Quick, how many of your firm’s dollars are at risk due to non-compliance with billing guidelines right this very second?
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.
The role of the CFO is evolving to span far beyond core financial tasks to focus on delivering value and maximizing revenue. A recent EY study, titled "The DNA of the CFO," discusses this shift:
"As disruption unfolds, transparency issues gain reach and regulation spreads, the world is in flux for finance leaders. How organizations deliver value is being reset for a digital age. Forcing the blur is the increasing amount of risk, connected and volatile markets, and the rapid advance of technology. To reinvent itself for a new age, the finance function is transforming into a data-driven decision center, where smart people and smart machines help make better financial, strategic and operational decisions.”