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Walker Clark business advisors will help your firm or department to develop and improve the way in which you manage the performance of each individual and group. To do this, we use an array of tools that include psychological instruments, goal setting, coaching and feedback, professional development, and improved compensation systems.
What makes the Walker Clark approach different is that we approach these subtle and often complicated issues in an integrated fashion, rather than on a hit-or-miss ad hoc basis. This provides consistency and direction, which in turn produce measurable benefits in terms of productivity and profitability.
Performance management improves financial performance by improving the performance and commitment of each person. It produces clear, observable, measurable results.
Examples in law firms include:
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Improved average revenue per lawyer and per fee earner;
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Improved productivity among associates, using metrics such as average hours billed to clients and average collected revenues;
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Improved retention rate of associates;
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Lower internal operating costs, using metrics such as average operating costs per fee earner and their ratio to average revenue per fee earner; and
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Improved profitability, using metrics such as average net income per lawyer and average profits per partner
Examples in corporate law departments include:
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Faster response times to deliver services and advice to internal clients in the company
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Reduced internal operating costs, as measured by fully-loaded cost per fee earner hour
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Cost reduction in the management of external counsel and matters
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Greater productivity per person
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Reduced error rates, duplication of effort, and rework
Individual goals are the heart of the performance management system. Every fee-earner or professional develops individual performance goals that show how each person will contribute to overall goals of the firm or law department. Each goal is specific, measurable, agreed, realistic, and time-related.
Performance management systems also place a very strong emphasis on coaching, feedback, and mentoring. Each occurs frequently and regularly, not just during a formal six-month or annual performance review. The most effective performance management systems also link personal performance goals, coaching and feedback, and mentoring to structured career development, advancement paths, and compensation or other financial incentives.
Walker Clark can help your firm or law department to improve your existing performance management system. For more information, contact Lisa Walker Johnson, by e-mail or at 1.239.466.8370.
