CFO Roundtable Lunch: Key priorities and challenges facing

Ambition recently hosted the latest instalment of our CFO Roundtable series in central London, bringing together a group of finance leaders from international law firms. The event provided a platform for candid discussions about the key priorities, opportunities and challenges facing the legal sector and to share strategies for navigating the ever-evolving legal landscape over a delicious lunch.

While the event was conducted under the Chatham House Rule, several key topics emerged from the discussions:

1. The role of AI in law firms

AI remains a key topic of interest in the legal sector. While there is growing curiosity about its potential impact on fee earners, CFOs expressed some nervousness about its implications.

The current focus is less on how AI will directly affect Lawyers and more on its integration into finance systems, reporting tools, and business intelligence (BI) dashboards.

Firms are actively exploring ways to leverage AI to streamline operations and improve decision-making across platforms.

2. Collaborating with business services teams to harness meaningful data

The CFOs discussed the importance of collaborating with wider business services teams. Simplifying processes, streamlining reporting, and extracting meaningful data were recurring themes.

There is a noticeable shift toward making finance functions more data-driven, with a push to equip teams with the tools and insights needed to make informed strategic decisions.

3. Adapting skillsets for the future

As technology advances, the required skill sets for finance professionals in law firms are changing. CFOs highlighted the growing importance of equipping teams with expertise in data analysis and insights.

4. Market changes at senior leadership level

The legal sector is undergoing significant shifts at the senior leadership level. These changes are prompting a renewed focus on agility and adaptability as firms prepare for a competitive and unpredictable future.

5. Talent acquisition and retention challenges

The need to hire and retain talent remains a top priority for law firms.

Attracting and retaining future talent is becoming increasingly difficult, with firms needing to offer more than competitive pay to secure the best candidates.

Bonuses and other incentives are gaining prominence, while discussions also touched on the importance of fostering a culture of growth and development.

6. Pay reviews and inflation pressures

CFOs expressed concerns about managing pay reviews in the face of persistent inflation. While many firms are targeting a 3% increase in salaries, this falls short of inflationary pressures, prompting discussions about the balance between competitiveness and financial sustainability.

Looking ahead to 2025:

From these discussions, priorities for CFOs in 2025 are focused on navigating an environment marked by rapid technological advancements, market volatility, and evolving workforce expectations. From harnessing the power of AI to addressing talent shortages, law firms will need to remain agile and innovative to meet these challenges head-on.

This engaging and insightful roundtable reinforced the critical role CFOs play in shaping the future of the legal sector. As priorities shift and challenges evolve, opportunities abound for forward-thinking finance leaders to drive meaningful change.

Thank you to everyone who attended and contributed to the discussion. If you are a law firm CFO who would be interested in attending one of our future CFO Roundtable events, please contact Olivia Kelly.