Category: Law Firm OKRs, OKR Examples, BLOG.

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
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-circle-iconObjective

David Griffin

Avoid unnecessary bureaucracy

47%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Eliminate paperwork by automating the process.

Q3-2022roger-smith flag-icon Eliminate paper…
0 100 25.0

555555555555

25%

Reduce time from contract negotiation

Q3-2022 roger-smith decrease-icon Negotiation period
7 Day(s) 3 Day(s) 4 Day(s)

75%

Onboard 5 experienced Attorneys

Q3-2022 roger-smith increase-icon Hire Resources
0 5 2

40%

Objective #2 Support our global reach by paving the way for UK expansion
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-circle-iconObjective

David Griffin

Support our global reach by paving the way for UK expansion

35%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Register the corporate entity in the UK

Q3-2022roger-smith flag-icon Register the corp..
0 100 35.0

5555555555

35%

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

Q3-2022 roger-smith task-icon Task Tracked
0 100 50

50%

Secure at least 5 UK legal awards

Q3-2022 roger-smith increase-icon # of Awards
0 5 1

20%

Objective #3 Transform the contracts process to help sales efficiency
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-circle-iconObjective

David Griffin

Transform the contracts process to help sales efficiency

37%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Onboard a third-party contract management system

Q3-2022roger-smith control-icon Procure software
0 100 60.0

55555555

60%

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

Q3-2022 roger-smith control-icon Training Session
0 2 1

50%

Automate contract renewals every 6 months

Q3-2022 roger-smith control-icon Contract Renewals
0 Month(s) 12 Month(s) 5 Month(s)

7%

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

Q3-2022 roger-smith increase-icon Contract sign-off
30 Day(s) 20 Day(s) 27 Day(s)

30%

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-circle-iconObjective

David Griffin

Drastically mitigate risk

37%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Create a new record retention policy to reduce the risk of publishing

Q3-2022roger-smith flag-icon Retension policy
0 100 25

55555555
5555

25%

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

Q3-2022 roger-smith flag-icon New visitors policy
0 100 60

60%

Ensure 100% immunity for defamatory statements against the company

Q3-2022 roger-smith task-icon Task Tracked
0 100 25%

25%

Objective #5 Build a Robust Sales Team
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-circle-iconObjective

David Griffin

Build a Robust Sales Team

55%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Ensure 90% of Leads are converted into consultation.

Q3-2022roger-smith control Lead conversion
0% 100% 93%

93%

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

Q3-2022 roger-smith increase-icon Conversion
50 90 65%

35%

Maintain 5% of bidding capital as reserve for team building

Q3-2022 roger-smith control-icon Revenue
$500K $1M 687.45K

37%

Objective #6 Improve brand awareness to attract clients to the firm
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-circle-iconObjective

David Griffin

Improve brand awareness to attract clients to the firm

30%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Publish 10 client testimonial videos on the website every quarter

Q3-2022roger-smith increase # of Testimonial
0 10 3

55

3

30%

Generate at least 5 leads through Referral Programs

Q3-2022 roger-smith increase-icon Referral leads
0 5 2

40%

Participate in or sponsor at least 5 local events

Q3-2022 roger-smith increase-icon # of Events
0 5 1

20%

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-circle-iconObjective

David Griffin

Provide world-class legal representation to our clients.

25%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Improve client satisfaction rating from 6.5 to 10

Improve the legal representation by increasing the competitive analysis score from 7 to 9

Q3-2022roger-smith increase-icon Competitive Analysis
7 9

0%

Improve client satisfaction rating from 6.5 to 10

Q3-2022 roger-smith increase-icon Customer Satisfaction
6 10 8

50%

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

Q3-2022 roger-smith decrease-icon Churn Rate
1 5 4

25%

Objective #8 Grow our firm-to-firm referral network.
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-circle-iconObjective

David Griffin

Grow our firm-to-firm referral network

42%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Attend 6 networking events every month

Q3-2022roger-smith increase-icon # of Events
0 6 3

50%

Add 4 new firms to our list of referral partners

Q3-2022 roger-smith increase-icon # of Partners
0 4 1

25%

Onboard 2 niche law firms

Q3-2022 roger-smith increase-icon # of Firms
0 2 1

50%

Objective #9 Scale Medico-Legal Support Services
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-circle-iconObjective

David Griffin

Scale Medico-Legal Support Services

77%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Create 5 customized reports based on medical chronologies to review medical records and bills

Q3-2022roger-smith increase-icon # of Reports
0 5 4

80%

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

Q3-2022 roger-smith increase-icon # of Negligences
0 2 1

50%

Onboard 2 attorneys who are specialized for cases against cosmetic surgeons

Q3-2022 roger-smith increase Hire Resources
0 2 100%

100%

Objective #10 Leverage our services to Accelerate turnaround time to resolve personal injury case
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-circle-iconObjective

David Griffin

Leverage our services to Accelerate turnaround time to resolve personal injury case

41%

Target Date: Q3-2022

Visibility: All Employees

key-iconKey Results

Reduce the turnaround time from 21 days to 14 days for Workplace Accidents cases

Q3-2022roger-smith decrease-icon Turnaround time
21 Day(s) 14 Day(s) 18 Day(s)

43%

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

Q3-2022 roger-smith decrease-icon # of hours
36 Hours(s) 12 Hours(s) 28 Hours(s)

33%

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

Q3-2022 roger-smith increase-icon Win Rate
65 80 72

47%

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.

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