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FM16

publication of the International Legal Technology Association

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FINANCIAL MANAGEMENT 34 WWW.ILTANET.ORG | ILTA WHITE PAPER Can We See What They See? A Preview of Law Department Analytics Tools and Metrics Can We See What They See? A Preview of Law Department Analytics Tools and Metrics by Pratik Patel of Elevate Services In 2015, Altman Weil conducted a "Chief Legal Officer Survey," which concluded that one of the top three priorities for increasing law department efficiency and service delivery lies in the collection and analysis of metrics. While this typically ranks high on the "wish list," the recent rise of lawyer-friendly analytics tools and the addition of legal analytics gurus to in-house legal operations teams have enabled general counsel to benefit from an "ask and you shall receive" approach to data intelligence. What Are Law Departments Measuring? Historically, law department measurements and tracking have been focused on spend. Information-tracking has typically been decentralized to numerous tools; the most connected information is usually contained within the maer management and e-billing solution. Mounting pressure on cost control and accessibility to spend data through e-billing systems led to spend metrics becoming the benchmark for metrics sophistication. Law departments now face increased pressure to identify departmental strengths and weaknesses, beyond spend alone. They are discovering their ability to measure and track several metrics that demonstrate overall value of legal service delivery. As a result, law departments are taking a more balanced approach to performance. The following metrics now serve as a rising benchmark for measurement and tracking sophistication: ยป Demand: Measuring what comes in and out of the law department in terms of requests, by type, by whom, cycle time, etc.

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