OnlyLaw
Finance Manager
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Finance Manager
Location: North London
Job Type: Full-time, Permanent, office based
Salary: Competitive, depending on experience
About Only Law
Only Law is a growing UK legal recruitment company specialising in the recruitment of legal and professional services professionals. We work with a range of law firms and legal organisations across the UK, supporting them in identifying and recruiting high-quality talent.
We are currently recruiting on behalf of one of our law firm clients for an experienced Finance Manager to take responsibility for the day-to-day financial operations of the firm and provide accurate, timely financial information to senior management and Partners.
This is a hands-on role suited to an experienced finance professional who has previously worked within a UK law firm and understands the specific financial, regulatory and operational requirements of a legal practice.
The Role
As Finance Manager, you will oversee the firm's finance function, ensuring strong financial controls, accurate reporting and compliance with relevant UK regulations and Solicitors' Accounts Rules (SRA Accounts Rules).
You will work closely with Partners, fee earners, management and external advisers, providing financial insight and supporting the firm with budgeting, forecasting and financial planning.
Key Responsibilities
Financial Management & Reporting
- Take responsibility for the firm's day-to-day finance operations.
- Prepare and review monthly management accounts, including P&L, balance sheet and cashflow reporting.
- Produce regular financial reports and management information for Partners and senior management.
- Prepare financial analysis, variance analysis and commentary.
- Monitor the firm's financial performance against budgets and forecasts.
- Support month-end and year-end accounting processes.
Legal Finance & SRA Compliance
- Ensure compliance with Solicitors' Accounts Rules and relevant regulatory requirements.
- Oversee client account and office account transactions and reconciliations.
- Review client account balances and ensure appropriate transfers between client and office accounts.
- Maintain appropriate financial controls and accounting procedures.
- Support SRA client account audits and regulatory reporting.
- Identify and escalate unusual transactions or financial discrepancies.
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Billing, WIP & Credit Control
- Oversee the firm's billing and invoicing processes.
- Work closely with Partners and fee earners to ensure timely billing.
- Monitor WIP, aged debt and recovery rates.
- Oversee credit control and follow up outstanding balances.
- Review invoices, disbursements and client-related financial transactions.
- Provide financial information to Partners to support matter and client profitability.
Budgeting & Cashflow
- Assist with annual budgets and financial planning.
- Prepare and maintain cashflow forecasts.
- Monitor expenditure and identify potential cost savings.
- Support Partners and senior management with financial decision-making.
- Monitor the firm's banking arrangements and cash position.
Payroll, VAT & Tax
- Oversee payroll processes and liaise with external payroll providers where applicable.
- Ensure VAT returns and related payments are prepared accurately and on time.
- Liaise with external accountants and tax advisers.
- Assist with partnership/LLP accounting and tax matters where applicable.
- Support statutory accounts and audit preparation.
Team & Stakeholder Management
- Manage, supervise and develop members of the finance team.
- Work closely with Partners, solicitors, fee earners and operational staff.
- Liaise with external accountants, auditors, banks and other professional advisers.
- Provide clear and commercially focused financial advice to senior stakeholders.
- Improve financial processes, controls and systems across the firm.
Essential Requirements
- Previous finance management experience within a UK law firm is essential.
- Strong practical knowledge of SRA Accounts Rules.
- Experience with legal billing, WIP, aged debt and credit control.
- Experience with client and office accounts and reconciliations.
- Strong knowledge of UK accounting principles, VAT and financial controls.
- Experience preparing management accounts and financial reports.
- Experience with budgeting, forecasting and cashflow management.
- Strong Excel skills and confidence working with financial systems.
- Excellent attention to detail and numerical accuracy.
- Strong communication and stakeholder-management skills.
- Ability to work independently and take ownership of the finance function.
- Previous experience managing or supervising finance staff is desirable.
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Qualifications
- ACA, ACCA, CIMA or equivalent qualification is desirable.
- Part-qualified candidates with substantial UK law-firm finance experience may also be considered.
Desirable Experience
- Experience with legal practice management/accounting systems such as Aderant, 3E, Elite, LEAP, Clio, Actionstep or similar would be advantageous.
- Experience working with an SRA-regulated law firm and familiarity with LLP/partnership accounting would also be beneficial.
What We Are Looking For
We are looking for a hands-on Finance Manager who understands that finance within a law firm is different from general commercial finance. You will need to be comfortable working with Partners and fee earners, dealing with client money, billing and WIP, and ensuring that the firm's financial processes remain accurate and compliant.
The successful candidate will be organised, commercially aware, proactive and confident in taking ownership of the firm's finance operations.
How to Apply
If you have UK law-firm finance experience and are looking for an opportunity to take ownership of a growing legal practice's finance function, we would like to hear from you.
Please submit your CV outlining your relevant law-firm finance experience and qualifications.
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