The Chief Financial Officer is the firm’s financial architect and risk manager. This role owns cash flow, profitability, forecasting, partner reporting, and financial controls across the firm.
In a contingency-fee environment, the CFO must be fluent in timing risk, case pipeline economics, and working-capital management. This is not a back-office role—it is a strategic leadership position with direct influence on firm growth, compensation, and long-term stability.
Core Responsibilities
Financial Strategy & Firm Economics
- Own firm-wide financial strategy aligned with growth, expansion, and partner objectives
- Translate case volume, settlement velocity, and fee realization into reliable financial forecasts
- Advise partners on:
- Capital allocation
- Hiring pace
- Office expansion
- Marketing ROI vs. cash exposure
- Model best-case, expected, and downside scenarios tied to litigation timelines
Cash Flow, Liquidity & Risk Management
- Manage cash flow in a high-volatility, contingency-fee environment
- Forecast cash needs based on:
- Case age and stage
- Expected settlements
- Litigation costs and advances
- Maintain liquidity buffers to protect the firm from settlement delays
- Oversee lines of credit, banking relationships, and financing arrangements
- Ensure disciplined controls around case costs and vendor payments
Budgeting, Forecasting & Reporting
- Lead annual and rolling budgets with partner input
- Produce clear, actionable reporting for leadership, including:
- Revenue by practice area
- Fee realization rates
- Case aging and inventory value
- Marketing spend vs. collected fees
- Profitability by office, team, or attorney
- Move reporting from historical to forward-looking
Accounting, Controls & Compliance
- Oversee all accounting functions:
- General ledger
- AP/AR
- Trust accounting
- Payroll and benefits coordination
- Ensure compliance with:
- State bar trust accounting rules
- GAAP (or firm-adopted standards)
- Tax filings and audits
- Implement internal controls to reduce financial risk and error
- Partner with outside CPAs, auditors, and tax advisors
Case Cost & Trust Accounting Oversight
- Maintain strict oversight of:
- Client trust accounts
- Case cost advances
- Settlement disbursements
- Ensure absolute separation between operating and trust funds
- Prevent compliance failures that could expose the firm to disciplinary risk
Partner Compensation & Incentives
- Design and administer partner compensation models
- Model origination, working attorney credit, and profit distribution scenarios
- Ensure transparency, consistency, and fairness in partner reporting
- Provide data to support difficult but necessary compensation conversations
Cross-Functional Leadership
- Work closely with:
- Managing Partner (strategy and governance)
- CMO (marketing spend, ROI, cash exposure)
- COO / Operations (staffing, capacity, efficiency)
- Serve as the financial counterweight to growth decisions—supporting expansion without reckless risk
Required Experience & Qualifications
- 10+ years in senior financial leadership (CFO, VP Finance, or equivalent)
- Prior experience in:
- Personal injury law firms strongly preferred, or
- Professional services with irregular revenue cycles (legal, consulting, healthcare)
- Deep understanding of:
- Contingency-fee economics
- Trust accounting
- Cash-flow forecasting under uncertainty
- Proven ability to advise ownership-level stakeholders
- CPA, CFA, or equivalent credentials preferred (not required)
