positive change for both corporations and firms.

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A Call to Action: Making Your Legal Metrics Count

  1. 1. A Call to Action: Making Your Legal Metrics Count How to move past data collection and gain real value December 14th, 2016 #LegalMetrics
  2. 2. LLMinc.com Introductions Raquel Tamez CLO & General Counsel Lindsay Stevens VP of Technology lstevens@llminc.com #LegalMetrics
  3. 3. LLMinc.com Agenda • The Big Picture: Why Metrics Matter • Getting Started: Questions to Consider • Straight from the Source: Where to Collect Metrics • What to Track: Types of Metrics • Tying it All Together: Analyzing & Reporting • Next Steps: Taking Action on Data #LegalMetrics
  4. 4. LLMinc.com The Big Picture: Why Metrics Matter • Improve efficiency • Cost predictability and forecasting • Increased transparency • Improved project management • Select, manage and evaluate outside counsel • Manage and show success of in-house team to the business • Build stronger client relationships • Deliver information to help maintain profitability and competitiveness Corporate Counsel Firms Both #LegalMetrics
  5. 5. LLMinc.com LLM ”State of the Legal Industry” Survey #LegalMetrics
  6. 6. LLMinc.com Getting Started: Questions to Consider • What areas are painful for your organization? • What is available to track? • Are the metrics actionable? • What does leadership want to see? • How frequently do you want to collect/report the data? • How to encourage adoption and compliance of data collection. What gets measured, gets managed. Peter F. Drucker #LegalMetrics
  7. 7. LLMinc.com Straight from the Source: Where to Collect Metrics Monthly reports Feedback from clients (internal & external) Matter management and budgeting systems Internal evaluations and scorecards of outside counsel’s performance Spending reports and detailed budget reports for matters #LegalMetrics
  8. 8. LLMinc.com What to Track: Types of Metrics #LegalMetrics
  9. 9. LLMinc.com Tying it All Together: Analyzing & Reporting Analyzing • Frequency of analysis • Who is your audience? • Iterate on which metrics are being tracked and reported Reporting • Rolling data up in a meaningful way • Software/visualization of the data • Report success/failure • Success of process and how it evolves Don’t measure anything unless the data helps you make a better decision or change your actions. Seth Godin #LegalMetrics
  10. 10. LLMinc.com Next Steps: Taking Action on Data Report, analyze, validate, institute change(s), plan and reference historically Assess lessons learned, identify training opportunities, make strategic decisions Evaluate relationships (internal or outside counsel) to ensure value is being provided Inform future decisions around RFPs, bids, AFAs, etc. 1. 2. 3. #LegalMetrics
  11. 11. Questions? Thanks for joining us! Stay in touch! www.LLMinc.com connect@llminc.com @LLMinc #LegalMetrics

From selecting, managing and evaluating outside counsel to building stronger client relationships, and delivering cost predictability and forecasting, metrics can add up to valuable insight and positive change for both corporations and firms.

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