Introduction
Despite the pandemic and the unrest faced by the world since 2020 life goes on as businesses change priorities and power on. Law firms the world over increasingly face the threat of changing economies. There is a pressing need more than ever to make sure law firms are hitting all the essential metrics year after year that define their strategy. How best to accomplish this? Integrate the time-tested OKR methodology as a means to align your objectives with measurable key results to keep your law firm on track to bridge the strategy execution gap. Profit.co’s OKR software together with our strategy, and task management modules including employee engagement and development is a power-packed SaaS platform to leverage your law firm.
Objective #1 | Avoid unnecessary bureaucracy | ||||
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KR 1 | Eliminate paperwork by automating the process. | KR type | Milestone Tracked | KPI | – |
KR 2 | Reduce time from contract negotiation start to making a final decision from 7 days to 3 working days | KR type | Decrease KPI | KPI | Negotiation Period |
KR 3 | Onboard 5 experienced Attorneys. | KR type | Increase KPI | KPI | Hire Resources |
#1: Avoid unnecessary bureaucracy
Excessive regulation or conformity to formal rules is redundant in today’s fast-paced business world and hinders action or decision-making. So an Objective preventing bureaucracy is necessary for a healthy law firm.
Objective
Avoid unnecessary bureaucracy
Target Date: Q3-2022
Visibility: All Employees
Key Results
Eliminate paperwork by automating the process.


Reduce time from contract negotiation


Onboard 5 experienced Attorneys


Objective #2 | Support our global reach by paving the way for UK expansion | ||||
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KR 1 | Register the corporate entity in the UK by Q1 | KR type | Milestone Tracked | KPI | – |
KR 2 | All contracts meet UK laws as measured by 100% audit approval | KR type | Task Tracked | KPI | – |
KR 3 | Secure at least 5 UK legal awards | KR type | Increase KPI | KPI | # of Awards |
#2: Support our global reach by paving the way for UK expansion
Global Business conducted across borders is the new norm in an increasingly digital world. All law firms in their growth trajectory aim to expand and include international clients, and tailoring an Objective around that idea is an essential step in the growth of a law firm.
Objective
Support our global reach by paving the way for UK expansion
Target Date: Q3-2022
Visibility: All Employees
Key Results
Register the corporate entity in the UK


All contracts meet UK laws as measured by 100% audit approval


Secure at least 5 UK legal awards


Objective #3 | Transform the contracts process to help sales efficiency | ||||
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KR 1 | Onboard a third-party contract management system by Q3 | KR type | Milestone Tracked | KPI | – |
KR 2 | Conduct 2 training sessions every quarter for the team’s delivery of the new playbook & contract negotiations | KR type | Increase KPI | KPI | Training Sessions |
KR 3 | Automate contract renewals every 6 months | KR type | Control KPI | KPI | Contract renewals |
KR 4 | Reduce the turnaround time for contract sign-off from 30 days to 20 days | KR type | Decrease KPI | KPI | Contract sign-off |
#3: Transform the contracts process to help sales efficiency
The contract process is vital between the sales team and the customer, and improving the efficiency of this process will have a long-lasting impact on the business. As law firms seek to improve their operational efficiency, an objective to improve the contract process is essential.
Objective
Transform the contracts process to help sales efficiency
Target Date: Q3-2022
Visibility: All Employees
Key Results
Onboard a third-party contract management system


Conduct 2 training sessions every quarter for the team’s delivery of the new playbook & contract negotiations


Automate contract renewals every 6 months


Reduce the turnaround time for contract sign-off from 30 days to 20 days


Objective #4 | Drastically mitigate risk | ||||
---|---|---|---|---|---|
KR 1 | Create a new record retention policy to reduce the risk of publishing | KR type | Milestone Tracked | KPI | – |
KR 2 | Create a new visitor policy active, as measured by 100% of visitors logged in Envoy | KR type | Milestone Tracked | KPI | – |
KR 3 | Ensure 100% immunity for defamatory statements against the company | KR type | Task Tracked | KPI | – |
#4: Drastically mitigate risk
The risk that these companies face is as diverse as the types of businesses themselves. Law firms are no exception and having an Objective to mitigate risk is an essential strategic requirement to guard the organization against unfortunate outcomes.
Objective
Drastically mitigate risk
Target Date: Q3-2022
Visibility: All Employees
Key Results
Create a new record retention policy to reduce the risk of publishing


Create a new visitor policy active, as measured by 100% of visitors logged in Envoy


Ensure 100% immunity for defamatory statements against the company


Objective #5 | Build a Robust Sales Team | ||||
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KR 1 | Ensure 90% of Leads are converted into consultation. | KR type | Milestone Tracked | KPI | – |
KR 2 | Increase conversion of consults to clients from 50% – 90% | KR type | Increase KPI | KPI | Conversions |
KR 3 | Significantly accelerate the billable monthly revenue from $500k – $1M. | KR type | Increase KPI | KPI | Revenue |
#5: Build a Robust Sales Team
Creating OKRs for the sales team is crucial, but first creating a Robust team can be just as important. Each Objective must be inspirational yet attainable, and the Key Result must be quantifiable. The OKRs set for the sales team will reflect the growth and development of the organization.
Objective
Build a Robust Sales Team
Target Date: Q3-2022
Visibility: All Employees
Key Results
Ensure 90% of Leads are converted into consultation.


