Hi Andrew, thank you so much for replying. I couldn't get your code to work but after refining various find and replaced, the code below seems to work. Thank you so much for your time though, it was the wdFootnotesStory I didn't think of.
Code:
Sub FormatFootnoteNumber()
Application.ScreenUpdating = False
With ActiveDocument.StoryRanges(wdFootnotesStory).Find
.ClearFormatting
.Replacement.ClearFormatting
.text = "^2"
.Replacement.text = "^&"
.Replacement.Font.Superscript = False
.Replacement.Font.Size = 8
.Replacement.Font.Bold = True
.Forward = True
.Format = True
.Wrap = wdFindContinue
.Execute Replace:=wdReplaceAll
End With
Application.ScreenUpdating = True
End Sub