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The Evolving Role of the Law Firm CFO

By Ralph MacNamara and Michael Moore

Many law firm CFOs still have narrowly defined roles that focus on budgeting, financial modeling, internal controls and tax information reporting despite the dramatic changes the legal profession has experienced over the past three years. Multiple external pressures have combined to create a business climate marked by increased sophistication of clients purchasing legal services, increased fee sensitivity with clients pressing for discounts and decreasing differentiation among competing firms. As a result, many law firms have seen their revenues contract more rapidly than their cost structure.

Many CFOs will have to spread their wings in 2012. The real challenge ' and opportunity ' facing today's law firm CFO is not improving his or her technical expertise, but rather gaining the support of law firm management to implement real, impactful change.

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