Now, more than ever before, law firms depend on the leadership of their CFOs beyond fiscal responsibilities. Technology has brought about several changes in how finance professionals define and deliver value within their organizations. A recent article published by Ernst & Young stated “The role of the CFO will, as a result, become more complex and more unforgiving, but with new dimensions that make it ever-more interesting and rewarding. Organizations will look to CFOs to offer innovative solutions to business issues, when in the past creativity might well have been discouraged. CFOs are no longer just seen as the ‘No. 2’ in the organization, but as the partner of the CEO and board.” Perhaps no one understands this better than Tom Annick, CFO of Sterne Kessler. When evaluating and implementing a new solution, the CFO plays the obvious role of approving budgets and expenditures, but today’s CFOs must play an integral role in driving engagement in order to ensure that the firm’s investments in technology and human capital deliver on business goals.
There is a difference between having a firm-wide initiative with set goals and engagement, versus leaving it up to the attorneys to embrace technology and maximize the benefits - even if that technology can make attorneys more efficient, productive and profitable. The latter was the case at Sterne Kessler.
In this case study, we spoke with Tom Annick, CFO of Sterne Kessler, about how he lead an engagement program aimed at maximizing the firm’s ROI in iTimeKeep, resulting in:
- 1275% increase in user adoption
- An additional 2600 hours captured on an annual basis
- Insights into their financial performance as a firm based on the health of the time card