At Totum, we track senior leadership trends closely, but even we were taken aback when reviewing CFO changes for this year’s business services reward survey and The level of movement across the UK’s top 50 law firms in 2025 wasn’t just unusual – it was unprecedented.
In a single year, 11 firms changed CFO. For a role that has historically been one of the most stable in the business services landscape, that level of turnover is extraordinary. It means more than one in five major firms have undergone a fundamental shift in financial leadership.
We saw changes across firms including Ampa, Bird & Bird, Burges Salmon, Clyde & Co, DLA Piper, DWF, Freshfields, Kennedys, RPC, Simmons & Simmons and Womble Bond Dickinson. Some of these were planned successions, with long‑serving CFOs stepping into retirement. Others signalled firms choosing to reset their financial leadership. And in several cases, outgoing CFOs moved into private‑equity‑backed roles elsewhere in professional services, a trend we have been watching gather pace.
When we categorised the reasons behind the moves, a clear pattern emerged:
- A significant proportion were planned retirements, which is to be expected in a maturing leadership cohort
- Several CFOs were pulled into PE‑backed roles, attracted by the pace, influence and commercial breadth those environments offer
- One moved into a different sector entirely, reflecting the growing transferability of senior finance talent
Why this matters – and why now
From our vantage point, this isn’t simply a spike in turnover. It’s a sign of a role undergoing rapid evolution.
The modern law firm CFO is no longer just the steward of financial reporting. They are central to transformation agendas, operational efficiency, pricing strategy, investment decisions and the commercial sophistication clients now expect. As the remit expands, so does the pressure and the market is responding accordingly.
Two dynamics stand out:
- Internal succession is becoming more strategic
Several firms promoted internally, a trend we welcome. It shows that firms are thinking more deliberately about developing finance talent pipelines. However, it also reflects a tight external market, where the right lateral hire isn’t always readily available.
- Private equity is reshaping the talent landscape
The pull of PE‑backed businesses is real. They offer CFOs a broader commercial canvas and often a more accelerated decision‑making environment. Law firms are now competing with a different type of employer for their most senior finance leaders.
What Totum expects next
We don’t believe this level of movement is a one‑off anomaly. If anything, it may mark the beginning of a more fluid period for senior business services leadership.
As firms continue to modernise, the CFO role will only grow in complexity and strategic importance. That will inevitably drive further mobility both into and out of the sector.
The firms that will fare best are those that:
- invest early in succession planning
- broaden their view of what a successful CFO looks like
- create environments where senior finance leaders can genuinely influence strategy
2025 has reset expectations around CFO stability in the legal sector. The ripple effects will be felt well into 2026 and beyond.
To discuss the market in more detail or to discuss current opportunities for you or your firm, get in touch with Martyn Draper, [email protected]