Similarly, CFOs of law firms are increasingly valued as executive-level decision-makers who can make changes in all aspects of corporate strategy. The traditional financial role, which focuses exclusively on revenue and profits, has therefore shifted from operational to strategic. The CFO of today`s law firm goes beyond finance and focuses on positioning the company for growth, mitigating risk and optimizing processes as they look for new ways to stay competitive. Where possible, they use technology to increase efficiency and improve performance. As elsewhere, the finance teams are recovering from a very difficult 16 months. When asked about the biggest impact of Covid-19, respondents drew attention to managing team well-being, adapting to remote work, and motivating their team – familiar issues facing leaders across all sectors and industries. Going forward, law firm finance leaders must continue to juggle the traditional elements of their function with a broader business reach supported by technology. As financial leadership expands its reach to other aspects of law firm management, their development will play a critical role in the success and growth of companies across the company. At the same time, CFOs and CFOs face fierce rivalries when hiring new and potential employees. In fact, more than a quarter of them are concerned about competitors poaching their current employees. Clearly, there is competition between companies to hire and retain top talent, including the finance function, which is traditionally considered one of the most stable. In our experience, high-quality financial candidates are still in demand in the legal industry, but perhaps even more so as companies navigate after a year of lockdown and lingering uncertainty. Beyond the pandemic, law firms are focused on implementing new skills and capabilities.
In a tight job market, finance teams can struggle to find the right people to maintain and grow these important functions. Leaders need to think creatively to ensure they can find the breadth of talent needed to manage the many facets of modern legal finance. To succeed, they may need to look beyond the professional services sector. Notably, nearly a third of law firms have made strategic hires outside the sector in the past two years. Our client is a financial services conglomerate that deploys capital in listed and private asset classes. They have an existing finance function and are looking for a CFO to lead their strategic ambitions. CFO position for an exciting and growing cosmetics/beauty brand, reporting directly to the CEO and leading the finance team. These lessons will continue to shape the future of the finance function.
In the future, the companies surveyed want to introduce some form of hybrid working model in all sales classes. This will undoubtedly impact financing operations, including investments and the use of technology, as well as greater flexibility in hiring from a wider talent pool. The modern finance function in a law firm is important in terms of size and impact on the overall partnership, as financial management plays an increasingly important role in the legal field. Our research suggests that a wide range of financial roles also require extensive operational, transactional and commercial expertise. We are looking for an experienced and analytical CFO with strong digital skills to drive our organization`s financial operations and improve financial performance. The CFO`s duties include overseeing accounting staff, overseeing internal controls, setting financial targets, implementing fundraising strategies, working with investors, developing a financial strategy, conducting feasibility studies, tracking expenses, monitoring annual insurance, monitoring cash flow, investment valuation and tax compliance management. Your financial planning skills, combined with your ability to manage financial assets, help our organization implement effective financial strategies, manage debt, improve revenues, maintain a healthy financial position and build investor confidence. Not surprisingly, Totum`s research continues to suggest that the top priority for finance functions over the next two years, cited by more than half of survey respondents, is investing in technology. Specifically, 79% of companies surveyed plan to update their practice management systems (PMS), and 87% expect to invest more in technology. In this role, you will work with relationship managers and manage transaction origination, structuring and execution activities for leveraged finance transactions through diversified company names with particular expertise in the technology, media and telecommunications sectors.
However, traditional functions continue to be a top priority: maintaining cash flow and improving profitability, reducing lockout days, improving working capital processes, and training fee payers in financial hygiene are among the top priorities of finance teams. Overall, the finance functions of law firms are expected to increase, which will further intensify competition to attract top talent. A third of the companies surveyed intend to increase their headcount in their existing finance function over the next two years, and 9% plan to increase their workforce by up to 20% over the next 12 months. Another 13% plans to bring a brand new team into the role. The ideal candidate should have strong analytical skills, good strategic thinking, excellent communication skills, exceptional digital knowledge and strong leadership skills. The outstanding CFO is responsible for aligning financial operations, developing effective financial strategies, guiding financial stability efforts, overseeing all financial activities, promoting revenue growth, ensuring compliance with accounting regulations, and maintaining good investor relations. According to the Thomson Reuters Legal Market Report 2020, 91% of legal executives expect technology to be the key to future cost reduction. Support the financial management team by providing important financial liaison with district management. Assist financial management in implementing a mandatory monthly budget.
As CFO, you oversee the finance department and are responsible for all internal financial reporting/regulatory filings. This role is through a brokerage firm in New York and requires familiarity with a broker-trader. CFOs in the legal sector are also looking to develop a new generation of support staff with “value-added” roles. Our research suggests that nearly two-thirds of UK-based CFOs and CFOs want to move into new roles in financial business partnerships, pricing and business analytics. These positions aim to expand the commercial and strategic expertise of the finance teams and support their activities at the highest level of corporate governance. Vice President of Finance for a growing cosmetics brand based in Los Angeles. 3-7 years of preferred financial experience. Review and recommend improvements to financial reports and processes, as required. Prepare audit support at the end of the year. The company`s CFO and CFOs can`t just ignore the pandemic from their memory. Along the way, lessons – including positive aspects – are learned that help finance teams grow.