Over the last decade, law firms have developed a more commercially driven business model to meet growing competition and changing client demands.
While this shift has been progressing incrementally for years, the disruption of the last year accelerated progress as firms were quick to reevaluate their technology, operating models and management. The pandemic-induced economic slowdown also prompted law firms to carefully review their financials and sharpen their focus on pricing, profitability and long-term growth—all of which remain priorities today. Central to this effort is the law firm Chief Financial Officer. No longer restricted to the traditional number-crunching role, the new law firm CFO has become a strategy-influencer, increasingly integrated into firm management and essential for innovation.