What are the responsibilities and job description for the Fractional Chief Financial Officer position at Fractional Firm Advisors?
Job Description: Fractional Law Firm Chief Financial Officer (CFO)
Position: Fractional Chief Financial Officer (CFO)
Engagement Type: Part-Time / Fractional (Contract or Retainer Basis)
Client Focus: Midsized Law Firms
Desired Experience: Seasoned CFO (legal industry experience required)
Company Description
Fractional Firm Advisors specializes in providing outsourced executives for midsized law firms. Our team brings clarity, best practices, and strategic insight to help firms scale, streamline, and thrive. We focus on delivering tailored solutions to meet the unique challenges and goals of each client, ensuring exceptional service and results.
Overview
We are seeking an experienced Fractional Chief Financial Officer (CFO) to provide strategic financial leadership and operational discipline to midsized law firms. The ideal candidate will have deep expertise in professional services finance, strong business acumen, and the ability to partner with firm leadership to drive profitability, strengthen cash flow management, and enable sustainable growth. This role is designed for firms that need executive-level financial guidance without the overhead of a full-time CFO.
Key Responsibilities
Financial Strategy & Planning
- Develop and implement financial strategies aligned with the firm’s business goals.
- Lead annual budgeting and forecasting processes, with rolling updates to reflect market realities.
- Provide insight into partner compensation structures, profitability by practice group, and strategic growth opportunities.
Financial Operations & Reporting
- Oversee financial reporting, ensuring accuracy, transparency, and timeliness.
- Establish and monitor key performance indicators (KPIs) for firm health (e.g., realization, utilization, leverage, collections, partner PPEP).
- Advise on capital structure, cash flow optimization, and expense management.
Law Firm–Specific Financial Management
- Improve working capital by optimizing billing, collections, WIP, and AR processes.
- Review and strengthen trust accounting and client fund compliance practices.
- Advise on pricing models, alternative fee arrangements (AFAs), and profitability analysis at the client/matter level.
Leadership & Advisory
- Serve as a trusted advisor to the Managing Partner, COO, and Executive Committee.
- Mentor internal finance staff (controllers, billing managers, etc.) and elevate the team’s capabilities.
- Collaborate with other fractional executives (COO, CMO, etc.) to ensure a fully integrated operational approach.
Risk Management & Compliance
- Monitor compliance with tax, audit, and financial regulatory obligations.
- Evaluate and strengthen internal controls and risk management processes.
- Support technology selection (ERP/accounting, time & billing, expense management tools) to improve efficiency.
Qualifications
- Proven experience as a CFO or senior level Controller with law firm or professional services firm experience.
- Strong knowledge of law firm economics, including realization, collections, leverage, partner compensation, and client/matter profitability.
- Expertise in financial planning, analysis, and reporting, with the ability to translate data into actionable insights.
- Familiarity with law firm practice management systems (e.g., Elite, Aderant, Clio, ProLaw).
- Exceptional communication skills with the ability to influence and collaborate with senior partners.
- CPA, MBA, or equivalent advanced degree preferred.
Engagement Structure
- Flexible, part-time arrangement (typically 20-80 hours/month depending on client needs).
- Retainer-based or project-based compensation.
- Direct reporting line to Managing Partner and/or CEO