Welcome to the spring issue of Totum’s dedicated finance newsletter. The finance division in law tends to be a particularly stable function, which can mean it is not perceived to be as fast-moving or prone to change as other business services divisions. That doesn’t mean, however, that there are not marked trends in finance teams, as they adapt to changing legal business models. These can be seen in the developments detailed below.

Pricing

 

Pricing functions are also a growing feature in the development of the finance function, with the recruitment of pricing specialists gaining traction across a significant part of the top-20 law firms. This development is being emulated by smaller firms too, who are now beginning to explore setting up their own pricing functions. With this in mind, we are delighted to have compiled our own pricing report, using our first-hand experience of placing pricing specialists to answer many of the questions we are asked by firms on how to successfully set up a pricing function. You can see full details of the report – including details of obtaining a copy – below.

Directors

 

We are seeing an increase in Director roles amongst smaller to mid-sized law firms who are seeking candidates with commercial vision and legal services backgrounds. Successful placements include qualified accountants doing business manager roles who want to move into Financial Controller (FC) roles, as well as FCs in large firms moving to Finance Director (FD) roles in smaller firms. We have seen an increasing take-up of £10-15m-turnover businesses looking for FD / CFO roles as they are recognising they have grown to a size where they need increasing financial rigour and are competing with larger organisations that have stronger infrastructures behind them. Often these roles have a wider remit than just finance, as Chief Financial and Operating Officer (CFOO) positions are being created and populated by qualified accountants.

Qualified / Part Qualified roles

 

We are seeing a rising variety of financial roles sitting below the senior management teams. There is a focus on financial systems manager/analyst roles and a continuing need for commercial accountants. There are signs that law firms are catching up with the Big 4, with fewer gaps in innovation and processes. Candidates coming from the Big 4 can quickly grasp what law firms are doing, and the expectation / perceived gap between the accountancy firms and commercial finance teams in law firms is not huge or requiring skills that are terribly different. 

Advisors as well as recruiters

 

To all of you who are interested in discussing your career options, don’t feel we are only relevant for when you are actively seeking work. We are advisors too and are always happy to chat through market trends or career considerations more broadly. As you’ll see from our blog pieces, we’re as happy to talk about securing your next promotion, as seeking a new job. Success for us means supporting candidates to make the right decisions for you and your career – because that’s what ultimately underpins the best recruitment matches.

If you would be interested in having a chat about any aspect of your career going forwards, please don’t hesitate to drop us a line.

Martyn Draper
Totum

 

 

LATEST FINANCE FEATURES

Pricing Roles in the Legal Profession 2018
We are delighted to announce our publication of an in-depth report into successfully setting up and building pricing functions in the legal sector.
Read more...


 

Spring spotlight: A world of change 
We look at the many business services roles on offer in law today - many of which are in finance - and consider what they tell us about the future of the legal profession.
Read more...

 


Gender Pay Gap reporting: The next steps
We share the highlights from a recent Willis Towers Watson event, including the firm's advice for Gender Pay Gap reporting, and beyond... 
Read more...

 

 


JOB SPOTLIGHT

Business Manager (12 month FTC)
A great opportunity for a qualified accountant to join one of the legal industry's most progressive and innovative firms in a business-facing role, acting as a senior finance business partner

Read more...

Financial Accountant
Great role for a highly analytical individual with strong technical accounting skills and first rate organisation and finishing skills - to support the Head of Financial Operations at this top-50 UK law firm.

Read more...

Pricing Analyst
A fantastic opporutnity to work with a top-20 UK law firm to support the Head of Pricing in delivering pricing related projects.

Read more...

 

REFERRAL SCHEME

A significant number of our candidates come via referrals from clients and candidates. If you know a friend or colleague who might be appropriate for the roles we handle, please let us know. If we place these people, we would like you to benefit. 

Click here for more details.

 

TOTUM CONTACTS

For further information on our expertise or for more detail of specific opportunities in Totum's finance function, please contact Martyn Draper.

Click here to view Martyn's biography

 

Alternatively contact Dee Deol, who specialises in more junior qualified and part-qualified finance roles.

Click here to view Dee's biography

 

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