Meet the Modern-Day Law Firm CFO

The role of the law firm CFO has evolved from operational to strategic, with a focus on how to best position the firm for growth, protect against risk, and optimize law firm processes. Today’s CFOs go beyond financials. As firms look to new and innovative ways to remain competitive, while elevating services to meet client demands, CFOs have emerged as a visionary for leveraging more technology and best practices. They are in an ideal position to address efficiency, budgeting, and planning challenges, further raising the impact on firm performance.

The legal industry and the modern-day law firm have undergone a massive transformation over the past decade, a shift that was further advanced by the COVID-19 pandemic. It stands to reason that law firm leaders have become more accustomed to dealing with change and uncertainty. Effective leadership in any industry thinks more in terms of an infinite timeline, recognizes that there never really is a normal, and knows that simply maintaining the status quo is not an option.

“Adoption and utilization of technology is critical in maximizing efficiency and providing superior client service, both of which translate to increased revenue.”

Just as firms have evolved, so too have the leadership roles within it. The CFO position, which has traditionally been strictly finance-focused, has expanded to become a more integral part of the executive leadership team. With a finger on the pulse of the firm and the needs of its lawyers and staff, the CFO has tremendous influence on the strategic direction of capital investment, operational efficiency, and profitability.