Finance and Commercial Director / COFA

Job Description

Our client is a well-respected Firm of Solicitors based within LeicestershireAs part of the company’s continued expansion, FRS have been enlisted to assist with the recruitment of a Finance and Commercial Director to join the Firm either on a Full or Part Time basis.This is a commercially focused senior management role requiring practice management and leadership experience within the legal profession reporting to the Managing Partner and Board to provide leadership and guidance in respect of the Firm’s financial, commercialand IT activitiesOverview• The Firm maximises it’s profitable, financial performance through the effective use of budgeting, forecasting and other financial monitoring systems:• The Firm’s IT and practice management systems are being continuously improved and in parallel used effectively by fee earners and support staff:• The Firm makes further improvements in profitability and performance - linked to agreed KPI’s:• A culture of increased accountability and performance management is established to ensure the financial sustainability of the business• Specific and individual KPIs will be agreed which are expected to be linked to achieving billing and profit targets/reducing WIP and debtor lock up days.• Comprehensive/demonstrable experience of Microsoft Office to include ExcelKey Role ResponsibilitiesFinancial Management- Deputy COFA- Responsible for the preparation of budgets and cashflows to include analysis/testing of assumptions used/provision of rolling forecasts/actuals v budget- Drafting monthly (or as required) reporting pack to the Board with pertinent interpretation of performance and recommendations for improvement- Demonstrate commercial/sector awareness- Adopt and roll out business initiatives to drive revenue and profit- Negotiate where required with clients, "time to pay arrangements"- Deliver regular All Firm presentations re financial performance to improve financial transparency, engagement and understanding ie. Using Katchr- Review/authorising payments to creditors- Management and control of overheads/expenditure/expenses- Review/authorising monthly payroll- In a nutshell - Process-Performance-ProfitabilityStrategic Business Planning- Liaise with the Board in defining and driving the agreed Strategy for the business- Reporting to the Board as required on performance against Plan- Being proactive in making recommendations for change- Attend Monthly Board and Management Meetings to deliver updates re performance against Plan- Business Development/Marketing: A proactive approach to PR and marketing, undertaking detailed analysis of market trends and competitor activity prior to launching segment-specific new business initiatives to increase profitable market share. Operations/Cap EX- Working with the Office Manager to ensure the smooth day to day running of offices and systems- Negotiate and manage with the Board contracts relating to planned cap ex ensuring delivery on time and within budgetRegulatory and Statutory Compliance- Work with the Compliance Manager to ensure full compliance with all regulatory compliance and legislation ie. AML/GDPR and SRA/SAR compliance- Tracking of the breach register taking appropriate steps mitigate further breaches- Run regular programmes to review/manage the return of credit balances to clients to avoid "orphan balances" arising- Liaise with the Firm’s auditors in reviewing the annual SAR Report- Ensure with the Compliance Manager that All Staff adhere to Lexcel Practice Management Standards- Work with the Compliance Manager to ensure all Policies/Plans and Procedures are up to date/relevant/compliantPeople Management- Responsible for the line management of the finance team (to include credit control) ensuring the effectiveness and efficiency of the finance function- Improve/develop/automate the billing and credit control systems to ensure more timely invoicing and cash collection- Undertake regular performance reviews together with regular Finance Team meetings - Responsible for recruitment into the finance team/career development/training/salary reviews- Setting of KPIs within the finance team ie delivery of financial information/collection of cash/reduce lock up days- Coaching and educating partners, department heads, fee earners and support staff in the understanding and use of financial information to enable them to make informed business decisions and monitor their own performance and that of teams to improve profitability- 1:1 discussions with fee earners around improving their financial performance against agreed financial KPI’s - ie. Fees/chargeable time/WIP/debtor management - using principles around marginal gains- Working directly with partners and other fee earners, the role requires confidence and gravitas to engage and motivate non financially aware people across the entire business- Assist department heads in assessing team profitability impact re any new hires and help prepare the submission of new recruit business cases to the Board- Meet all new joiners as part of the Induction Process to ensure they have a good understanding of the financial drivers of the business and their expected inputThis position can be offered on either a Full or Part Time Basis.The ideal candidate will be a experienced leader with the benefit of having previously worked within a Solicitors / Legal FirmFormal qualification in (ACA / ACCA / CIMA / AAT) is desirable however not essential if candidates have industry experience and or have operated as COFAIn return a highly competitive basic salary coupled with excellent benefits, bonus and flexibility in working hours can be offered.