Job description
We are recruiting for a Working Capital Manager for our London office.
Department purpose
The department’s function is to maximise the speed with which work in progress (WIP) is turned into cash. The team is responsible for the whole working capital cycle (WIP, billing and cash collection) for all practice areas. The team is also responsible for the general housekeeping of WIP and the production of various reports for internal and external clients.
Role purpose
Act as business partner and trusted advisor to partners and other senior decision-makers with the principle objective of optimising revenue, matter profitability and speed of cash collection.
* Manage and control the office’s client billing (including e-billing), WIP and debt
* Support pricing decisions and rate negotiations
* Ensure the partners are receiving responsive and commercially sound financial service
* Manage, train, and develop a team of working capital controllers ensuring they comply with the firm’s accounting policies and procedures
Role and responsibilities
Management and Development
* Supervise, train, support, motivate and develop a team of Working Capital Controllers, including new team members and ensure that all are performing in line with the competency framework and the relevant job description. Where poor performance is identified, lead the remedial processes
* Set annual objectives for the working capital team including WIP and debtor day targets. Ensure regular performance reviews are held, taking into account each individual’s objectives, A&O Shearman finance strategy and future development of the finance function. Ensure complete and timely adoption of Compass processes for the team
* Lead recruitment of team members as and when required
* Ensure team work load is appropriately balanced, monitor team performance and lead monthly team meetings
* Resolve issues raised by others, taking responsibility for developing and delivering solutions and encourage the use of new initiatives
* Prepare credible and convincing communications for partners or Group Finance to explain and address issues / share information
* Prepare high quality presentations for training and other purposes
* Ensure own and team’s compliance with all relevant firm deadlines and policies
* Manage own and team’s absences to ensure constant level of service
WIP and Credit Control
* The Working Capital Manager will perform the role of the Working Capital Controller (WCC) for around 6-8 partners. See the WCC job description for the details of that role
* Deliver a high quality billing and collections process to all partners and monitor the effectiveness of client billing and collection processes. Initiate improvements to enhance the quality of service, report regularly on positions and escalate increasing client exposures as appropriate
* Be familiar with all billing rules and be prepared to support and advise Controllers in the team. Take responsibility for own and team’s compliance with billing rules and other firm policies
* Manage the billing write off process and ensure any material amounts are brought to the attention of the CFO
* Manage unbilled disbursements account balance process and disbursements written off on a monthly basis and investigate any significant movements
* Work collaboratively with the team in Belfast (Revenue, Credit Control and eBilling) to deliver an efficient and effective working capital management process which is consistent with the agreed process design
Pricing and Business Partnering
* Support relationship partners and the global pricing team with rate negotiations. Assistance includes (i) providing timely, accurate and relevant financial information for decision-making, (ii) profitability forecasting based on multiple levers / potential outcomes, (iii) negotiation strategy and (iv) influencing / offering advice as appropriate to optimize the outcome of the negotiations
* Promote the use of the A&O Shearman Pricing Model and provide appropriate support to ensure the completion of client rate exception groups, liaising with the global pricing team
* Ensure IT systems / PMS reflect agreed engagement terms and relevant matter demographics by working closely with the Finance Systems Group
Matter profitability and project management
* Manage the team’s completion of the billing forecast for circulation to senior management
* Ensure fee earner status is appropriately reflected in the financial systems
* Deliver design and preparation of financial presentations as well as ad hoc client reviews
* Schedule practice group meetings with business managers / COO’s to review matter and client performance including bad debt write offs
Key requirements
* Significant experience in a management and / or operational role. Experience of a partnership environment and working in a matrix organization would be very advantageous
* A very credible individual with gravitas, resilience and high level of intellectual ability who is able to develop effective working relationships with the ability to influence at all levels
* Must be a proactive self-starter with drive, resilience, enthusiasm and tenacity, possessing excellent communication skills both written and verbal
* Have an understanding and appreciation for working cross-culturally
* Commercial outlook essential with a strong understanding of the global finance markets
* Excellent analytical and numeracy skills are a prerequisite for the role, plus the individual will need to adopt a big-picture approach and appreciate the commercial realities of a dynamic, fast moving practice
* Advanced experience in Microsoft Office, including Excel, Word and Outlook
* Excellent attention to detail, prioritization and organizational skills
* Ability to work under pressure and cope with the high and varied workloads
* Occasional travel required to the Belfast SSC
Should you require additional support at any stage of the recruitment process due to a disability or a health condition, please do not hesitate to contact a member of our recruitment team who will work with you to provide any adjustments as required.
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