The third quarter of 2024 was among the busiest Q3 periods we've seen in a long time for senior finance positions within the legal sector.
Senior pricing and finance business partnering roles have been particularly buoyant, with a steady flow of vacancies across both. More traditional roles, such as finance managers and senior accounting positions, also saw movement, resulting in a busy quarter overall.
August, as expected, saw a brief slowdown, but by mid-September, the recruitment market had regained momentum. The surge in job vacancies is clear to see across the legal finance space, from senior leadership roles to senior systems positions.
What to expect in Q4 for senior legal finance positions
Looking ahead, the coming quarter will continue to see recruitment at finance business partner level. We are actively working on a couple of those roles already and are expecting several new roles to be released very soon.
The finance systems space is another area experiencing increased hiring activity.
Two of my law firm clients are currently hiring for some senior-level finance systems roles, reflecting the growing complexity and importance of technology in finance functions.
One of these roles, which is newly created, combines finance and business systems, making it an exciting and pivotal position in the firm’s operations.
One standout opportunity that has just become available is a Chief Financial Officer-role with a small, prestigious West End law firm—a position that hasn’t been advertised in 15 years due to the current CFO’s retirement. This highly coveted role offers a unique opportunity to sit at the leadership table, working closely with the firms two managing partners to help steer the firm’s strategic direction.
Another significant opportunity is with a big international law firm seeking a CFO with a background in legal finance, while a medium-sized UK-headquartered firm is relaunching its CFO search after refining the profile of the role earlier in the year.
These movements in the CFO market are expected to trigger a ripple effect, as these firms will be likely to hire from within the legal sector, creating further opportunities for senior finance professionals.
While law firms have traditionally preferred candidates with legal sector experience, we have seen a shift towards firms’ willingness to recruit from a broader talent pool.
Recent hires we’ve made have included professionals from sectors such as banking and wider professional services firms, highlighting a growing recognition that diverse experience can bring fresh perspectives and skills to the legal finance function.
This shift offers a valuable opportunity for law firms to tap into a wider range of talent, particularly in a market where senior finance professionals are in short supply.
Some of these professionals I have worked with have shared their experiences below:
Your offering must stand out to attract senior legal finance talent
One of the key challenges facing law firms looking to hire senior finance professionals is the candidate-short market.
Senior finance candidates, particularly at the CFO and director levels, are often not actively seeking new roles. Many are content in their current positions, so recruiting for these roles can be challenging.
To attract top-tier talent, firms must present a highly competitive package.
Compensation, of course, plays a major role which include a firm's bonus scheme. This can make a significant difference, but they need to be appropriately tiered to reflect the seniority of the role.
A standardised approach across all levels is no longer sufficient, as senior candidates expect more tailored rewards that reflect their contribution to the firm's success.
These perks can often be the deciding factor for candidates, and firms should ensure that such benefits are clearly communicated upfront in the recruitment process.
The outlook for Q4 is positive
Looking at the market as a whole, the outlook for Q4 is positive. Job flow is expected to remain healthy across a range of finance disciplines, including traditional finance roles, commercial finance, pricing, systems, partnership accounting, and tax.
This wide range of opportunities means that professionals at all levels within legal finance should find opportunities that align with their career aspirations.
For those open to exploring new opportunities, now is an ideal time to start putting out feelers. With the traditional year-end rush, September to November tends to be a fruitful period for securing new roles.
