Chief Financial Officer

Profile

Chief Financial Officer
RESPONSIBILITIES: Strategic Planning and Decision-Making Support. Serve as key advisor and information/analysis resource to the Managing Partner, Executive Committee, Practice Leaders and other firm Leaders regarding: Strategic planning, profitability, growth targets, etc. Rate setting and pricing strategy analysis. Vetting of Lateral Attorney candidates. Merger and acquisition considerations. New and existing office considerations. Stay attuned to internal and external conditions, trends and risks, and their related potential impacts on the Firm’s financial health. Assist with industry reporting and competitive data / benchmarking analysis. Financial Planning, Budgeting and Business Planning. Manage the budgeting/forecasting processes and provide Firm, Practice and Staff Department Leadership the data, analysis and recommendations necessary to make strategic operating and investment decisions. Routinely monitor performance against annual budget and the Firm’s long-term strategy. Serves as an effective member of the Senior Leadership Team to translate Firm strategies into operational objectives and projects, and execute on them. Monitor best practices in the legal industry and make recommendations for improving the Firm’s operations, practices, processes and work-flows. Plan, manage and monitor cash flow, and related processes to support projected cash needs and capital requirements. Ensure that financial management systems provide the information needed, and in the forms needed, to support the strategic and operating needs of the Firm. Create and communicate the business case for changes, as needed. Ensure the delivery of accurate, timely, meaningful financial information and analysis; including real time, as needed, monthly, quarterly and annually. Ensure that critical internal accounting, ethical and business controls are properly designed and incorporated into our financial management processes and communicated as appropriate, are operating effectively and are being consistently improved as needed. Ensure that financial dashboards are designed, maintained and continually enhanced to monitor key performance indicators, trends and profit improvement opportunities at the Firm, Office, Practice, Attorney, Client/Matter, and Staff Department levels. Also responsible for ensuring that Attorneys and Staff are appropriately trained. Establish Pricing & Analysis processes and skills to effectively evaluate profitability for prospective, new (Intake) and existing Clients / Matters, with a focus on key metrics including, profitability, pricing (rates and alternative fee arrangements), staffing, realization and leverage, among others. Attract, retain, manage and lead a strong finance and accounting team that is appropriately resourced to support achievement of the Firm’s business objectives; and which is rooted in established individual goals, ongoing training and development, mutual respect and accountability. Establish a cultural commitment within the department to superior client service (for both internal and external clients). Ensure the accurate and timely recording of all transactions in the Firm’s financial management systems, and the effective functioning of all supporting general accounting, payables, receivables, cash receipts and disbursement functions, systems, processes and internal controls. Ensure that effective and efficient time, billing and collection policies, practices and reporting are developed and maintained to: Encourage the billing of hours and client expenses in a timely manner; and then. The collection of amounts owed the Firm in a timely manner. Proactively monitor WIP and AR, communicating with responsible Billing Attorneys and Leadership as appropriate to resolve billing and collection issues. Ensures compliance with the appropriate regulatory rules and systems, for the protection and movement of client funds (IOLTA). Oversee the timely, successful completion of the Annual Audit and preparation of the Firm’s Tax Returns by the outside independent CPA firm. Oversee the firm’s professional liability, cyber liability, and comprehensive liability insurance programs. With respect to the Firm’s Retirement Plan, provide supporting information, in a timely manner, to the 3rd Party Administrator and Auditor. Ensure that significant financial management projects (both recurring and ad hoc) are properly planned and managed to effective completion, on time and in budget.

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