Job Description
POSITION SUMMARY
The Firm’s Chief Financial Officer (CFO) oversees the Firm’s financial operations. The Firm’s CFO oversees all budgeting, financial forecasting, financial reporting, accounting, and tax compliance. The Firm’s CFO also serves as the Firm’s profit sharing/benefits Plan Administrator. The CFO serves as the Firm’s liaison with its external accountants/auditors, banks, and retirement plan consultants.
RESPONSIBILITIES
1. Financial Management. Oversee all financial aspects of the Firm including accounting, billing, accounts payable, and account receivables. Oversee all aspects of the Firm’s accounting department and banking relationships including:
a. Approve all general ledger entries;
b. Approve all fixed asset depreciation calculations;
c. Approve all Firm expense invoices (third-party vendors, lease payments, insurance premiums, etc.) and corresponding general ledger coding;
d. Approve all client expense payments made out of Firm accounts;
e. Approve and sign all Fort Worth operating checks;
f. Approve and conduct all banking transactions (money transfers between Firm accounts, wire transfers, and investments);
g. Follow-up with clients regarding past-due accounts;
h. Follow-up with billing attorneys regarding aged matters with unbilled fees;
i. Assess and apply internal billing allocations;
j. Create and update billing templates and billing rates in the Firm’s accounting system;
k. Manage timekeepers in billing system; and
l. Assist various Firm compensation committees in generating compensation recommendations for Firm staff an attorneys on an annual basis.
2. Financial Reporting. Oversee the development of sophisticated financial reports and metrics to drive profitability analysis, realization and utilization. Among other things, the financial reports include the following:
a. Prepare profitability analysis and reports for Firm paralegals;
b. Prepare compensation reports for Associate and Partner Compensation Committees;
c. Provide monthly account receivable reports for Managing Partner and billing attorneys;
d. Prepare and distribute monthly partner statements; and
e. Prepare annual Louisiana Report.
3. Budgeting and Forecasting. Oversee all aspects of the financial budgeting and forecasting. Assemble financial information for all Firm Compensation Committees in connection with setting annual compensation numbers. :
a. Preparing and approving financial budgets on an annual bases;
b. Assess compliance with approved annual budgets on a monthly bases;
c. Prepare monthly “Utilization Hours” report and distribute to attorneys;
d. Prepare monthly “Hours by Section” report (with rolling six month average) for Managing Partner;
e. Prepare monthly financial statements and any other reports requested by Firm management; and
f. Assist in the financial aspects of long-term strategic planning.
4. Compliance and Internal Controls. Oversee tax compliance, IOLTA account compliance, and Profit and Pension Sharing Plain compliance. Work with and serve as the Firm’s liaison with its external accountants, banks, and employee benefit plan advisors: The duties include the following:
a. Review and approve all bank reconciliations (and assist with clearing reconciliation items);
b. Handle annual renewal of Firm’s line of credit with banking institutions;
c. Prepare all required tax schedules for external accountants in connection with preparation and finalization of Firm’s tax returns;
d Review and approve Firm tax returns (include state returns and Louisiana composite return);
e. Review IRS 1099 MISC and 1099 NEC forms and file applicable IRS form no. 1096;
e. Prepare and submit applicable annual Occupational License filings (Baton Rouge and New Orleans);
f. Calculate “Of Counsel” attorney payroll amounts on a monthly bases;
g. Calculate partner distributions and ongoing monitoring to avoid negative partner balances; and
h. Manage and oversee the Firm IOLTA account.
5. Firm Health and Welfare Benefit Plan Administrator. Oversee the Firm’s Health and Welfare Benefit Plan. Serve as the Administrator of the Firm’s Health and Welfare Benefit Plan and interact with insurers, accountants, and outside advisors regarding the Firm’s Health and Welfare Benefit Plan. The duties include:
a. Calculate insurance premiums on an annual basis;
b. Prepare and submit annual Excise Tax Return (IRS form no. 720) in connection with self-insured health plans; and
c. Prepare and submit annual IRS form no. 8955-SSA.
6. Firm Profit Sharing Plan and Trust Administrator. Oversee the Firm’s Profit Sharing Plan and Trust. Serve as the Administrator of the Firm’s Profit Sharing Plan and Trust and interact with outside investment advisors and accountant regarding the operation of the Firm’s Profit Sharing Plan and Trust. The duties include the following:
a. Schedule, coordinate, and record minutes in connection with all meetings of the Firm’s Retirement Plan Committee;
b. Approve all Firm Profit Sharing Plan and Trust contribution changes, beneficiary changes, and withdrawals;
c. Perform all financial non-discrimination testing of the Firm’s Profit Sharing Plan and Trust;
d. Distribute all Firm Profit Sharing Plan and Trust safe harbor, fund change, and contribution notices; and
e. Calculate annual Profit Sharing Plan and Trust contributions; and
f. Assist with the audit of the Firm’s annual filing of IRS form no. 5500.
7. Firm Insider Trading Policy Clearance Clerk. Oversee firm Insider Trading Policy and maintaining a “Restricted List” of entities. The duties include the following:
a. Maintain a list of publicly traded clients; and
b. Serve as the “Clearance Clerk” responsible for authorizing sale or acquisition of publicly traded securities;
8. Special Projects. Assume responsibility for special projects as assigned by the Managing Partner.
REPORTING RELATIONSHIPS
1. Report to and receive direction from the Firm’s Executive Committee/Managing Partner.
2. Oversee the Firm’s Accounting Department.
3. Oversee the Firm’s Health and Welfare Benefit Plan.
4. Oversee the Firm’s Profit Sharing Plan and Trust.
5. Serve as the Firm’s Insider Trading Policy Clearance Clerk.
6. Serve as the Firm’s contact with external auditors and investment advisors.
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