The 3 Most Common Mistakes Firms Make When It Comes to Financials and What You Should Know

June 10th, 2026 | 12 to 12:40 PM PST

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About the Session

Many law firms struggle with financial performance not because they lack data, but because of how they structure roles, make hiring decisions, and think about growth.

One of the most common issues is confusion between accounting and finance. Firms often blur the lines between Controller and CFO roles, leading to weak decision-making, unclear responsibilities, and operational inefficiencies.

Another challenge is hiring the wrong type of CFO. Not all CFOs bring the same experience or approach. The needs of a startup, a service-based firm, or a product-driven business are very different. Misalignment here can limit growth and create friction at the leadership level.

Firms also tend to treat margins as secondary to growth. In reality, margins are a key driver of sustainable growth. Ignoring them leads to scaling problems, reduced profitability, and poor long-term outcomes.

This session will explore:

  • The difference between Controller vs CFO roles and accounting vs finance functions
  • Why hiring the right type of CFO depends on your business model
  • How misalignment in roles and hiring leads to inefficiencies
  • Why margins should be a core part of your growth strategy
  • The three CFO approaches to growth: startup, service-based, and product-based
  • How each approach impacts decision-making and long-term value

Speakers

Rush Shah

Fractional CFO for $1M+ Service Businesses

Fractional CFO with 20+ years of experience helping service businesses improve cash flow, profitability, and growth. Founder of Modern CFO, with experience across $30M+ in M&A and $150M+ in managed revenue.

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Sharon Means, CPA

Fractional Integrator – Clarity, Accountability, and Growth Playbooks for Law Firms

With a background as a CPA and 5+ years as a Fractional Integrator, Sharon focus exclusively on helping law firms (running on EOS, The Entrepreneurial Operating System) perform more effectively.

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