What's Happening?
Bloomberg Law has announced the opening of submissions for its inaugural Data-Driven Departments benchmark for in-house legal departments. This program aims to recognize and benchmark the performance of in-house legal teams across the United States. The
survey includes questions about department structure, budget, business metrics, and technology and innovation. U.S.-based in-house legal departments are invited to submit data for potential inclusion in the benchmark. The data collection requirements include staffing and budget numbers, along with various technology and innovation metrics. This initiative is part of Bloomberg Law's efforts to provide AI-powered legal analytics, workflow tools, and premium legal and business news.
Why It's Important?
The launch of Bloomberg Law's benchmark program is significant for the legal industry as it provides a structured way to evaluate and compare the performance of in-house legal departments. By focusing on metrics such as budget, staffing, and technology, the program aims to highlight best practices and areas for improvement within legal teams. This initiative could lead to increased transparency and accountability in the legal sector, encouraging departments to adopt innovative solutions and optimize their operations. The benchmark may also serve as a valuable resource for legal professionals seeking to enhance their department's efficiency and effectiveness.
