Archive: October, 2012
In conjunction with General Counsel Metrics, LLC, we invite you to take part in the world’s largest benchmark survey. More than 800 companies have done so already this year. For the first time, this year’s GC Metrics Survey will include a question about Contract Management software. Respondents will be able to see how many of their peers have automated their contracts process and which software packages are in use across legal departments.
In early December, GC Metrics will send participants the fourth release of the report, with 25 benchmarks on legal department staffing and spending, as well as compensation data. There is no cost to complete the quick, confidential survey. All respondents will receive the final report.
Simply enter your six 2011 figures on staff and spending (lawyers, paralegals, and other staff; inhouse and external legal spend; revenue). Only aggregated and normalized information is reported, such as median lawyers per billion dollars of revenue.
“Big Data” is a hot topic these days, especially amongst those charged with business and regulatory compliance. Wikipedia defines Big Data as “a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools.” The article goes on to say that, “The challenges include capture, storage, search, sharing, analysis.”For many companies, including but not limited to financial institutions, much of the data they need to report on is buried in their contracts. These contracts can be very complex documents. Looking at the challenges listed above, the first is “capture.” If the data from contracts is being captured by re-keying data points into a database, the margin for error is very high, not to mention that it’s a costly and time intensive undertaking. In order to keep costs down, you may look to inexpensive, untrained resources to handle the task. In that case, the error rate goes up.