Thank you for listening to Inspiring Legal.

Full episode transcript:

[00:00 - 00:09 ]: Welcome to Inspiring Legal, the podcast for in-house legal.
[00:10 - 00:16 ]: Get insights, learn from peers, life lessons from some of the most influential GCs.
[00:16 - 00:19 ]: If it's related to in-house legal, we cover it.
[00:19 - 00:31 ]: For more inspiration, go to openli.com slash community.
[00:32 - 00:38 ]: Welcome to another special edition of the Inspiring Legal podcast.
[00:38 - 00:39 ]: It's Christmas time.
[00:39 - 00:43 ]: And so let's start by wishing each other.
[00:43 - 00:44 ]: Happy Christmas.
[00:44 - 00:49 ]: I hope you're all enjoying the season of hopefully snow.
[00:49 - 00:55 ]: If you are in the snowy locations, if not, well, I hope you're enjoying the sun.
[00:55 - 00:59 ]: Today I am joined by a very special guest.
[00:59 - 01:04 ]: He is the mind behind the podcast.
[01:04 - 01:14 ]: A big contribution and also content creator when it comes to the openli community.
[01:14 - 01:15 ]: Welcome Daniel.
[01:15 - 01:16 ]: Thanks, Dina.
[01:16 - 01:17 ]: Wow.
[01:17 - 01:18 ]: Thanks for the nice words.
[01:18 - 01:19 ]: Very happy to be here.
[01:19 - 01:25 ]: So for those who don't know Daniel, well, you actually know him, but you don't really know him.
[01:25 - 01:31 ]: He's kind of like the special secret Santa that we have here at openli.
[01:31 - 01:35 ]: Daniel is heading up content and communications at openli.
[01:35 - 01:37 ]: So he's the producer.
[01:37 - 01:38 ]: Yeah.
[01:38 - 01:42 ]: Usually I am sitting behind the microphone, but you won't hear me.
[01:42 - 01:49 ]: But so for this special edition Christmas episode, we decided to spice up things a bit.
[01:49 - 01:51 ]: And so I've joined Stine.
[01:51 - 01:52 ]: I'm very happy to.
[01:52 - 01:58 ]: And yeah, today we're talking about something very close to Stine's heart.
[01:58 - 02:01 ]: I know and to my heart also.
[02:01 - 02:09 ]: How are legal teams working in the year that we are just currently exiting?
[02:09 - 02:14 ]: And what will those trends say for the year that we are looking forward to?
[02:14 - 02:15 ]: Yeah.
[02:15 - 02:18 ]: So as you all know, it's the season of giving back.
[02:18 - 02:21 ]: It's from all of us to all of you.
[02:21 - 02:25 ]: So if we look back at 2023, oh, sorry, two.
[02:25 - 02:28 ]: Jesus, I'm already jumping ahead.
[02:28 - 02:35 ]: So if you look back at this year, what we did is that we launched the openli community.
[02:35 - 02:40 ]: And based on your feedback, we launched the podcast.
[02:40 - 02:44 ]: We asked the community how many of you wanted a podcast.
[02:44 - 02:50 ]: And it was over 90% that said, this is something we really would like.
[02:50 - 02:57 ]: You also told us a lot about what your struggles are, what you're working on, what you're focusing on.
[02:57 - 03:04 ]: And that's why we built the survey where we talked with more than I don't know how many.
[03:04 - 03:07 ]: We're almost 600 in the community now.
[03:07 - 03:18 ]: Everybody working in-house legal, everybody really focusing on scaling, improving the way that they're working and also sharing what their struggles are.
[03:18 - 03:24 ]: And that's why we built the in-house legal community report that we shared with you a few weeks back.
[03:24 - 03:33 ]: But those who haven't had time to read the report, for those that aren't a part of the community, but listening to the podcast,
[03:33 - 03:44 ]: Daniel and I talked about what could we best do to give you a little Christmas present, but also give you the best possible start for the year.
