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Hallmarks of Highly Successful Coaching Programs
With the war on talent topping the list of strategic priorities for law firms this year, law firm leaders are recognizing that salary hikes alone are not enough to attract and retain top talent. Leading firms are using business development coaching and training programs as a talent retention strategy.
Three key reasons:
- It's good for attorneys. Lawyers who have the skills, motivation and confidence to develop business have more options and freedom to develop the type of practice that they want — the type of work, the type of clients, their ability to advance into leadership positions. Evidence suggests that meaningful work and strong client relationships are equally, and sometimes more, important than salary alone.
- It's good for clients. Business development training that breaks down the negative stereotype that is associated with the concept of "selling" and emphasizes business development as an extension of what it means to be a lawyer has a marked positive impact on client loyalty and "stickiness."
- It's good for business. Law firms can no longer rely on a handful of rainmakers to feed the firm. Building a strong culture of business development where every attorney understands they have a role in generating revenue has a direct impact on the bottom line.
Harvard Business Review reported multiple surveys in April demonstrating the power of professional development as a retention tool.
How well does your attorney coaching program stack up? Here are six pillars to self-assess whether your informal or formal business development coaching and training programs are working.
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