Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

FeaturesMarketing the Law FirmCareer DevelopmentLaw Firm Marketing and Business Development

Hallmarks of Highly Successful Coaching Programs

By Debra Baker
May 01, 2022

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:

|
  1. 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.
  2. 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."
  3. 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.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Top 5 Strategies for Managing the End-of-Year Collections Frenzy Image

End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.

The Self-Service Buyer Is On the Rise Image

Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.

Should Large Law Firms Penalize RTO Rebels or Explore Alternatives? Image

Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.

Sink or Swim: The Evolving State of Law Firm Administrative Support Image

The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?

Tax Treatment of Judgments and Settlements Image

Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.