The Financial Manager is responsible for overseeing and managing the financial operations of the law firm. This includes financial planning, budgeting, financial reporting, and ensuring compliance with legal and regulatory requirements specific to the legal industry.
1. Financial Planning and Analysis:
- Develop financial strategies tailored to the unique needs of a law firm.
- Prepare and present detailed financial reports, budgets, and financial statements.
- Analyze financial data to identify trends, profitability metrics, and provide actionable insights to partners and senior management.
2. Budget Management:
- Oversee the development and management of the firm's budgets.
- Monitor and control expenditures to ensure alignment with budgetary constraints and firm objectives.
- Conduct variance analysis to understand discrepancies between budgeted and actual expenditures, particularly in case costs and overhead.
3. Financial Reporting:
- Ensure accurate and timely preparation of financial reports specific to law firm operations.
- Comply with local, state, and federal government reporting requirements and tax filings.
- Coordinate with auditors to ensure proper compliance with all regulations, particularly those relevant to legal practices.
4. Cash Flow Management:
- Manage cash flow by tracking transactions, billing, collections, and regularly reviewing internal reports.
- Ensure that cash flows are adequate to allow the firm to operate effectively, particularly in managing client trust accounts and disbursements.
5. Client Trust Account Management:
- Oversee the management of client trust accounts, ensuring compliance with legal and ethical standards.
- Monitor and reconcile client trust funds regularly to maintain accuracy and integrity.
6. Internal Controls and Compliance:
- Develop and enforce internal controls to maximize protection of firm assets, policies, procedures, and workflows.
- Ensure compliance with internal policies, legal industry standards, and regulatory requirements.
- Implement financial policies and procedures to improve and maintain a sound control environment.
7. Billing and Collections:
- Oversee the billing process to ensure timely and accurate invoicing of clients.
- Manage collections to maintain a healthy accounts receivable balance and minimize overdue payments.
8. Team Leadership and Development:
- Lead and manage the finance team, providing guidance, training, and performance evaluations.
- Promote a culture of high performance and continuous improvement that values learning and a commitment to quality.
9. Stakeholder Engagement:
- Communicate financial results and insights to partners, senior management, and key stakeholders.
- Serve as a liaison with external parties, including auditors, regulators, and financial institutions.
Minimum Qualifications:
- Education: Bachelor’s degree in Finance, Accounting, Economics, or a related field. A Master’s degree or professional certifications (e.g., CPA) is preferred.
- Experience: A minimum of 5-7 years of experience in finance or accounting, with at least 2 years in a managerial role. Experience in a law firm or professional services environment is highly preferred.
Skills:
- Strong understanding of financial principles and accounting standards specific to law firms.
- Proficiency in financial software and Microsoft Office Suite, particularly Excel.
- Familiarity with legal billing software.
- Excellent analytical and problem-solving skills.
- Strong organizational and leadership abilities.
- Effective communication and interpersonal skills.
- Attention to detail and high level of accuracy.
Preferred Qualifications:
- Experience with financial management in a law firm or similar professional services environment.
- Knowledge of trust accounting and compliance with legal industry standards.
- Experience with financial modeling and forecasting tools.
- Familiarity with the legal market and its financial dynamics.
Middle East Co. is a law firm based in Baghdad, has many international clients in many countries such as USA, China, UAE, KSA, Jordan, Turkey and more.
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