Many in the corporate legal space are familiar with Rees Morrison and GC Metrics. This quarterly release provides benchmark data on staffing and spending from a large number of companies (averaging nearly 900 participants a year), and is highly regarded by the industry. These releases include data on total legal spend as a percentage of revenue and lawyers per billion dollars of revenue for more than 24 industries.
As we continue our focus on making legal a data-driven department in the corporation, we are proud to partner on this year’s GC Metrics survey. We encourage any member of a corporate legal department to take this eight minute survey. As a participant, you will receive a copy of the benchmark results at no charge.
In Lumen Legal’s article, “Most Valuable Benchmarks: GCs Share Numbers in Comprehensive Survey”, Rees Morrison explains the value of benchmarking, “[it] is important because it reveals the department’s current performance, and it can bolster arguments for change, challenge management views, and show the department’s value. Benchmarking also allows GCs and CLOs to better understand some aspects of the department–and gives them the ability to speak the common language of metrics with their CEOs and CFOs.”
GC Metrics holds all data held strictly confidential, and you can request to be anonymous. The benchmark results lists the names of participating companies, but no other company-specific information is published. Only aggregated and standardized numbers are reported, such as median lawyers per billion dollars of revenue. We look forward to seeing this year’s benchmark data, and utilizing it to continue helping our clients become the best-run functions in their organizations.