A career in Legal Finance Systems - part 1 (WHY?)

NEW BALANCE BLOG: 

A career in Legal Finance Systems - part 1 (WHY?)

Whilst experienced finance systems professionals have long been in short supply in the legal sector, even going back to pre-recession days (showing my age here!), demand has been steadily increasing over recent years, as firms have increased the volume and complexity of reporting and commercial analysis provided from their finance systems and finance teams. 

Fee earner dashboards, sophisticated business intelligence tools, and increased automation of financial processes have all become far more prevalent as law firms have evolved to remain competitive and profitable in a more competitive business landscape, placing increased demands on existing finance systems teams. 

This greater demand from finance systems output has already seen many firms reviewing their existing systems and investing eye-watering sums of cash in new practice management systems, with Elite 3E a popular choice, along with Aderant Expert and the emergence of MS Dynamics-based systems in the legal sector.

These projects require substantial resources in personnel and technical expertise, with systems teams growing significantly in permanent and interim headcount. The number of professional contractors specialising in finance systems has risen steadily, as individuals switch to more flexible working arrangements that will utilise their knowledge and expertise. New and existing consultancy firms have also enjoyed high levels of demand and growth in headcount to cope with the influx of work. 

Now, add to this Thomson Reuters recent announcement of the sunset date for Elite Enterprise (the point at which they will no longer support/develop the system), and you have a growing tsunami of large-scale finance systems projects for many years ahead. Many firms are already struggling with their hiring requirements to even maintain headcount in finance systems team and this looks set to intensify. 

Salaries are increasing rapidly to attract and retain staff with experience in this field, and the upwards trajectory of career earnings is at it’s most dramatic for those making career moves with 1-2 years experience within a finance systems team.

So there you have the current landscape and the reason why a career in finance systems may be a sensible option to consider right now. 

In my next blog I’ll focus on the How.

By Richard Hooper.