CFO

Ambition; London; On-site; GBP 80,000 - 150,000

Job description

We have partnered exclusively with West End Law Firm, Simons Muirhead & Burton LLP (SMB) in the hire of their new CFO.

As the CFO, you will lead the Finance team of seven and report directly to the Management Committee (M Co), of which you will be a member along with two equity partners. The CFO will be a key member of the firm's management team. The CFO will drive long-term financial strategy, set annual budgets and oversee the financial health and stability of the firm. This appointment is a key one in the management structure with the capacity to potentially grow the role in future.

This role is perfect for someone who enjoys process improvement and being a key person in driving change and efficiencies as well as someone who is eager to make a significant impact on the firm's growth and success.

Responsibilities

1. In co-operation with M Co, develop strategies to manage and support the growth of the firm to proactively steer it towards sustained success.
2. Set annual income, expenditure and cash flow budgets in consultation with M Co, Heads of Department and other budget holders.
3. Advise on pricing of the firm's legal work.
4. Advise on the annual salary review and negotiation of staff benefits.
5. Carry out financial planning on an ongoing basis including control of expenditure, profitability and cost/benefit analysis where appropriate.
6. Lead on cash and working capital management. Manage and improve WIP/debt including advising on and implementing systems and procedures.
7. Manage income and expenses including forecasts and reporting on projections/actuals.
8. Track cash flow including ensuring that the business has adequate facilities in place (e.g. overdrafts/loans etc).
9. Prepare financial reports and analyses for meetings involving the full Partnership and M Co including production of quarterly management information.
10. Report to the Equity Partners so that they have a good understanding of the financial health and profitability of the business on an ongoing basis including advising on, and identifying, the scope of information required and the systems/processes to produce and present such information.
11. Review and improve systems/processes to ensure that they operate with maximum efficiency and accuracy and produce timely reporting.
12. Oversee preparation of the firm's monthly payroll.
13. Prepare the annual statutory accounts for filing with Companies House.
14. Manage the annual audit of the firm's statutory accounts and review of compliance with the SRA Accounts Rules.
15. Develop and maintain financial procedures and policies of the firm.
16. Monitor trends and perform benchmarking in the legal sector.
17. Manage the firm's relationships with banks, insurers, brokers and other key third parties.
18. Select, implement and maintain financial technology solutions that best suit the needs of the business, having reviewed software requirements and identified complementary software to be utilised including automated reports.
19. Oversee and manage all the day-to-day financial operations of the firm including supervision, management and development of the Finance team. Also, keep under review that the Finance team meets the firm's needs and that they remain motivated and, in particular, fully trained in the use of software and otherwise.
20. Oversee and manage Partner distribution schedules, capital contributions and related funding, tax reserves and Partner tax compliance working with the firm's tax advisers. Ensure also that Equity Partners have advance knowledge of the cashflow impact on their own personal finances and future capital commitment requirements.

The Individual

At a minimum, the CFO should have a significant background working at Director/CFO level of a law firm previously and have experience of managing financial operations. An ideal candidate would have:

1. At least five years of experience in a senior financial role, with experience within an English professional service firm or a law firm in particular.
2. Ideally, a professional qualification with a recognised UK accountancy institute, such as the ICAEW. However, this is not a prerequisite if the level and nature of experience demonstrates the ability to do the job.
3. A strong people/team leader who has experience supporting with the growth and development those in their teams.
4. Experience in projects and change management.
5. An ability to work with staff at all levels of the firm is essential.
6. The CFO must be able to think strategically to ensure the firm has the financial resources and business discipline necessary to grow and prosper. They must be comfortable in implementing and executing decisions of the Partners and formulating and suggesting strategic solutions.
7. The CFO must establish and maintain productive, cooperative, and mutually respectful relationships with the Partners and staff.