More often than not, your in-house legal team is seen as a roadblock to closing deals quickly and a cost center that provides little measurable return on their investment.
It’s nothing personal.
It’s just that most in-house legal teams lack the data and visibility they need to quantify their value and build trust across the organization. Other teams—like Sales, Finance, Accounting, HR, and more—often have the tools and reporting capabilities to easily highlight the relevant metrics and KPIs for their departments. Legal? Not so much.
Lexion offers the powerful legal task management tools you need to work faster and more efficiently as a department, as well as the reporting and insights capabilities that will help you show your value and contribution to the company’s bottom line.
What can you do with task insights and reporting in Lexion Workflow?
Quantify the value and contribution of legal
Working in an in-house legal department can be a thankless job. Teams are asked to do their work as quickly as possible and with few resources. With an accurate picture of the volume and types of tasks you and your team are dealing with in any given day, week, month, or quarter, your organization might think differently.
With Lexion, it’s easy to see and share your team’s performance across key metrics like the total volume of legal projects and average contract review time. What’s more, you can dig in by task type, project owner, status, and more, according to whatever timespan you like to get granular and uncover the insights you need.
Root out roadblocks and improve processes
Tired of hearing that legal is a black hole, or that your team keeps slowing down otherwise fast-moving deals? Tracking each deal stage and the time it spends in each can help the rest of your organization (and your team, too) see what’s really delaying deals and impeding your efficiency, but manually tracking and reporting on metrics like these with spreadsheets and other low-tech tools can be a full-time job in itself.
Lexion makes it easy to see where contracting stalls, such as in counterparty review, while waiting for signature, or when negotiating on third-party paper. With that information, you can identify which steps to take to optimize your workflow and accelerate deals. (Who doesn’t want that?)
Manage your team and work more effectively
Making informed managerial decisions is nearly impossible without the right data. Whether you’re making the case for a new FTE or simply trying to reallocate work more equitably, “it just feels really busy right now” is a lot less compelling than a complete, detailed picture of workloads, tasks completed, time spent in review, and other key metrics.
With Lexion’s reporting and insights capabilities, you can keep tabs on productivity across your team, set realistic (and data-backed) expectations for things like average sales cycle lengths and contract negotiation times. They can also help you make the case for greater headcount, giving you the information you need to scale your team intelligently.
Want to see more?
Learn more about how to use metrics and KPIs to speed up your contracting and accelerate business growth? Check out our 3 Step Guide to Accelerate Contracting with Legal Metrics.
If you’d like to see Lexion Workflow and task reporting and insights in action, schedule your demo today.