When partners are crunching the numbers, calculating just how much the law firm brought in the past fiscal year, it is apparent there is always room for improvement. When in this situation, they find themselves dwelling on the negative instead of the positive, looking for things to change or remove rather than enhancing the already existing assets. This is where attorney coaching comes into play.
Most partners will find themselves asking, “Why coaching?” when the correct question is “Why not coaching?”
Attorney coaching has statistically and consistently been proven to increase a firm’s ROI. A Manchester Consulting Group study of Fortune 100 executives found that coaching resulted in an ROI averaging $100,000, equal to 5.7 times the investment. Through coaching initiatives from business growth, diversity, and leadership, to wellness, coaching is the tool most vital to take your firm to the next level.
Why invest the majority of your time in C and D list clients?
Why remain frustrated with associates who are falling short of your expectations?
Why settle for less than what you envision for your law firm?
Attorney coaching can help your associates develop the skills necessary to be rainmakers. It is up to you to take the next steps in deciding to invest in your associates, cultivate their skills, and ultimately boost the image of your law firm.
Not only are you investing in your lawyers, but you are also helping to retain them. Losing a first year associate can cost a firm upwards of $15,000. Coaching associates gives them a reason to stay, and a reason to reinvest themselves in your firm as a result of their growth. The same Manchester Consulting Group study found that coaching led to improved relationships experienced by 77% of participants, improved teamwork experienced by 67% of participants, and even improved job satisfaction experienced by 61% of participants.
Who wouldn’t want to work in an environment with healthy work relationships, improved teamwork, and an increased level of job satisfaction?
Aside from an increased ROI and retaining associates, coaching has been proven to lead to a plethora of benefits in a law firm setting. A study conducted by Manzo Coaching and Consulting revealed that 90% of law firm’s saw a positive impact in the business development of lawyers after coaching. In addition, 60% experienced a sense of leadership development and 24% felt more confident tackling conflict management. These are all instrumental assets your firm could use to skyrocket to the top, using coaching as a strategic business and leadership development resource to get you there.
To add to the booming benefits of attorney coaching, a study conducted by Manchester Inc., the global leader in executive coaching programs, found that 53% of companies that completed coaching programs saw an increased level of productivity. 48% of companies reported improved organizational strength and 61% reported increased job satisfaction. The facts and figures say it all. The bottom line is coaching leads to an increased bottom line. The option for success is yours; you just have to decide whether or not you’re going to decide to take it.
For more on what coaching can do for you and your firm, visit our website at www.EsquireCoaching.com and click on the “Services” tab or email us at info@EsquireCoaching.com to set up a complimentary consultation. We strive to empower lawyers to happily succeed in the business of law.
How can we empower you?