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 plays 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.

• 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 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 (PGLs) and Sub-Group Leaders (SGLs), 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 (BSDs) 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 PGLs, SGLs and BSDs 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 SGLs and BSDs; 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 PGLs, SGLs 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 KPIs 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 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.
• Prepare annual targets and budgets for the firm to be approved by the Finance Director, Managing Partner and wider Partners; update forecasts periodically.
• Work with the Systems & Management Accountant to oversee the firm's accounting IT systems, ensuring they are effectively used and remain fit for purpose.
• Identify new technology uses within the Accounts & Finance team to continuously improve the department, leading on new projects and delegating as appropriate.
• 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.
• Act as a point of escalation for all WIP issues.
• 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.
• Work with the…