Friedman Williams
Working Capital Controller MultiState NY or Dallas
Job ID: 18207
Role purpose The primary role of the US Working Capital Controller (WCC) is to help US partners to manage their practices by providing matter management and pricing support. Many US clients require the monthly reporting of current, life-to-date and estimates to complete on all of their matters. This requires active engagement with partners and matter managers across the life of the transactions. As a result, the WCC’s also play an active role ensuring the deal teams are current on their timesheets, setting and monitoring matter, task and phased budgeting, client reporting, coordinating with the Advanced Delivery teams and general pricing support. The Working Capital Controller is also the primary liaison for US Partners and other fee earners to ensure that bills are being rendered to our clients on time and accurately, and in compliance with all agreed terms, Solicitors Accounts Rules and Tax regulations. As a Working Capital Controller, you will be expected to handle a portfolio of partners that may include those with more complex practice areas that require more experienced support. You will also be expected to deputize for the Finance Practice Manager from time-to-time, and while the role does not include any direct line-management responsibilities, you will have dotted line relationships with other Working Capital Controllers on the team. This may include supervision and delegation of tasks where appropriate.
Key relationships
– US Head of Pricing and Commercial Management and US CFO
– Working capital and Pricing Managers
– Working Capital Controllers – Partners and Matter Managers
– Shared Service Teams in Belfast
Job description Role and responsibilities
Supporting the billing process
– Meet with partners monthly, or as needed, to review current matters, obtain billing forecast information and follow up to ensure that all pledged billing is actioned in a timely manner each month.
– Oversee and follow up on the processing of action items, such as time transfer, time write off, dispatch of billing guides, disbursements, etc., handled mainly by our Revenue Assistants in our Belfast Shared Services Center.
– Oversight and review (occasional preparation/processing) of invoices, ensuring time and disbursements are accurately charged in accordance with client billing guidelines.
– Uphold department standards and preserve integrity of established revenue accounting controls.
– Thorough final review of invoices before sending to partners for distribution to their clients.
– Provide training and technical financial system support to Legal PA’s and Fee Earners where necessary.
– Review and management of working capital lock-up days – monitor for trigger points where write offs occur to ensure early attention and counteraction.
– Review inventory for working capital hygiene purposes, to clear inventory that is no longer recoverable in a timely manner.
– Flag inventory and accounts receivable issues that may impact the Lock Up profile and ensure the partner and management are well informed of increasing exposures Working Capital Management
– Assist the Finance Practice Manager as required, in maintaining a holistic understanding of the working capital position of your particular practice area.
– Assist with matter inception process, review engagement letters and agreements to ensure that agreed billing rates are accurate for new instructions.
– Review client/matter working capital balances (WIP and Debts), take ownership of reporting on and escalating matters that are aging or where we have increasing client exposure.
– Send regular working capital related reporting to partners with concise narratives.
– Provide support to the cash allocations team to assist with the allocation of client related payments.
– Oversee client money balances and ensure that funds are being applied/refunded in a timely manner.
– Review billing write offs and ensure any material amounts are escalated, prepare write-off narratives for write-off committee approval.
– Review unbilled disbursements balances and disbursements written off on a monthly basis and investigate any significant movements.
– Diligent file maintenance for all associated billing, collections, and client money related backup materials.
Relationship Management
– Act as trusted business advisor to assigned partners and other fee earners, working closely with their assistants and other support functions.
– Provide supporting materials and information for client meetings – determine nature of meeting and provide succinct financial advice in relation to time submission, billings, profitability and collections.
– Draft matter budgets for all significant instructions in conjunction with the matter manager and ensure automatic alerts are activated to ensure progress is reported on an ongoing basis.
– Establish solid working relationships with the offshore SSC Finance Teams (Revenue, eBilling, and Credit Control).
Ad-Hoc duties required from time to time may include the following:
– Involvement in ad hoc projects.
– Responding to requests for ad hoc reporting in support of Marketing/BD related efforts.
– Fee Earner Busyness Reporting and other HR related efforts.
– Assisting other teams as and when cover is required.
– Client specific reporting.
– Missing timesheet review and follow-up.
– General administrative housekeeping requests.
Team
This individual will report directly to one of the Finance Practice Managers and will work closely with partners, matter managers, and other support staff teams, not limited to the Finance team, but also Human Resources, Marketing/ BD and others.
Key requirements
– Pro-active self-starter with drive, enthusiasm and tenacity, possessing excellent communication skills both written and verbal. Will need to be visible with the confidence to advise, encourage, and sometimes challenge partners. – Excellent analytical and numeracy skills are a prerequisite for the role, plus the individual will need to adopt a ‘broad brush,’ big-picture approach and appreciate the commercial realities of a dynamic, fast moving practice. – Intermediate level experience or above in Microsoft Office, including Excel, Word, Outlook and PowerPoint. – Excellent attention to detail, prioritization and organizational skills. – Ability to work under pressure and cope with high demand and varied workloads. – A recognized accountancy qualification is advantageous but not essential. – Experience with 3E is an advantage but not essential. – Previous supervisory experience desirable, but not essential.
Please contact Haley Pastolove for more information – hpastolove@friedmanwilliams.com