10 Great Examples of Law Firm OKRs

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.

#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

David Griffin

Avoid unnecessary bureaucracy

47%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Eliminate paperwork by automating the process.

Q3-2022 Eliminate paper…

0 100 25.0

555555555555

25%

Reduce time from contract negotiation

Q3-2022 Negotiation period

7 Day(s) 3 Day(s) 4 Day(s)

75%

Onboard 5 experienced Attorneys

Q3-2022 Hire Resources

0 5 2

40%

#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

David Griffin

Support our global reach by paving the way for UK expansion

35%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Register the corporate entity in the UK

Q3-2022 Register the corp..

0 100 35.0

5555555555

35%

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

Q3-2022 Task Tracked

0 100 50

50%

Secure at least 5 UK legal awards

Q3-2022 # of Awards

0 5 1

20%

#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

David Griffin

Transform the contracts process to help sales efficiency

37%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Onboard a third-party contract management system

Q3-2022 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 Training Session

0 2 1

50%

Automate contract renewals every 6 months

Q3-2022 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 Contract sign-off

30 Day(s) 20 Day(s) 27 Day(s)

30%

#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

David Griffin

Drastically mitigate risk

37%

Target Date: Q3-2022

Visibility: All Employees

Key Results

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

Q3-2022 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 New visitors policy

0 100 60

60%

Ensure 100% immunity for defamatory statements against the company

Q3-2022 Task Tracked

0 100 25%

25%

#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

David Griffin

Build a Robust Sales Team

55%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Ensure 90% of Leads are converted into consultation.

Q3-2022 Lead conversion

0% 100% 93%

93%

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

Q3-2022 Conversion

50 90 65%

35%

Maintain 5% of bidding capital as reserve for team building

Q3-2022 Revenue

$500K $1M 687.45K

37%

#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

David Griffin

Improve brand awareness to attract clients to the firm

30%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Publish 10 client testimonial videos on the website every quarter

Q3-2022 # of Testimonial

0 10 3

55

3

30%

Generate at least 5 leads through Referral Programs

Q3-2022 Referral leads

0 5 2

40%

Participate in or sponsor at least 5 local events

Q3-2022 # of Events

0 5 1

20%

#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

David Griffin

Provide world-class legal representation to our clients.

25%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Improve client satisfaction rating from 6.5 to 10

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

Q3-2022 Competitive Analysis

7 9

0%

Improve client satisfaction rating from 6.5 to 10

Q3-2022 Customer Satisfaction

6 10 8

50%

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

Q3-2022 Churn Rate

1 5 4

25%

#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

David Griffin

Grow our firm-to-firm referral network

42%

Target Date: Q3-2022

Visibility: All Employees

Key Results

Attend 6 networking events every month

Q3-2022 # of Events

0 6 3

50%

Add 4 new firms to our list of referral partners

Q3-2022 # of Partners

0 4 1

25%

Onboard 2 niche law firms

Q3-2022 # of Firms

0 2 1

50%

#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

David Griffin

Scale Medico-Legal Support Services

77%

Target Date: Q3-2022

Visibility: All Employees

Key Results

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

Q3-2022 # of Reports

0 5 4

80%

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

Q3-2022 # of Negligences

0 2 1

50%

Onboard 2 attorneys who are specialized for cases against cosmetic surgeons

Q3-2022 Hire Resources

0 2 100%

100%

#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

David Griffin

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

41%

Target Date: Q3-2022

Visibility: All Employees

Key Results

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

Q3-2022 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 # 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 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.