CFO Network presentation from Janet Young, CFO of Freehills

CFO Network Event at ICAA Improving performance, strategy and the relationship with the CEO Janet Young CFO/COO Freehills 16 November 2011

Freehills facts As at Jun 2011 Revenue $ 512M Partners 195 Lawyers 841 Business Services Staff 677 Total Headcount 1,713 Offices Sydney, Melbourne, Brisbane, Perth, Singapore, New York National Integration July 2000 (from 3 separate partnerships)

What makes a law firm different? Technical proficiency valued, not leadership proficiency Partnership and a business Strong professional ethics
2nd most depressed profession (after patent & trade mark attorneys)
Trained to be critical (100% correct, not 80 - 20 approach) Task oriented (not process)
The shareholders work in the business
Lawyers are revenue producers – sell and do
Risk averse
Informal power more important than formal 75% of people are professionals Market transparency is low

Transition to the CEO’s business partner has some foundation building blocks Using your expertise To achieve business outcomes Apply to industry you work in
Building personal credibility
Technical expertise
Leadership & management expertise
Understand key drivers
Knowledge of industry
Clients/customers
Regulatory (if applicable)
How things get done around here
Good relationships, collaboration & linkage across the business
Technical Business Culture

My framework – key questions I ask myself
Is this recommendation the right thing for the business overall and aligned with company strategy?
Is what I am doing moving the company forward or reducing risk and is it important or critical enough to be raising now?
If I had to implement this recommendation, how would I do it and what are the consequences?
Do I have the courage to see it through and the support of the CEO and executive?

My key learnings
Value different areas of expertise
Motivated, engaged people make a huge difference
You don’t have to have all the answers, it’s ok to ask questions
Business outcome is the first priority
Adapt your style but not your professionalism to CEO & Board preference
Ensure your core area of responsibility is under control first and that you are trusted
You can never stop learning about what makes people behave the way they do

DOC ID 11854551 www.freehills.com

CFO Network presentation from Janet Young, CFO of Freehills

by Azure Group on Nov 16, 2011

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CFO Network presentation from Janet Young, CFO of Freehills — Presentation Transcript