Because coaching boosts the firm's bottom line, produces a sizeable team of successful rainmakers and creates a steady flow of business that keeps the whole firm busy and profitable.
Law firms battling for clients
Large and small firms alike are in a sharp-elbowed battle to attract high-paying clients who can keep the firm pipeline full. The firms that are doing it best have hired lawyer coaches to guide and train their high-achieving lawyers to become successful rainmakers and to build business development habits that make marketing a part of every work day.
Does coaching really work?
All the data say it does. In both the legal arena and corporate America, top performers and high potentials are getting huge results from good coaches who act as thought partners, solution generators, and sources of accountability and motivation.
Firms that fear eventual collapse because only a few rainmakers are keeping the pipeline full are seeing their rainmaker ranks growing rapidly and their revenues rise when firms make significant investments in coaching for their brightest stars.
What do lawyers themselves get out of coaching?
In addition to higher revenues, lawyer coaching benefits law firms by giving its lawyers:
- Enhanced decision-making know-how.
- Expertise in people skills that attract prospects and retain clients.
- Increased self-confidence in presenting, networking, negotiating and interaction with clients.
- Stronger professional presence.
- Leadership and management expertise.
- Appreciable improvement in time management skills that result in higher billings and consistent marketing.
- Fulfillment and satisfaction from the legal work they are doing.
What are the measurable results from coaching?
In studies conducted by the International Coach Federation, coaches and clients across all professions and industries reported:
Significant improvement across the board.
Positive results flowing from coaching.
What is the ROI from coaching?
Coaching produces a high return on investmentâ€¦in some cases as high as 700%. The vast majority of organizations (86%) say they recouped their investments or reaped greater returns than the money they paid for coaching. (http://www.coachfederation.org)
Virtually all organizations and individuals who hire a coach are satisfied.
The Right Coaching Outcomes
It is important for law firms to understand why incorporating coaching into the culture of a law firm is vital. A culture that focuses on providing lawyers with the coaching that enhances their skills and accelerates their professional development correlates with higher commitment to the law firm and stronger financial performance. Coaching can have a long-lasting systemic impact on an organization's ability to retain talent and on its financial sustainability.
Contributed by: http://toplawyercoach.com/