Finance Business Partner

Our client is a law firm with origins dating back to the late 1700s, they are now an international law firm with nearly 700 staff located across offices in the UK, Middle & Far East.

They offer a flexible benefits package that includes holidays (buy/sell), pension, gym membership, pension etc. They also have an on-site staff restaurant.

They are looking to recruit a Finance Business Partner. This role involves collaborating with fee earners and key stakeholders to ensure the achievement of departmental strategic and financial goals while maintaining strong financial hygiene practices across the business. It offers the opportunity to play a critical role in driving financial success and operational improvements across the firm.

Job Responsibilities

• Collaborate with the Business Development (BD) team and fee earners to assist with fee estimates for client pitches, ensuring understanding of profitability implications within the fee earning groups
• Review existing client relationships and collaborate with partners to suggest improved fee structures aimed at enhancing profitability
• Conduct detailed profitability analysis of our clients by work type, team and department and discuss findings with partners, to help identify BD opportunities.
• Work with fee earners to maximise billing, regularly reviewing work in progress (WIP) and obtaining pledge estimates where necessary
• For significant new matters (above £100k), work with the Revenue Controller(s) to review the fee structure and assist fee earners with matter management. This involves monitoring WIP against the original estimate and raising to fee earners when scope and/or fee discussions are required with the client.
• Identify and monitor at risk WIP to prevent unnecessary write-offs, leveraging dashboards for real time tracking
• Assist the Revenue Controller(s) with reviewing commercial fee arrangement (CFAs) and deferred billing arrangement (DBA) proposals to ensure they are commercially viable and assist fee earners with the approval process
• Work with the Revenue Controller(s) to provide a monthly review of CFA's and DBA's to the Head of Finance and HoD.
• Input to the annual budget and quarterly reforecasting processes to set fees and headcount to deliver a Gross Profit Margin as per the business plan
• Regularly compile financial metrics required by HoDs to monitor and manage gross profit and contribution in order to reach their targets. Assist HoDs and Heads of Teams (HoTs) to understand their financial performance, identifying any issues and supporting them to resolve these and deliver exceptional performance
• Analyse results from the biyearly WIP write off and annual FRS5 valuation exercises, identifying areas to improve recoverability and work with HoOps and HoDs to implement new processes to reduce write offs.
• Assist in streamlining the annual rate-setting process, including development of team/client specific rates and review all client/matter specific rates
• Brief HoDs and HoOps on a weekly and monthly basis
• Collaborate with fee earners to reduce lock up days to a minimum of 120, address WIP and debt concerns in conjunction with the Credit Control team and raise issues with the Head of Finance for next steps
• Investigate and resolve financial queries promptly (within 2 working days)
• Manage ad-hoc finance-related projects, from ideation through to requirements gathering, proposal, design and delivery
• Assess current processes and reporting practices, identifying opportunities for greater efficiencies
• Support practice management system upgrading projects, including testing, training and documentation.
• Effectively manage Revenue Controller(s), conduct performance reviews and ensure their positive personal development
• Delegate tasks effectively to allow for team efficiency and good workflow management
• Oversee the handover process for files from fee earners leaving the firm, ensuring proper reassignment of Matter Partners and Client Relationship Partner (CRP) roles and the documentation of WIP, debt and residual balances.
• Follow up with teams about residual balances and progress made to clear balances
• Provide training on finance fundamentals to raise financial awareness and understanding across the firm

The Candidate

• Proven relevant experience in a Finance Business Partner or similar role within a professional services environment
• Experience as either a full or part Qualified accountant (CIMA, ACA, ACCA)
• Strong financial acumen and ability to interpret data and communicate complex financial data
• Ability to collaborate effectively with a wide range of senior stakeholders, including fee earners, business services functions and senior management
• Excellent problem-solving skills with a proactive approach to identifying financial risks and opportunities
• Previous experience advising fee earners on pricing strategies and profitability management in a professional services environment
• Proven ability to manage and lead teams effectively, fostering development and achieving performance goals
• High level of attention to detail and accuracy, with the ability to prioritise multiple tasks and meet tight deadlines
• Excellent communication skills, both written and verbal, with the ability to present financial information to non-financial stakeholders

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.

Career Legal is a Recruitment Agency and is advertising this permanent vacancy on behalf of one of its clients.