Cycle time in days for a legal services FTE to complete contract preparation
This measure calculates cycle time in days for a legal services full-time equivalent employee (FTE) to complete contract preparation. Contract preparation begins when legal receives the request and ends with the contract being turned around to the requestor (or third party). The legal services function includes [Conducting board activities; managing regulatory activities; managing, preparing, and reviewing contracts; managing litigation and dispute resolution; managing outside counsel; protecting intellectual property; overseeing corporate governance; managing the corporate liability insurance program; managing corporate compliance and ethics program.]. This Cycle Time measure is intended to help companies analyze this duration related to the function "Manage External Relationships".
Benchmark Data
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Compute this Measure
Units for this measure are days.
Average cycle time in days for a legal services FTE to complete contract preparation
Key Terms
FTE - (full-time equivalent employee)
To calculate the number of full-time equivalents employed during the year for each respective process or activity, you must prorate the number of employees and the hours spent performing each process/activity. Assume that a full-time worker represents 40 hours per week. Provide the average number of full-time equivalents employed during the year for each respective process. Include full-time employees, part-time employees, and temporary workers hired during peak demand periods. Allocate only the portion of the employee's time that relates to or supports the activities identified for an applicable process. Prorate management and secretarial time by estimating the level of effort in support of each activity, by process.
For example, a part-time secretary in the finance department for XYZ, Inc. charges all of his time to finance department activities. He works 20 hours per week. The secretary splits his time evenly supporting employees working in the general accounting process and the financial reporting process. Thus, his time should be allocated by process. So, if he works throughout the year and supports these two processes, his time would be split evenly as:
20hrs/40hrs = .5FTE * 50% for general accounting = .25FTE for general accounting
20hrs/40hrs = .5FTE * 50% for financial reporting = .25FTE for financial reporting
Cycle Time
Cycle time is the total time from the beginning of the process to the end. This includes both time spent actually performing the process and time spent waiting to move forward.
Median
The metric value which represents the 50th percentile of a peer group. This could also be communicated as the metric value where half of the peer group sample shows lower performance than the expressed metric value or half of the peer group sample shows higher performance than the expressed metric value.