Chief Financial Officer

The CFO provides leadership, strategic guidance and management direction to the finance and accounting functions of the firm, in accordance with the goals and objectives established by the COO and Executive Committee.

The CFO is responsible for all short
– and long-term financial matters, for recommending firm-wide financial and administrative objectives and policies, and for implementing programs and practices of the firm to enhance its financial performance.

The CFO directs the preparation of revenue and expense budgets, financial plans and forecasts of capital expenditures and cash flow; has custody, control and supervision of firm’s financial books, payrolls and records; is responsible for firm’s timely submittal of all local, state and federal tax reports and returns; is responsible for firm banking relations and investment policy; and accounts for all firm-related purchases and expense invoices.

DUTIES AND RESPONSIBILITIES Financial Planning, Budgeting and Business Planning Provide advice and guidance to firm management in the development and review of business plans and strategies that will support the achievement of the firm’s strategic objectives and optimize profitability.

Make recommendations to firm management concerning the effective use of financial systems in management of the firm’s business, including reporting of pricing and profitability, time recording, WIP, billings, accounts receivables and other key indicators.

Work with all offices, functional areas, and Administration to develop and manage against budgets and financial objectives.

Work with firm management on pricing strategy, including annual adjustments for individual attorney billable rates.

Lead development of the firm’s revenue and expense budgets.

Advise on and ensure appropriate internal and external capital funding.

Advise on the financial implication of the ownership of firm’s physical and intellectual property assets.

Financial Reporting and Accounting Ensure that the firm has in place a comprehensive financial management system that embraces principles of sound financial control and management and is supported by appropriate policies and procedures.

Drive performance and profitability improvement through effective financial analysis to identify the key drivers of profitability and to assist firm and practice group leaders, and individual lawyers, in implementing programs to improve profitability.

Provide regular and timely reports to assist in the monitoring of financial performance at a firm, practice group and individual lawyer basis, including: An effective system of financial reporting, including hard copy reports, on-demand electronic reports, electronic “drill down” capabilities, and analytical capabilities.

Monthly reports for firm management that include summary analyses, trends of key indicators, comparisons between actual results for the key financial indicators to planned performance (with detailed reasons for variation from budgets), issues that require management’s attention, and recommendations.

Monthly reports to firm shareholders that include summary analyses and comparisons to planned performance.

Assistance and training in the interpretation of financial reports where necessary.

Ensure the financial accounts and systems for recovery and movement of client funds and accounts for costs comply with appropriate professional and accounting standards and applicable regulatory rules.

Manage the firm’s year-end close process, including prompt closing of financial statements and immediate calculation and preparation of year-end partner distributions and compensation reports.

Administration and Cash Management Manage firm cash flow, including maintaining banking relationships and arranging financing for acquisition of fixed assets and leasehold improvements.

Ensure the firm has in place a program of cash management that will manage cash flows effectively, including billing, collecting fees and disbursements from clients, controlling cash receipts, and investing funds.

Ensure the Firm has in place procedures for dealing with accounts receivable problems, including regular reports to firm management and working with billing lawyers in resolving accounts receivable problems.

Serve as a central source for handling financially related questions arising from client inquiries appropriately.

Manage relationships with third-party payers including client insurance carriers and indemnity parties.

Manage annual firm insurance coverage and renewals.

Personnel Development and Management Lead, hire, develop, motivate and manage finance personnel to support the firm’s strategy and mission.

Be available as a resource for managers and staff.

Envision, define, select, interview and transition new staff in accordance with the budget, systems and project needs.

Direct and support ongoing departmental personnel processes and procedures consistent with firm policies including timely delivery of performance evaluations and compensation adjustments.

Develop, direct and monitor a training plan for departmental managers and staff, in line with evolving firm and departmental needs.

Create departmental goals that are tied to the accomplishment of the firm’s practice goals.

Develop a team culture among finance personnel that promotes individual and team ownership of departmental goals.

Provide relevant support to the Enterprise Risk Committee and Retirement Committee as needed.

Requirements Proven leader with a demonstrated track record of developing and implementing business strategies, managing and motivating professional and support employees, and the ability to foster a cooperative work environment Interpersonal and oral communication skills with the ability to articulate ideas, influence people and build consensus, to maintain effective relationships with lawyers, staff, clients, and vendors, and to facilitate individual and group meetings Exhibits desirable and appropriate behavior including leadership, integrity, team building, ability to prioritize multiple initiatives and meet deadlines, and good judgment to provide a cohesive, productive, administrative function dedicated to providing excellent client service and achieving the firm’s goals Skilled in examining and re-engineering operations and procedures, formulating policy, and developing and implementing new strategies and procedures Bachelor’s degree in business administration, finance or a closely related field.

CPA, MBA, or other advanced degree strongly preferred Ten or more years of progressively responsible management experience in a legal or professional service industry with three or more years in a CFO role in a law firm Experience managing daily finance operations in a multi-city, multi-office law firm or other professional services firm required Must be able to perform the essential duties of the position under time constraints, with frequent interruptions, and frequently under stress Work frequently requires more than 40 hours per week to perform the essential duties of the position