Director of Partnership Accounting Chicago IL
Job ID: 17151
The Director of Partnership Accounting is responsible for all aspects of firm partnership accounting including analysis of all transactions relating to Partner remuneration and related equity accounting, preparation of Partners K1’s, as well as, tax projections and partnership tax reporting. Essential duties are performed personally, in collaboration with the Partnership Accounting Manager, and/or through delegation/supervision of subordinates. The Director of Partnership Accounting maintains professionalism and strict confidentiality in all client and firm matters.
Essential Duties and Responsibilities include, but may not be limited to, the following. Other duties may be requested and/or assigned. Essential functions are primary job duties that an individual must be able to perform successfully with or without a reasonable accommodation. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
• Maintain and implement procedures and protocols relating to partnership accounting consistent with partnership Agreements, firm policy and business objectives.
• Manage partnership capital and withdrawal accounts by processing distributions and/or reimbursement accounts and entering adjustments.
• Review monthly partner draw and special distribution payments, including computing and withholding applicable deductions.
• Prepare, process and coordinate distribution of partner bonus earnings and required deductions related to qualified and nonqualified plans, state tax and other withholdings.
• Analyze and compile information relative to partner compensation assuring compliance with federal and state regulations and guidelines.
• Compile and analyze information requisite to the preparation of Partners’ Schedule K-1’s. Prepare schedule for preparation of Schedule K-1’s and coordinate distribution to Partners.
• Analyze tax information relative to each Partner and oversees preparation of partnership tax returns, including several separate partnership/LLC investment vehicles. Maintain records and supporting documentation.
• Investigate and report on tax issues as needed.
• Manage the transition of additions and withdrawals of Partners to/from the firm.
• Develop methods and procedures to improve effectiveness and efficiency of partnership accounting systems in response to Partners’ needs.
• Remain abreast of current industry standards and tax legislation and preparation of recommendations that align with firm objectives.
• Manage computations and withholding of contributions to qualified partner retirement plans, including computations of contribution accruals.
• Manage the maintenance of tax and accounting records for other firm-managed investment partnerships and LLC’s, including preparation of tax returns and management of capital calls from and distributions to partners.
• Advisor to CFO and firm management regarding partnership accounting and taxation.
• Develop, manage, and direct a staff of motivated accounting professionals focusing on metrics to enhance productivity and efficiency and provide quality services in a cost-effective manner.
• Investigate and resolve inquiries and issues regarding accounting operations areas in a timely and effective manner.
• Collaborates and directs the duties and responsibilities the Partnership Accounting Manager and other staff.
• Mentor and train Partnership Accounting team to deliver timely and accurate information.
• In collaboration with management, develop policies and procedures that result in increased staff efficiencies.
• Other ad hoc requests and reporting as requested by management.
• Directly supervises and manages employees and is responsible for their overall direction, coordination, and evaluation. Carries out supervisory responsibilities in accordance with the Firm’s policies and applicable laws. Responsibilities include interviewing and training; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems; and making recommendations for hiring, promotion, compensation, and termination.
Knowledge, Skills and Abilities
• Bachelor’s degree in Business, Finance, or equivalent (advanced degree preferred); CPA is required. Minimum of 10 or more years of progressive accounting/financial management experience with a strong background in all areas of partnership accounting are required. Experience at a management level at a large law firm is strongly preferred.
• Experience with K-1’s and partnership business models in a large legal or professional services financial department is also required. Knowledge of domestic and international accounting and tax guidelines/standards.
• Strong general ledger and technical analysis skills are required. Knowledge of the accounting processes and reporting requirements used by a large national law firm preferred.
• Proficient experience with Elite and or Aderant accounting software is required. Knowledge of Chrome River expense reimbursement and Iridium reporting systems or similar industry standards are required.
• Proficient with MS Excel spreadsheets, including features such as pivot tables, charts and graphs and formulas; Proficiency with MS Word and PowerPoint software.
• Knowledgeable of current accounting and tax trends and practices, recommending and implementing new policies and procedures.
• Outstanding analytical skills requiring an aptitude for detail, precision, and logic with comprehensive knowledge of complex accounting/financial principles and practices in order to conduct detailed analyses of all aspects of accounting operations, payroll processing procedures, general ledger accounts, balance sheet, and income statement activity, and budget variations.
• Exceptional organizational skills including record keeping, data collection, and system information. Ability to compile and analyze data and furnish concise, detailed information in report format, written correspondence, e mail, or verbally.
• Exhibit high degree of initiative and critical-thinking skills in exercising independent judgment and making decisions in establishing and managing multiple priorities in a fast-paced, deadline-driven, detail-oriented work environment. Ability to function in stressful situations and think strategically and analytically to troubleshoot and resolve issues quickly.
• Excellent attention to detail to assure accuracy and integrity of the accounting database, system, system posting process, financial systems and processes, and financial data storage area.
• Proactive with excellent problem resolution and follow-through skills. Ability to identify and analyze complex accounting/financial issues and problems and to recommend and implement solutions. Ability to respond effectively to the most sensitive inquiries or complaints.
• Ability to perform complex mathematical calculations and apply mathematical concepts when computing, reconciling balances, verifying numerical data, preparing various accounting and financial reports, performing all aspects of accounting operations.
• Excellent interpersonal, verbal, and written communication skills. Ability to communicate with courtesy and diplomacy, efficiently follow written and verbal instructions, provide information, and maintain effective relationships with a diverse group of attorneys, clients, staff, and outside contacts.
• Supervisory/managerial skills necessary in order to interact and communicate with subordinates, provide instruction/direction/training, determine work priorities, and coordinate the activities of a work team.
• Ability to understand and support firm goals, services, culture, and strategy in order to represent the firm in a positive, professional manner.
• Ability to occasionally retrieve and distribute files, written documentation, or office supplies weighing up to 10 pounds.
• Ability and availability to travel to other firm locations when required.