Ah, the holiday season! It’s a time to be grateful for all that we have and to joyfully celebrate with friends and family as we wind down another year. It’s a time to look back on the year, contemplating and preparing goals for the year ahead. It’s also the ideal time to give some thought to the ambitions and career paths of those who drive your business, without whom many of the firm’s desired initiatives and resulting achievements might just remain a wish — the leaders in your firm.
According to this year’s Global Leadership Forecast, leaders who understand their career path are four times more likely to find meaning and purpose in their jobs. Stephanie Neal, Director of Development Dimensions International’s (DDI) Center for Analytics and Behavioral Research, was quoted in a recent Forbes article addressing the topic.
“Younger high-potential workers want more development, coaching, and feedback on how they can grow as leaders within the company. We found that 50% of younger high-potential workers who received key developmental experiences reported having a stronger sense of purpose at work, compared to only 35% who didn’t receive the same experiences. The research also shows that 85% of young workers want more coaching. Leaders who receive quality coaching from their managers were far more likely to see a clear path to grow at their organization.”
From C-suite leaders to mid-level managers and supervisors, the desire for professional growth, promotions, and continuous financial advancement in a firm is something ambitious professionals have in common. However, given the traditional organizational structure of law firms, paths for growth and promotion can seem limited, especially in smaller firms. Unless opportunities are afforded and encouraged, many team members assume they will have to leave to continue to grow. Historically, mid-level managers in law firms would eventually “hit the ceiling” in terms of promotional opportunities unless they went to law school or pursued an adjacent path to further their careers. For many, law school is simply not an option, and for those who stay with the firm, over time, lack of professional development can lead to apathy, job dissatisfaction, and eventually resignation.
But it doesn’t have to be that way! There are many ways to grow skills and specialties and advance the development and earning capacity of the leaders in your firm, but we must approach this deliberately to help our leaders follow through to attain their goals. Helping people invest in their own professional and personal development is one of the best ways to retain and reward top talent. Here’s how to do it.
Just as we set production goals and financial goals for the coming year, owners and partners should set aside time to meet with each of their direct report managers individually to discuss their career goals. The simple act of having these one-on-one discussions may yield information about your managers that you might not otherwise know, and the end of the year is the perfect time to have these discussions so that a plan can be mapped out in writing for the coming year beginning in January.
The objective is to gauge each leader’s desired growth in the coming year and to discuss how, together, you can develop a cogent plan to meet each milestone. The discussion should include an honest acknowledgment of the manager’s strengths and weaknesses. Owners should provide candid feedback about their observations of the manager’s strengths and areas where they believe their manager could benefit from additional training and/or education. Given the manager’s goals, a reasonable plan with target dates for each milestone should be crafted and agreed upon for the coming year.
Like the legal profession recognized the need for lawyers to take part in mandatory continuing education, all leaders in a firm should be required to keep their skills fresh and evolving. It’s far more likely that leaders will take advantage of learning opportunities when the firm pays the expense and the time invested takes place during business hours. A budget should be created for all managers, supervisors, and emerging leaders for continuing education such as webinars, in-house training such as lunch and learns, live seminars, and skills training courses – both online and in-person. Leaders should be told how much is available in the budget for their use and should be encouraged to take advantage of courses and to read books relating to their career goals. Finally, there are also countless free resources available such as Ted Talks and online periodicals, blogs, and journals. Leaders are readers!
According to the research conducted by DDI, there are five critical skills every emerging leader needs to master. They are:
For owners and partners who actively work in the business (handling client cases, leading meetings, making decisions, etc.), there are many things you can do to make the space for emerging leaders to practice and hone their skills.
The cultivation of leadership within your organization plays a pivotal role in the long-term success and resilience of your business. By setting clear expectations, fostering a culture of continuous learning, and actively involving emerging leaders in decision-making, you not only equip them with the skills and knowledge necessary for their roles, but also show your genuine interest in their professional growth. Leadership isn’t merely about holding a position, but rather about making impactful decisions and guiding others through the journey of growth and success. Make leadership development a priority, and witness how it positively influences your firm’s trajectory.