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Working Capital Manager
Irvine, CA
Job Description
A&O Shearman is a new global industry-leading law firm, with 48 offices in 29 countries worldwide. Our fluency in English law, US law, and the laws of the world's most dynamic markets, enables us to provide unmatched insight and seamless delivery to clients. We work on challenging and important deals and disputes that have the potential to shape the future.
We offer exceptional opportunities for our people; opportunities to work for the world's leading businesses; to transform the status quo, and to deliver your best work, helping you and your career to thrive, while delivering unparalleled outcomes for our clients.
Department purpose
Achieving the firm's vision requires a world-class Finance department and our teams add value when the information we produce enables great decisions. That means quickly producing information that is relevant, accurate and understandable. It also means building relationships with the Partners and other decision-makers in the firm so that they trust us to advise them on what the information means and what the best course of action is.
Role purpose
The role of the US Finance Practice Manager is to help US partners to manage their practices by providing matter management support. The role is responsible for overseeing the working capital cycle for a specific practice area (or office) in its entirety, together with line management responsibility for typically a small team of Working Capital Controllers.
This role includes direct responsibility for taking the lead in providing support to larger or more complex legal departments in addition to supervision of a small sub-team in order to bring together the service provided to constituent departments into an overall practice area or office-level view. Practice Managers play an active role ensuring the deal teams are current on their timesheets, setting and monitoring matter budgets, and client reporting. They are also the primary liaison for US partners to ensure that bills are being rendered to our clients on-time and accurately, and in compliance with all agreed terms and regulations. The role involves assisting with the design and provision of ongoing matter financial information and may also include direct client contact in some cases to ensure seamless service.
Key relationships
Role and responsibilities
Supporting the billing process
Relationship Management
This individual will report directly to either the Director or Senior Manager of Working Capital and will work with partners, matter managers, as well as the Finance team, HR and Marketing/BD.
Key requirements
We offer exceptional opportunities for our people; opportunities to work for the world's leading businesses; to transform the status quo, and to deliver your best work, helping you and your career to thrive, while delivering unparalleled outcomes for our clients.
Department purpose
Achieving the firm's vision requires a world-class Finance department and our teams add value when the information we produce enables great decisions. That means quickly producing information that is relevant, accurate and understandable. It also means building relationships with the Partners and other decision-makers in the firm so that they trust us to advise them on what the information means and what the best course of action is.
Role purpose
The role of the US Finance Practice Manager is to help US partners to manage their practices by providing matter management support. The role is responsible for overseeing the working capital cycle for a specific practice area (or office) in its entirety, together with line management responsibility for typically a small team of Working Capital Controllers.
This role includes direct responsibility for taking the lead in providing support to larger or more complex legal departments in addition to supervision of a small sub-team in order to bring together the service provided to constituent departments into an overall practice area or office-level view. Practice Managers play an active role ensuring the deal teams are current on their timesheets, setting and monitoring matter budgets, and client reporting. They are also the primary liaison for US partners to ensure that bills are being rendered to our clients on-time and accurately, and in compliance with all agreed terms and regulations. The role involves assisting with the design and provision of ongoing matter financial information and may also include direct client contact in some cases to ensure seamless service.
Key relationships
- US CFO, Director of Working Capital, Senior Manager of Working Capital
- Head and Senior Manager of Pricing & Commercial Management
- US Practice leaders
- Working capital controllers, practice managers, and pricing managers
- US partners, matter managers and fee earners
- Shared Service Centre (SSC) teams
- Working capital teams
Role and responsibilities
Supporting the billing process
- Develop an understanding of our clients and matters with their billing requirements and use this knowledge to take the lead in driving the monthly process, identifying areas for continual improvement across the various stakeholders involved in the process.
- Liaise with client contacts at senior levels, to assist with coordinating the billing process to meet client requirements and to ensure timely resolution of queries.
- Troubleshoot issues arising in practice areas supported by your WCCs and act as a point of escalation for queries.
- Meet with partners 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.
- Oversight and review 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.
- Work closely with the business acceptance unit to ensure engagement terms are complete for all matters and that all financial elements are addressed.
- Oversee the full working capital cycle for your area of the business, including practice areas supported by you directly, and also encompassing those supported by your WCCs.
- Monitor WIP 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.
- Assist with matter inception process, review engagement letters and agreements to ensure that agreed billing rates are accurate for new instructions.
- Support the cash allocations team to assist with the allocation of client related payments and 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.
- Matter profitability and project management
- Presentation of financials at partner meetings to raise awareness of opportunities to enhance matter profitability.
- Analyze current billing and profitability information for reporting and problem-solving including profitability analysis of individual matters.
- Prepare draft budgets for matter partner's review prior to accepting new engagements.
- Project manage matters to monitor utilization of staff, and control margins through the assessment of time and cost write-offs, and support measures to increase margins where possible.
- Proactively monitor practice group busyness reports.
Relationship Management
- Act as a business advisor to partners and other fee earners, working closely with their assistants and other support functions.
- Provide supporting materials and information for client meetings.
- Draft matter budgets for all instructions in conjunction with the matter manager and ensure automatic alerts are activated to ensure progress is reported.
- Establish working relationships with the offshore SSC Finance Teams.
- Management and Development
- The role has line management responsibility for a small team of Working Capital Controllers:
- Provide leadership, seek opportunities for growth and create a collaborative and successful team.
- Set annual objectives for the team and ensure quarterly performance reviews are held taking into account each individual's aspirations, A&O finance strategy, and future development of finance function.
- Ensure team work load is appropriately balanced and partners are receiving support.
- Assist the team to continually advance their knowledge.
This individual will report directly to either the Director or Senior Manager of Working Capital and will work with partners, matter managers, as well as the Finance team, HR and Marketing/BD.
Key requirements
- At least 7 years experience in an operational role in a leading company/firm with operational responsibility.
- Pro-active self-starter with tenacity, possessing excellent communication skills.
- Excellent analytical and numeracy skills are a prerequisite for the role with an appreciation for the realities of a fast moving practice.
- Strong analytical, numeracy, and team management skills.
- Intermediate level experience in Microsoft Office, including Excel, Word, Outlook and PowerPoint.
- Excellent attention to detail, prioritization and organizational skills.
- CPA qualification and experience with 3E is desirable but not essential.
Job Summary
Company
Start Date
As soon as possible
Employment Term and Type
Regular, Full Time
Required Experience
7+ years
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