In-House Tip: Set Contracting KPIs

Are You Tracking How Well Your Contracting Process Is Performing?

Here’s why setting KPIs is crucial:

◼️Performance Visibility: Track contract turnaround times, approvals, and renewals.

◼️Bottleneck Identification: Spot where delays happen and address them.

◼️Risk Monitoring: Measure contract risks and ensure proper mitigations.

◼️Cost Control: Track legal costs associated with contract review and management.

◼️Quality Assurance: Measure error rates and ensure high-quality outputs.

◼️Business Satisfaction: Gauge internal client satisfaction with legal support.

◼️Compliance Rates: Monitor adherence to policies and legal standards.

◼️Workload Balance: Assess the legal team’s capacity and distribute work effectively.

◼️Continuous Improvement: Use data to refine processes and improve efficiency.

◼️Strategic Alignment: Ensure the contracting process supports overall business goals.

If you want to enhance your contracting function–set and track KPIs.

Remember: The best in-house legal teams measure success, then aim higher.