The word efficient can be much like the word innovation in the sense that it can mean so many different things to different people. Being asked to be more efficient might force the question of where to begin. It can often be helpful to start by defining and understanding what is inefficient across the team. This might be how your team is structured with senior lawyers doing more junior-level work. Or maybe the way in which you engage with outside counsel is inefficient and a drain on your limited resources. In this session, our speakers touched on four themes related to internal and external efficiency.

Team operating model

It can be helpful to review the work being done across the department in a matrix tool that helps you to analyze work types across ‘exposure to risk’ and ‘strategic importance’. If you plot the work being done across the department in this way, you can begin to understand if there are work types should be done differently. For example, if the work is low-risk and not strategically important, perhaps it can be automated or outsourced to free up your resources to work on more strategically important/higher-risk work.

Technology

Technology in itself is not necessarily a driver of efficiency, but rather it is essential to take the time to understand the problem(s) you are trying to solve and whether technology can help you with that challenge. Five of the most commonly sought-after technology solutions include document automation, workflow/resource management, AI, document lifecycle, and transaction management.

Data

Leveraging data to understand possible efficiencies or trends across the department and your organization can be quite impactful. However, without the appropriate technology or systems in place, capturing this data can be challenging. The speakers highlighted different data reports which focused on metrics such as cycle time, type and volume of work/requests including by business unit, or insights into contracts.

Third party supplier management

Managing multiple third-party suppliers can be a drain on resources, but looking across those relationships to understand where improvements can be made is worth the investment. For example, effective communication with law firm providers—such as providing clear feedback and documenting actions—is essential. You can also create some efficiencies with law firm engagement by making sure to clearly scope your legal matters/requests or doing post-matter reviews.

Looking at how to consolidate your legal service suppliers, ultimately having fewer firms to manage, can often be a great way to drive efficiencies. Through this exercise, it’s key to establish KPIs to make sure you are continuing to see the value you’ve set out to achieve.