finance
& simulation
developing financial skills
case: coaching a senior professional
client:Partner, Large City Law Firm
aim:
To build Partner’s knowledge of the firm’s finances, the financial reports which they receive and performance targets. To generally improve financial understanding.
task:
- Agreeing objectives and process with Learning and Development Director.
- Briefing meeting with Partner and agreement to process.
- Confirmation with Practice Group Finance Manager of partner targets and current report content.
the story:
Like many mature professionals, this partner had a sound understanding of some aspects of finance and finance reporting, but knowledge was incomplete and unstructured. The partner was convinced of his own innumeracy and generally unconfident in discussions with finance professionals.
The coaching began by using financial models to identify the drivers of profitability within a law firm, and to what extent the manipulation of them could benefit financial performance. This extended into looking at generic financial reporting, budgeting and planning processes.
The next stage in the process was to translate these concepts into the financial performance measures used by the actual firm, and the nature of the reports generated in-hose on department, partner, fee earner, job and client performance. At this stage an in-house specialist was involved in the coaching process to pull down live reports from the systems and add a detailed commentary.
The final stage of the coaching process was an overall review to confirm understanding, confidence and further needs.The coachee was highly complimentary of all aspects of the coaching and development process and emphasised his new interest and confidence in the subject.
Partner coaching is a significant part of Ranmore’s financial skills work.
