Law Firm Training Program Grows Fees $7.5 Million
Leonard, Street and Deinard realized $7.5 million in fee receipts growth over a two-year period, based on a $150,000 program investment – including coaching fees, outside training fees, events and sales incentives, according to Chief Marketing Officer Jill S. Weber. The firm’s “Fast Forward” program participants also achieved an average fee receipts growth rate six times higher than their peer group.
The 180-lawyer firm based in Minnesotra introduced an innovative program in 2004 designed to help a pilot group of 20 attorneys generate an additional $500,000 in revenue each over two years. Former firm president Lowell Noteboom developed the idea for the program as a means to generate an additional $10 million in revenue through a breakthrough strategy. Initially conceived as the “top 20 attorney program,” he proposed that the firm provide additional business development support to 20 attorneys with the business development skills and potential to generate an additional $500,000 in revenue each.
The Fast Forward® program offers several unique program elements that differentiate it from other training and coaching services on the market. Fast Forward offers:
- An integrated program, incorporating individual business plans, one-on-one coaching, large-group training classes and mentoring into a cohesive approach.
- Methods of establishing measurable benchmarks, including qualitative and quantitative measures, to evaluate participant success.
- Established investment parameters, outlining expectations for participants in terms of revenue generation and participation.
- Sales incentive awards, providing additional incentive for participants to achieve revenue goals.
- A packaged program with a brand identity, to create a “buzz” within the firm and make participants feel part of a special initiative.
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