Counterintuitive as it may be, law firms can benefit from understanding law department benchmarks. The kinds of performance metrics that general counsel look to for guidance, such as total legal spending as a percentage of revenue, can also inform, motivate and help law firm partners — as well as help their firms be more profitable. This article offers 10 reasons why.
• 1 Increase client satisfaction by demonstrating your mastery of metrics. If you are a relationship partner overseeing a range of matters for a major client, it not only behooves you to grasp and speak fluently about earnings per share, return on assets and other corporate statistics, but also about ratios such as those between inside legal costs and external spending. If comparative metrics matter to inside lawyers, then learning such metrics should matter to you as their external counselor. Client satisfaction interviews suggest that, typically, what general counsel want most is for their outside lawyers to “understand my business.” How better to demonstrate deep knowledge than to be fluent with key business benchmarks?
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