Wedlake Bell LLP

Head of Finance Wedlake Bell is recruiting for a Head of Finance to join our growing Accounts & Finance team in a newly created position leading our Finance and Revenue functions. This is a full time, permanent position. Our Accounts & Finance team play a crucial role in maintaining the financial health of our firm by managing day to day accounting tasks, assisting with financial reporting, and ensuring compliance with accounting procedures and regulatory standards. The Head of Finance will lead the Finance and Revenue functions at WB, overseeing a team of 9 (7 direct reports) to achieve successful outcomes both for our legal teams, and our wider firm accounting processes. The role has responsibility for the following functions: Management Accounts General Firm Accounting and Audit Revenue (WIP, Billing, Credit Control) Systems and Management Information The successful candidate will be a qualified Accountant with strong experience leading key Accounts & Finance functions (preferably Management Accounts) in a law firm or professional services environment. They will have an excellent knowledge of accounting best practices, as well as strong analytical skills and commercial acumen. Finally, you will showcase strong leadership skills to ensure the team are managed effectively. Apply today for more information. About Us: Located in the heart of the City of London, Wedlake Bell is a Top 100 law firm offering full services across Private Client, Real Estate, Business Services, and Disputes. The firm has 81 Partners and a total headcount of around 400. We have grown year on year, attributed to the continual success of our legal teams, and the dedication of our staff members. Our culture is widely recognised as one of the best in City law, built on trust, collaboration, and mutual respect. Joining us, you will be part of a firm which supports work/life balance, personal development, and building strong connections. With regular cross firm socials and events (including our renowned yearly ski trip and walking trips!), you will quickly feel like part of the WB team. Key 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 Management Accounting 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 Sub 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 KPI's 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 purposes; 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 General Firm Accounting 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; Oversee the renewal of firm's general insurances; 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. Oversee Accounting and Management Information Systems 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. Oversee WIP Operations 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; Identify and monitor at risk WIP to prevent unnecessary write offs, leveraging dashboards for real time tracking; 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; Analyse results from the bi yearly WIP write off and annual FRS102 valuation exercises, identifying areas to improve recoverability and work with the Finance Director, SGL's and PGL's to implement new processes to reduce write offs; Prepare a schedule of the unpaid disbursements for year end provision; and Act as a point of escalation for all WIP issues. Oversee Billing Operations 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); and Act as a point of escalation for all billing issues. Oversee Credit Control Operations Work with the Credit Controller to ensure the firm is achieving its cash targets, including monitoring and management of credit levels, outstanding invoices, and aged debt; and Act as a point of escalation for all credit control issues. Other Responsibilities Maintaining effective firm wide policies, in compliance with all regulatory requirements and industry best practices; Dealing with ad hoc information requests (e.g. for PII renewals, Practising Certificate renewals, etc); Supporting due diligence analysis for partner recruitment and potential merger partners; Deputise for the Finance Director on occasion, presenting financial reports and analysis to stakeholders around the firm and representing Accounts & Finance at certain meetings with Partners and other fee earners as required; Contribute to the improvement of the Finance function, and wider Accounts & Finance department, through maintaining a regular view of industry best practices and technology; Build up and maintain a network with peers elsewhere in the legal market so that the firm remains up to date with current thinking, requirements of accounting standards and technology; and Other ad hoc responsibilities as required. Key Skills and Qualifications: 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); Hold a university degree in accounting/finance or related subject; Strong management experience, possessing the strong leadership skills necessary for effective management (i.e. organisation, planning, problem solving, and decision making); . click apply for full job details