Law Firms Employed Per Million of Outside Counsel Spend
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Number of Outside Law Firms Employed Per Million Dollars of Outside Counsel Spending. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Law Firms Employed Per Million of Outside Counsel Spend?
The total number of outside (external) law firms employed by the company divided by each one million dollars of outside counsel spending (fees paid to outside law firms) incurred over the same period of time.
Why should Law Firms Employed Per Million of Outside Counsel Spend be measured?
Number of Outside Law Firms Employed Per Million Dollars of Outside Counsel Spending measures the total number of outside (external) law firms employed by the company in relation to each one million dollars of outside counsel spending (fees paid to outside law firms) incurred over the same period of time. Excessively high values for this metric can be indicative of inefficient cost benefit analysis, overstaffing (i.e., hiring an unnecessary number of outside law firms), poor vetting of outside law firm vendors (this can cause constant vendor turnover), general inefficiencies within the practices of the outside law firm (e.g., poor management of legal documentation, lack of prompt responsiveness to legal issues, too much time spent on low-value work, etc.), and sub-par outside law firm employee training and performance. Excessively low values, on the other hand, can indicate overspending on firms that may not have the experience necessary to cover all of the company's legal needs. Look to perform periodic cost benefit analysis to determine if an outside law firm is even needed, improve outside firm vetting processes (i.e., make sure that the outside firm can cover the legal needs of the company), conduct periodic performance audits and determine if current outside law firms offer discounts for the services they provide to balance costs and improve outside law firm vendor performance.
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