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Digital Lawyer #8: Legal operations strategy and KPIs

Industry news on legal tech, digital transformation & innovation in law and professional growth.

In this month’s Digital Lawyer:

Digital transformation & legal tech

#1

Turning your legal work inefficiency into an opportunity to improve processes with the help of automation. Here are some pro tips to take away:

  • Listing out your requirements will provide you with a clear guideline around what your perfect solution should look like;
  • MoSCoW prioritisation technique helps to prioritise the requirements that are “must-have” for your solution;
  • “Minimum Viable Product (MVP) mindset will break down potentially high effort use cases into something more achievable and realistic”.

👉 Learn more about how to achieve success with automation in just three months on the example of Njord’s law firm pilot project.

#2

Three key KPIs every legal department should track: volume, turnaround time, and value.

  • Apply contract complexity classification to contract volume: using categories “Simple,” “Moderate,” and “Complex” helps understand which types of contracts are on your table and how to manage team workload based on that;
  • Be careful including the time spent obtaining business approvals or signatures in your legal review turnaround time – these aspects are entirely outside the legal department’s control;
  • Prepare an ideal term sheet that outlines all the “must-have” and “nice-to-have” terms in a deal – this is a baseline for valuing your contract. 

The future of law

#3

An intensive survey called “Legal Operations Health Check” was done to help in-house lawyers evaluate the health of their departments and plan operational improvements. It showed that lawyers’ focus in 2021 will be on these three areas: 

  • “alignment of legal operations strategy with company strategy; 
  • self-help tools and guides for customers for regular and low-risk work that doesn’t necessarily warrant legal department involvement;
  • updated precedent documents available to the internal team, external legal service providers and business customers”.

#4

The future of contracting: more UX writing in contracts, 100% digital contracts that are integrated with digital onboarding or electronic signatures, audio contracts for voice devices or voice interfaces.

Professional growth and personal productivity

#5

Companies started to run anti-burnout experiments such as establishing meeting-free days, a day off to the company’s relatively small workforce or the entire company day off. Read more here. 

On a mission to constantly deliver operational intelligence to our customers, each month we publish a carefully curated list of news we find important.

Focused on legal tech, digital transformation & innovation in law and professional growth, the Digital Lawyer newsletter includes the month’s most notable updates in the market.

👇 Subscribe to the Monthly Newsletter below to be notified of the next update.

30.10.2020

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