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Case File 2 - Commercial Finance Manager, Global Law Firm
11-Sep-17
Tell us a little about what your current position involves on a day to day basis: Lots! It really can be varied which is what makes it interesting. This can range from business review meetings, analysing current performance vs. budget, pricing, profitability analysis, review of potential lateral hires, project work, and trend analysis. There is always something going on! Every role has its ups and downs. What are the good, the bad and ugly parts of your current position?  The Good:  There is huge opportunity to drive change and have a real impact. Law is changing at an ever-increasing pace and the commercial role is seen as pivotal to this, helping to shape strategy and ensure the business is aligned to it. You can see the value of your contribution which is very rewarding.  The Bad: Law firms are never the quickest to react to change and therefore there can be a level of frustration in driving changes through. It is one thing having agreement that change need to take place, but another to get them over the line. The Ugly: Being commercial means you are ultimately the face of finance – the ones on the front line. Therefore, it also requires you to handle the difficult conversations and questions or complaints which are not always specific to anything you have done, but are expected to understand and resolve. What advice would you give to someone eager to develop their career within a commercial finance team?  Work hard to develop a rounded skill set. It is important to have the technical skills but equally important that you have the people skills to go with it. A crucial part of the role is being able to translate financial data into terms that non-finance people can understand and then be able to persuade them to follow the strategy. You need to be able to hold firm and know how far you can push, which is a difficult balancing act. What is your number one tip on how to be successful in the role of Commercial Finance Manager? Remember that there are two sides to every coin – you have to be able to see it from a client or Partner perspective as well as simply looking at the numbers and deciding yes or no. There is a much bigger picture to think about. If I am allowed a second (!), I would also say it is important to develop a thick skin! If you were hiring for your team, what stands out to you when reviewing applications? Aside from the usual skills required, I look for personality. I want someone who can engage Partners and adapt their style to suit the situation in order to achieve the right outcome. Commercial finance means being people-facing so ultimately you need to be ready to put your best foot forward whatever the situation and find a way to reach the best outcome for all parties....

Case File 1 - Senior Pricing Analyst, Global Law Firm
03-Aug-17
Getting under the skin of the Legal Finance Profession The Balance Secret Series provides an insider view on the realities of working within the different specialist roles that occupy a law firm finance department. These are real accounts from specially selected professionals who have developed highly successful careers within their chosen fields. Under the cover of anonymity, the Secret Series allows you to find out the good, the bad and the ugly.... Case File 1 - Senior Pricing Analyst, Global Law Firm Tell us a little about what your current position involves on a day to day basis: Producing Profitability financial reports, pricing structures, and fee proposal structures included AFA’s for global and singular location Client RFPs, but also one-off matter pitches to enable us to (hopefully) win pitches and in the process make monetary returns.  Every pitch/quote is as varied as our clients backgrounds are.  My role is based in a central team in the London office and involves working with all our practice groups globally.  We also offer ongoing and post matter support, reviewing the successful pitches and the relevant assumptions to ensure we keep on track. We also look at unsuccessful pitches if feedback is provided to analyse where we may have gone wrong and take note to ensure we get it right in the future. This is the beginnings of the LPM skillset. I have also been involved in attending meetings with clients to discuss fee proposals, best practice and to understand their bespoke needs. Most interesting has been being utilised for financial support and analysis on client legal work and charging my time to the client as a ‘Fee earner’. Every role has its ups and downs. What are the good, the bad and ugly parts of your current position? The Good: The varied workload (analysis, client meetings and client fee based work), interacting daily with our Partners, Fee earners and Business support colleagues. The feeling of adding value for the work you provide and knowing that it makes a real difference and is appreciated within the business. The Bad: The late timed requests to turnaround some analysis within hours when often the original documentation has been in the Partners inbox for over week. This can mean working long in to the night and even weekends to ensure pitch deadlines are met.  The Ugly: My face! – The embarrassment of when you watch the play back of presentations/coaching you deliver to partners and fee earner on pricing strategies, financial health and key client specifics.  Knowing the partners – You become a key representative of the finance department which means attempting to control your drinking at the Summer party… What advice would you give to someone eager to develop their career within Pricing? Understanding the key profit drivers. Many firms have standard applications or excel workbooks that give an answer, but interpreting these answers is the key. What is your number one tip on how to ...