How mature is your law department? And no, we’re not asking about Bob who forwards chain emails to the legal group.
“Benchmarking is an effective and data-driven way to determine what action items belong on the top of the list. In corporate legal departments determining priorities is coupled in the shadow of tackling more responsibilities with the same, or even fewer resources…The LexisNexis CounselLink team has released a new corporate legal maturity model, which is an analytical tool for measuring law department performance in terms of technology, analytics and process. In the video nearby, Kris Satkunas walks viewers through the model and in a newly published white paper – Leveraging a Maturity Model to Achieve Operational Excellence – the team writes: It’s not unusual for legal departments to have their budgets reduced by as much as five to ten percent in a single year, yet still be expected to maintain the same or greater performance levels. On top of budget pressures, general counsels are often challenged by how to manage risk, improve compliance, save time and get the best possible legal outcomes. Such challenges demand that corporate legal department attorneys look for ways to use technology and data to improve processes, uncover greater cost efficiencies and deliver better results.”
Read: Benchmarking Corporate Legal Department Maturity at the Business of Law Blog