OKR template to achieve efficiency in contract reviews and legal cost reduction

The given OKR aims to elevate efficiency in contract reviews and reduce legal costs. It plans to achieve this by implementing automated legal technology tools that help with contract reviews. The implementation process includes selecting and procuring a relevant automated contract review software, training the team to use the chosen tech tools, and researching multiple automated legal tech tools in the market.

The next goal area is to negotiate or reassess fees with legal service providers to achieve a 15% cost reduction. This endeavor requires initiating negotiation meetings with each provider, researching market rates for comparison during negotiations, and identifying current legal service providers while reviewing contract specifications.

Another significant objective is to reduce the average contract review time by 50%. Efficient contract reviewing techniques will be taught to staff, automation tools will be adopted to quicken the contract review process, and the contract review workflow will be restructured for a more streamlined approach.

The overall aim is a more cost-effective legal process and more streamlined contract reviews, leading to substantial time and financial savings. Respectively, the application of technology here streamlines procedures and enables more competitive dealing with service providers.