Chief Financial Officer

Prestige Business Services LLC • Full-time • Southfield, MI, US • 1w ago

Chief Financial Officer (CFO)

Location: On-site or Hybrid (firm-dependent)

Reports to: Managing Partner / Executive Committee

Direct Reports: Controller, Accounting Manager, Billing/AR, AP, Finance Analysts (as applicable)

Role Summary

The Chief Financial Officer is the firms 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)

What Success Looks Like (12–18 Months)