With firm revenues peaking as high as $1 billion annually, it stands to reason that savvy financial management is critical. Firms deploy their assets in hedging transactions, foreign currency swaps, and numerous other complex market strategies on a daily basis. Law firm chief financial officers (CFOs) earn salaries in the high six figures, making them monetarily competitive with some of Wall Street's top investment bankers.
The successful CFO of a large law firm will have extensive experience overseeing international operations, financial consolidations, and identifying and mitigating foreign exchange risk, be intimately familiar with the process of acquisition, including valuation, due diligence, and integration. On a day-to-day basis, the CFO will plan, direct and control overall financial planning, accounting, forecasting, and cash management functions of the firm, handle the annual budgets and forecasting, evaluate the firm's practices and analyze cost, budgets, operating policies, trends and increased profit opportunities, and protect the firm's financial stability by ensuring that internal controls are adequate to safeguard assets and accounting systems are sufficient to generate accurate and timely financial reporting. With an eye to the firm's future, the CFO must possess strong skills in business planning, analyzing growth opportunities, and valuing potential acquisitions.
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