How to assess a contract management process
Produced in partnership with Elizabeth Bourlet
Practice notesHow to assess a contract management process
Produced in partnership with Elizabeth Bourlet
Practice notesNow that you have developed a Contract management process (see Precedent: Legal contract management process), it is likely that your organisation will require you to measure the legal department’s Performance of the legal contract management process to monitor its Efficiency and effectiveness.
This Practice Note is designed to assist you to devise suitable performance measurement metrics.
Why assess?
The only way to ensure the business is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business is to be managed. Why should contract management, perhaps the most basic process of a legal department, be any different?
The difficulty with such metrics is that the legal contract management process is dependent on and affected by the actions and delays of Third parties, both within your organisation and outside it. Also, since contracts vary so much from one situation to the next in terms of risk or overall complexity, this makes it difficult to identify sensible KPIs
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