Increase conversion of consults to clients from 50% – 90%


Maintain 5% of bidding capital as reserve for team building


Objective #6 | Improve brand awareness to attract clients to the firm | ||||
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KR 1 | Publish 10 client testimonial videos on the website every quarter | KR type | Increase KPI | KPI | # of Testimonial |
KR 2 | Generate at least 5 leads through Referral Programs | KR type | Increase KPI | KPI | Referral leads |
KR 3 | Participate in or sponsor at least 5 local events | KR type | Increase KPI | KPI | # of Events |
#6: Improve brand awareness to attract clients to the firm
Branding in business is a critical function in marketing, mainly to familiarize the company with potential clients through systematically creating awareness and other vital activities. Creating an OKR around branding and aligning it with metric-driven key results is an essential activity of any efficient organization.
Objective
Improve brand awareness to attract clients to the firm
Target Date: Q3-2022
Visibility: All Employees
Key Results
Publish 10 client testimonial videos on the website every quarter


Generate at least 5 leads through Referral Programs


Participate in or sponsor at least 5 local events


Objective #7 | Provide world-class legal representation to our clients. | ||||
---|---|---|---|---|---|
KR 1 | Improve the legal representation by increasing the competitive analysis score from 7 to 9 | KR type | Increase KPI | KPI | Competitive Analysis Score |
KR 2 | Improve client satisfaction rating from 6.5 to 10 | KR type | Increase KPI | KPI | CSAT Score |
KR 3 | Reduce the churn rate of corporate customers from 5% to 1% | KR type | Decrease KPI | KPI | Churn Rate |
#7: Provide world-class legal representation to our clients.
The dream of any competitive law firm is to create a world-class legal team and an impressive clientele. Having an Objective exclusively for tracking the progress with aligned key results will help the legal team to improve themselves and not become mediocre.
Objective
Provide world-class legal representation to our clients.
Target Date: Q3-2022
Visibility: All Employees
Key Results
Improve the legal representation by increasing the competitive analysis score from 7 to 9


Improve client satisfaction rating from 6.5 to 10


Reduce the churn rate of corporate customers from 5% to 1%


Objective #8 | Grow our firm-to-firm referral network. | ||||
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KR 1 | Attend 6 networking events every month | KR type | Increase KPI | KPI | # of Events |
KR 2 | Add 4 new firms to our list of referral partners | KR type | Increase KPI | KPI | # of Partners |
KR 3 | Onboard 2 niche law firms | KR type | Increase KPI | KPI | # of Firms |
#8: Grow our firm-to-firm referral network.
Interacting with people for mutual benefit is the cornerstone of networking. Similarly, a firm-to-firm referral is an established marketing strategy in legal circles. It helps to establish a new business or grow an existing one. Having an OKR tailormade to improve, this particular aspect can be very beneficial to the growth of an organization.
Objective
Grow our firm-to-firm referral network
Target Date: Q3-2022
Visibility: All Employees
Key Results
Attend 6 networking events every month


Add 4 new firms to our list of referral partners


Onboard 2 niche law firms


Objective #9 | Scale Medico-Legal Support Services | ||||
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KR 1 | Create 5 customized reports based on medical chronologies to review medical records and bills | KR type | Increase KPI | KPI | # of Reports |
KR 2 | Identify at least 2 negligence in duty, breach, harm, and causation to win the defense. | KR type | Increase KPI | KPI | # of Negligences |
KR 3 | Onboard 2 attorneys who are specialized for cases against cosmetic surgeons | KR type | Increase KPI | KPI | Hire Resources |
#9: Scale Medico-Legal Support Services
Today’s knowledge society and medical advancement require the backing of an excellent medico-legal team in any prestigious law firm. Establishing that as an Objective for a legal firm and tracking the progress using metrics can be a game changer for the organization.
Objective
Scale Medico-Legal Support Services
Target Date: Q3-2022
Visibility: All Employees
Key Results
Create 5 customized reports based on medical chronologies to review medical records and bills


Identify at least 2 negligence in duty, breach, harm, and causation to win the defense.


Onboard 2 attorneys who are specialized for cases against cosmetic surgeons


Objective #10 | Leverage our services to Accelerate turnaround time to resolve personal injury case | ||||
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KR 1 | Reduce the turnaround time from 21 days to 14 days for Workplace Accidents cases | KR type | Decrease KPI | KPI | Turnaround time |
KR 2 | Reduce time taken to clinically evaluate damages related to injury from 36 hours to 12 hours | KR type | Decrease KPI | KPI | # of hours |
KR 3 | Increase the win rate in dog bite cases from 65% to 80%. | KR type | Increase KPI | KPI | Win Rate |
#10: Leverage our services to Accelerate turnaround time to resolve personal injury case
Personal injury law deals with providing compensation to individuals who have suffered any physical, psychological, or emotional abuse by other individuals. Creating an objective around it and working on tracking it will help to establish an agile and efficient system to deal with personal injury.
Objective
Leverage our services to Accelerate turnaround time to resolve personal injury case
Target Date: Q3-2022
Visibility: All Employees
Key Results
Reduce the turnaround time from 21 days to 14 days for Workplace Accidents cases


Reduce time taken to clinically evaluate damages related to injury from 36 hours to 12 hours


Increase the win rate in dog bite cases from 65% to 80%


Conclusion
Writing OKRs is an art and science. Here Profit.co has listed a few law firms’ OKRs to serve as examples. The objectives are linked to suitable metric-driven key results so that your progress can be tracked. OKRs are a time-tested Goal management system that has helped tech giants like Intel, Google, Spotify, Twitter, LinkedIn, and Airbnb leverage their moonshot objectives into realities. Law firms can easily integrate the OKR framework right from strategy to efficient execution using the Law Firm OKR examples from Profit.co. Book a free demo with our team to learn more about Profit.co’s OKR platform to power productivity in your Law firm.