Working Capital Manager

3 weeks ago

Washington, United States Allen & Overy Full time

Allen & Overy LLP and Shearman & Sterling LLP are on an exciting journey to create an even stronger offering for our clients and our people: In May 2023, we announced our proposed merger with Shearman and Sterling, with the intention of becoming a new global leader named Allen Overy Shearman Sterling, A&O Shearman for short.- **Department purpose**

Achieving the firm’s vision requires a world-class Finance department and our teams add value when the information we produce enables great decisions. That means quickly producing information that is relevant, accurate and understandable. It also means building relationships with the Partners and other decision-makers in the firm so that they trust us to advise them on what the information means and what the best course of action is.
- **Role purpose**

The role of the US Finance Practice Manager is to help US partners to manage their practices by providing matter management support. The role is responsible for overseeing the working capital cycle for a specific practice area (or office) in its entirety, together with line management responsibility for typically a small team of Working Capital Controllers.
- This role includes direct responsibility for taking the lead in providing support to larger or more complex legal departments in addition to supervision of a small sub-team in order to bring together the service provided to constituent departments into an overall practice area or office-level view. Practice Managers play an active role ensuring the deal teams are current on their timesheets, setting and monitoring matter budgets, and client reporting. They are also the primary liaison for US partners to ensure that bills are being rendered to our clients on-time and accurately, and in compliance with all agreed terms and regulations. The role involves assisting with the design and provision of ongoing matter financial information and may also include direct client contact in some cases to ensure seamless service.
- **Key relationships**
- US CFO, Director of Working Capital, Senior Manager of Working Capital
- Head and Senior Manager of Pricing & Commercial Management
- US Practice leaders
- Working capital controllers, practice managers, and pricing managers
- US partners, matter managers and fee earners
- Shared Service Centre (SSC) teams
- Working capital teams

**Role and responsibilities**

**Supporting the billing process**
- Develop an understanding of our clients and matters with their billing requirements and use this knowledge to take the lead in driving the monthly process, identifying areas for continual improvement across the various stakeholders involved in the process.
- Liaise with client contacts at senior levels, to assist with coordinating the billing process to meet client requirements and to ensure timely resolution of queries.
- Troubleshoot issues arising in practice areas supported by your WCCs and act as a point of escalation for queries.
- Meet with partners to review current matters, obtain billing forecast information and follow up to ensure that all pledged billing is actioned in a timely manner each month. Oversee and follow up on the processing of action items, such as time transfer, time write off, dispatch of billing guides, disbursements, etc.
- Oversight and review of invoices, ensuring time and disbursements are accurately charged in accordance with client billing guidelines.
- Uphold department standards and preserve integrity of established revenue accounting controls.
- Work closely with the business acceptance unit to ensure engagement terms are complete for all matters and that all financial elements are addressed.

**Working Capital Management**
- Oversee the full working capital cycle for your area of the business, including practice areas supported by you directly, and also encompassing those supported by your WCCs.
- Monitor WIP for working capital hygiene purposes, to clear inventory that is no longer recoverable in a timely manner. Flag inventory and accounts receivable issues that may impact the lock-up profile.
- Assist with matter inception process, review engagement letters and agreements to ensure that agreed billing rates are accurate for new instructions.
- Support the cash allocations team to assist with the allocation of client related payments and oversee client money balances and ensure that funds are being applied/refunded in a timely manner.
- Review billing write offs and ensure any material amounts are escalated, prepare write-off narratives for write-off committee approval.

**Matter profitability and project management**
- Presentation of financials at partner meetings to raise awareness of opportunities to enhance matter profitability.
- Analyze current billing and profitability information for reporting and problem-solving including profitability analysis of individual matters.
- Prepare draft budgets for matter partner’s review prior to accepting new engagements.
- Project manage matters

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