[03:44 - 03:51 ]: So Daniel, you are, of course, a big part of building that report, getting those insights.
[03:51 - 03:58 ]: So I thought it'd be nice if you just kind of decide what we should be talking about and what we should be sharing.
[03:58 - 04:08 ]: Yeah. So basically, we went over the report and we thought, OK, so what will bring the most value to our very much valued listeners?
[04:08 - 04:16 ]: And basically, we have decided to go over the report with you right now, right here.
[04:16 - 04:20 ]: Yeah. So from all of us to all of you.
[04:20 - 04:26 ]: So, yeah, hope you will enjoy this.
[04:26 - 04:33 ]: We're going to skim the report, obviously, and you can go and sign up for the community and read the report.
[04:33 - 04:41 ]: But yeah, we hope you will get a lot of very valuable information out of this. We surely have.
[04:41 - 04:46 ]: So should we just dive into it? Yeah. Yeah, let's do so. All right.
[04:46 - 04:49 ]: So the first thing, do you want to take the first one? Yeah.
[04:49 - 04:55 ]: Yeah. So the first thing we started talking about with the community was very much about showing value.
[04:55 - 05:06 ]: Like Daniel and I know from many of you out there that legal is sometimes not able to showcase how they're supporting the business.
[05:06 - 05:11 ]: Like everybody knows how much value and how much work, but how do you showcase it?
[05:11 - 05:14 ]: So what about KPIs? How do you measure value?
[05:14 - 05:19 ]: So we started talking with the community about how they are measuring it. Are they even measuring it?
[05:19 - 05:32 ]: And what we found out is that 45 percent of the legal teams are working with KPIs, meaning 55 percent aren't.
[05:32 - 05:36 ]: And what's really interesting for a lot of people out there are, OK, so what are you measuring?
[05:36 - 05:47 ]: How are you tracking it? And we've been having some really interesting conversations with some of the biggest general tech companies where you're talking to general counsels from Sendesk.
[05:47 - 05:54 ]: We're talking with FITMA and so forth. And every time we're asking them, so how are you measuring value?
[05:54 - 06:00 ]: And what they're saying is it's very much about understanding the work.
[06:00 - 06:04 ]: It's about understanding the data. But how do you get data?
[06:04 - 06:11 ]: That's where the tricky part comes in. So some are having what you would call kind of like a ticket system.
[06:11 - 06:17 ]: So they are asking everybody who wants to get in contact with legal to file a ticket.
[06:17 - 06:29 ]: So when they file a ticket, it's they're measuring who's sending it, what teams they're measuring, how fast we're responding, what type of contract are reviewing.
[06:29 - 06:43 ]: So all of a sudden, they're able to see what departments are taking the most of the legal time or what departments are sending the most amount of contracts for review.
[06:43 - 06:48 ]: Others are using NPS scores and surveys. And what is an NPS score, Stine?
[06:48 - 06:56 ]: So an NPS score is kind of like a satisfaction score where you're often asked to measure between one to ten.
[06:56 - 07:00 ]: And where you're counting the most positive, you're counting the most negative.
[07:00 - 07:05 ]: And then you have kind of like this, let's call it the dead zone, where it doesn't really add in.
[07:05 - 07:10 ]: It's not negative and it's not positive. So that's also how some are doing it.
[07:10 - 07:16 ]: But what we found out that most people are doing are surveying.
[07:16 - 07:21 ]: They're going out and talking and asking, what do you think? Are you getting value?
[07:21 - 07:26 ]: Is there anything we can do better? Is there anything we're doing excellent?
[07:26 - 07:33 ]: So on that regard, they're trying to really try to get a sense of where they can improve and how they can work better.
[07:33 - 07:40 ]: And then we have the ones that are very much just focused on the ACV, so the average contract value.
[07:40 - 07:46 ]: And that's another way that some are measuring the value that they're delivering to the company.
[07:46 - 07:53 ]: So how much of the revenue generated sales are being supported by legal.
[07:53 - 08:02 ]: But I imagin...