Thomson Reuters looks at the changing role of the CFO

Today, the role of the Chief Financial Officer (CFO) within law firms is more demanding, broader based, and more critical than ever. CFOs must navigate an extremely challenging macro-economic landscape while keeping tight control of financial governance and operational excellence. They are responsible for maintaining profitability despite escalating costs.

Despite these challenges, there is much to be positive about. Recent research by Thomson Reuters among mid-sized law firm CFOs and COOs indicates that they are broadly confident about the future financial performance of their firms. Most leaders are predicting high to moderate growth across key performance indicators (KPIs) such as revenues per lawyer, profits per equity partner, demand for services, and negotiated billing rates over the next three years. Clearly, there are opportunities to be seized in this climate.

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