Collaboration between Chief Legal Officers (CLO) and Chief Financial Officers (CFO) contributes significantly to business expansion, according to a joint report by ACC and Odgers.

Collaboration between Chief Legal Officers (CLO) and Chief Financial Officers (CFO) contributes significantly to business expansion, according to a joint report by ACC and Odgers.

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In a rapidly evolving business landscape, the power of collaboration between Chief Legal Officers (CLOs) and Chief Financial Officers (CFOs) is increasingly being recognized as a key driver for success. The ACC and Odgers report, "The Power Partnership: Optimizing CLO-CFO Collaboration for Business Success," highlights this crucial partnership and its impact on managing risk, unlocking strategic opportunities, and sustaining long-term growth.

The report reveals that effective communication and collaboration between CLOs and CFOs are essential for navigating today's complex business environment. Communication is foundational, with 81% of CLO respondents reporting highly effective communication between legal and finance, often facilitated by consistent, scheduled meetings encouraging proactive information sharing and strategic alignment.

Collaboration is essential for managing organizational risk, compliance, and governance. According to 85% of CLOs, it strengthens organizational integrity and stability. CLOs foster trust by educating CFOs on the financial impact of non-compliance issues and by bringing solution-oriented approaches to concerns, leading to better alignment on risk.

For CFOs, legal is not just a safeguard but a strategic partner. They seek legal leaders who not only safeguard but also identify "offensive opportunities" that drive revenue and financial value, making legal a strategic business partner. Together, CLOs and CFOs bring complementary perspectives that help organizations unlock value, manage enterprise risk, and scale with confidence.

As companies expand across borders and navigate evolving regulations, the CLO-CFO alliance is not just a best practice, but a strategic imperative for global success. The report outlines best practices and practical recommendations for fostering CLO-CFO synergy at the executive and board levels and building resilient operations that can withstand constant change.

Conrad Woody, Odgers managing partner, emphasizes that integrated financial strategy and legal foresight position organizations to mitigate risk, seize strategic opportunities, and drive sustainable growth. Veta T. Richardson, ACC president and chief executive officer, stated that the partnership between CLOs and CFOs is essential for driving sustainable business growth.

In larger companies, the impact of this collaboration is especially strong, particularly when the CLO has a direct line to the CEO. Consistent, scheduled meetings are emphasized as essential for information sharing and strategic alignment between CLOs and CFOs.

The report underscores the importance of visibility, alignment, and trust across the executive team for the CLO-CFO alliance to be effective. Forward-thinking CFOs increasingly seek legal leaders who possess a deep understanding of the company's financial architecture to function as strategic partners.

In conclusion, the "Power Partnership" between CLOs and CFOs is a strategic imperative for organizations seeking to manage risk, unlock strategic opportunities, and sustain long-term growth. By fostering effective communication and collaboration, these leaders can help their organizations navigate the complexities of today's business environment and position themselves for success.

[1] The Association of Corporate Counsel (ACC) is the premier global legal association promoting the interests of in-house counsel. [2] Odgers is a global executive search firm that has helped organizations find senior talent for over 50 years.

1. In the pursuit of managing risk, unlocking strategic opportunities, and sustaining long-term growth, collaboration between Chief Financial Officers (CFOs) and Chief Legal Officers (CLOs) is viewed as an investment in business success.
2. Justifying the crucial role of CLOs in business, forward-thinking CFOs view legal leaders not only as safeguards but also as strategic partners who can identify opportunities that drive revenue and financial value, thereby integratingfinance and legal for a comprehensive business approach.

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