Our client is a central London law firm with around 100 staff. They work in five main areas of business, including; Corporate, Real state and Private Client.
They are now looking to recruit a Head of Finance. The Head of Finance will lead the Finance and Revenue functions, overseeing a team of 9. The role has responsibility for the following functions, Management Accounts General Firm Accounting and Audit, Revenue (WIP, Billing, Credit Control), Systems and Management Information
Responsibilities
- Line management of the Finance team (4 team members and direct reports) and the Revenue team (5 team members - three direct reports, with dotted-line responsibility over a further two assistant-level staff), providing guidance, supervision and delegating duties as necessary to ensure the functions of the Finance and Revenue teams are carried out to a high standard.
- Oversee the preparation and delivery of the monthly board reporting pack comprising management accounts, overview commentary and supporting schedules.
- Oversee the preparation and delivery of management accounts reporting packs for Practice Group Leaders (PGL's) and Sb-Group Leaders (SGL's), all completed in accordance with an agreed timetable. Include monthly variance analysis of significant cost items.
- Oversee the preparation and delivery of monthly expenditure reports for Business Support Directors (BSD’s) and provide further analysis as required (incl. monthly variance analysis of significant cost items).
- Oversee the regular compiling of financial metrics required by key stakeholders to monitor and manage legal team profits and contributions to reach their targets, understand their financial performance, identifying any issues which may arise, and supporting them to resolve these and deliver exceptional performance.
- Meet regularly with PGL's, SGL's and BSD’s to discuss results to date and KPI's, ensuring relevant information is disseminated into the forecasting process.
- Oversee the preparation and delivery of quarterly management information reporting packs for the firm's main bankers.
- Oversee planning and budgeting with SGL's and BSD’s; agree annual budget drivers and assumptions.
- Responsibility for maintaining chargeable time and billing targets on Elite 3E and managing KPI’s.
- Commercial analysis - support and respond to PGL's, SGL's and other stakeholders on request for financial analysis such as trends or client profitability, providing explanations and advice as necessary.
- Oversight and ongoing development of management information reporting and KPIs issued to the firm (Groups and Practice Areas),
- Liaise with Senior BD & Marketing Managers to exchange information on sub- groups' performance and feed back into the forecasting process.
- Ensure accuracy of WIP valuations used in monthly reporting including correct matter categorisations for valuation purpose.
- Ensure that the firm's policies and procedures in relation to income recognition are up to date and being correctly applied.
- Provide assistance where requested on matters relating to VAT.
- Oversee training for new fee earners on how to use management information tools and understanding their KPI’s.
- Oversee and deliver accurate monthly financials, balance sheet and P&L reconciliations, and variance analysis; and Advising of any changes to the accruals and/or prepayments.
- Oversee preparation of the firm's annual statutory accounts and member’s accounts.
- Oversee annual audits and liaise with the firm’s auditors.
- Oversee the completion of annual legal industry benchmarking surveys such as The Lawyer, Legal Business, etc.
- Preparation of annual partner performance reports (COMPCO) as a key input to the profit allocation process. Preparation of the same on an interim basis as requested.
- Preparation of annual profit sharing calculations for senior equity partners; and Prepare annual targets and budgets for the firm to be approved by the Finance Director, Managing Partner and wider Partners; update forecasts periodically.
- Work with the Systems & Management Accountant to oversee the firm’s accounting IT systems, ensuring they are effectively used and remain fit for purpose.
- Oversee management information reporting procedures, ensuring that information is disseminated appropriately across the Accounts & Finance team and to other relevant stakeholders; and Identify new technology uses within the Accounts & Finance team to continuously improve the department, leading on new projects and delegating as appropriate.
- Work with the Revenue Controller to oversee WIP estimates, monitor exposure levels to unbilled WIP, unbilled disbursements and outstanding bills via lock-up KPI's.
- Oversee Billing functions to ensure the firm is successfully meeting all billing deadlines and targets – as well as taking dotted-line responsibility over those in other Accounts & Finance teams as relates to the billing process particularly during key billing periods (such as month-end and year-end
Candidate Profile
- Strong background (at least 5 years) leading management accounts for a law firm or similar professional services organisation is essential, with expert knowledge of modern accounting regulations, tax, and best practices.
- Be a qualified Accountant (ACA/CIMA/ACCA).
- Strong management experience, possessing the strong leadership skills necessary for effective management (i.e. organisation, planning, problem-solving, and decision-making).
- Proficiency in 3E Elite or comparable accounting system preferred.
Important Notice
It is Career Legal’s policy, as a matter of courtesy, to respond to all applications within three working days. However, because of the volume of applications, we are sometimes unable to respond to individual candidates. If we have not contacted, you within three working days your application has been unsuccessful, and your details have not been retained. Please apply for any other position that you may see in the future. Thank you.
