A recent white paper from the Association of Corporate Counsel (ACC) highlights the significant role that strong partnerships between Chief Legal Officers (CLOs) and Chief Financial Officers (CFOs) play in advancing business performance. In a survey conducted in April with 326 CLOs, 57% described their relationship with their CFO as “excellent,” while 26% called it “good.” Only 5% reported a “fair” or “poor” relationship. ACC Researchers noted, “This strong collaboration, characterized by trust and effective communication, suggests a prevailing sense of partnership.” According to the paper, such alliances help organizations manage risks, seize strategic opportunities, and improve overall enterprise value.
To strengthen CLO-CFO ties, the ACC recommends prioritizing personal rapport, which it describes as essential during high-risk scenarios. “Many respondents explicitly state the CLO and CFO should be ‘best friends, at least at work,’” the report said. Additional suggestions include promoting cross-functional collaboration across legal and finance teams and encouraging legal executives to develop a clear understanding of financial principles. “CLOs must translate legal risks into financial impact,” the report noted. In interviews, five CFOs confirmed the importance of regular interaction with CLOs, emphasizing that frequency and quality of collaboration outweigh formal reporting structures when achieving shared leadership goals.
