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How Law Firms Can Gain a Competitive Advantage With Financial Intelligence
The pandemic impacted the business of law in a variety of ways, and I was fortunate to identify shifts in the application of data to decision-making, the perception of profitability, and the pace of innovation for a new report — Implementing Financial Intelligence to Give Law Firms a Competitive Advantage in 2022 and Beyond — published by a consortium of companies that includes BigHand, BRYTER, and SurePoint Technologies. It features the perspectives of 20 chief financial officers, seven finance directors (three of which serve as the CFO since they are the department leader), and three accounting managers at law firms of various sizes (with a median of 103) throughout the United States.
The results revealed a striking shift in the role of law firm finance leaders, both in their value and impact. Many are using data to drive change in their organizations, amplifying the power of profitability, and leveraging their skill to fuel innovation. Ultimately, they are helping their firms gain a competitive advantage.
The Rising Role of the Law Firm Finance Leader
Two-thirds (67%) of the respondents reported that the skills required for financial leaders have changed. They now have expanded responsibilities, must adapt to new challenges, and wield higher levels of influence to positively impact decisions at their organizations. 43% indicated that their jobs have changed beyond the traditional remit of a law firm financial leader, consistent with the legal industry's expanding focus on the business of law. "The report shows that not only do law firm financial leaders have significant visibility into an array of firm data and dynamically leverage technology, but they are also routinely driving innovation," said Michael Grupp, the CEO of BRYTER.
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