Schedule performance index (SPI) 70. The shorter the turnaround time, the greater the paralegal department’s efficiencies. Five KPIs for the collections department Understanding the most important factors in determining client payment for services In the world of collections, key performance indicators (KPIs) are incredibly pervasive – and vitally important in measuring recovery on receivables. The corporate governance team is authorized to develop a set of policies, SOPs, and methods that dictate the company’s actions. Percentage of Granted Copyrights – The percentage of registered copyrights versus the number of copyrights filed. Legal service metrics can be used to diagnose the root causes of the department-s low numbers and to report on accomplishments. Read more about each financial KPI. We serve most industry types effectively. Improve collections – The collections KPI is designed to measure and track the paralegal department’s ability to collect outstanding monies. Legal Department Headcount Ratio – The number of company-wide FTEs for every devoted legal FTE (total FTEs/Legal FTEs). Cost per Trademark Registered – The expenses on ($US) of registered trademarks prepared in a year divided by the number of registered trademarks. What data is needed to support it? The government or legislative affairs office is in charge of the maintaining relationships with major local, state, and federal government authorities and trade associations. An easier, effective method of 360-degree feedback collection from peers, upward, downward and customers too. This series will provide practical tools and guidance that will resonate with those departments just starting to measure key performance indicators as well as sophisticated departments who have legal department operations professionals focused entirely on metrics. 9am – 5:00pm EST email@example.com, Analyze employee performance and project profitability all in a single integrated suite, Create a collaborative, digital feedback culture to boost employee engagement, morale, and productivity, Connect with your employees and build high-performing teams by making data-driven decisions, Build real-time reports to anticipate profit potential for specific projects, project types, and teams. Ted Jackson. With many legal departments, this occurs automatically because all … KPIs allow you to know the performance of your department or organization. Maximize your in-house teamâs efficiency with Practical Law Connect. Related: Paralegal, Document Production Specialist, Document Manager, Licensing Specialist. When putting KPIs in place for the legal department, it’s better to identify a smaller number of KPIs to reflect what matters most to the legal department. But before undertaking any data collection, the objectives for putting a data initiative in place or measuring against KPIs should be well documented and considered. Patent Disclosure-to-Filing Cycle Time – The average number of days from disclosure up to the time a patent application is filed. Examples of project management key performance indicators: 64. Spend after implementing e-billing compared to spend without implementing e-billing – E-billing is the issuing and sending of invoices via an electronic platform. A striking example of the power of legal matter data was the experience of KONE elevators, a worldwide leader in escalators, elevators and moving walkways. Actual cost (AC) 66. 4. Scorecards and KPI for legal departments reflect objectives that can be continuously evaluated and used to challenge and correct subjective views on performance. The litigation management team undertakes all tasks related to common courtroom procedures as a representative of the firm. Auditing a sample of executed contracts every three to six months." This tool provides an understanding of the benefit of each KPI, including examples of where and how to use, how to measure and the reporting frequency. In subsequent articles in this series, weâll take a deep dive into metrics and KPIs that touch on: âBut only behemoth legal departments can do this.â. 2. Equally importantly, management can identify negative trends in the department and take action to ensure the optimal functioning of the organization. Increase matters per attorney and/or per paralegal – This KPI tracks and measures the number of cases (or matters) per attorney or paralegal.
2020 sample kpi for legal department