Partnership Accountant at Freshfields in New York

Job description

• The Global Finance function ensures robust financial control across our global operations, whilst partnering with the firm as a valued commercial advisor, influencing strategic decision making and driving long term profitable growth for the firm.
• We achieve our vision with all our people working collaboratively with a shared culture and identifying themselves as part of one inclusive Global Finance team.
• The Partnership Finance team is responsible for all aspects of partner remuneration and partner funding across the Firm.
• This includes the calculation of partners' profit shares; payment of drawings and distributions; calculation and administration of partner benefits; management of partnership capital and capital loans (including input on funding requirements and cashflow forecasting). The team also manages the administration and payment of the partners' annuity schemes.
• The Partnership Finance team is responsible for maintenance of partner and annuitant data, as well as effective implementation of balance sheet controls for relevant accounts.
• The Partner Finance Accountant will support the team in the accurate and timely processing of partner remuneration, partner capital and annuity administration, and financial control activities, working under the guidance of the Partner Finance Senior Accountant.

Responsibilities

• Partner Remuneration
• Assist with the allocation and distribution of partner profit shares, including preparing partner statements, in accordance with partnership agreements and firm policies.
• Process partner monthly drawings and related tax reserving and insurance/capital deductions under guidance from the Partner Tax team and Partner Finance Senior Accountant.
• Assist with administration of the retired partners' annuity scheme, including calculation of annuities and preparation of quarterly statements.
• Support the collation of data for partner equity forecasting.
• Partner Capital Management
• Maintain accurate records of partner capital accounts.
• Assist with administration of partner loan facilities, including interest calculations and capital repayments.
• Support monitoring of partner capital requirements.
• Financial Control & Audit
• Support compliance of partnership accounting activities with relevant accounting standards (e.g., IFRS, GAAP), tax regulations, and internal governance frameworks.
• Perform balance sheet reconciliations for allocated accounts.
• Provide information and support to external auditors during the annual audit process.
• Assist with preparation of partner tax information (e.g. R185 forms).
• Process Improvement & Systems
• Support identification of process efficiencies and improvements within the partnership finance function.
• Maintain accurate and up-to-date process documentation.
• Support maintenance of partner and annuitant data within the Partnership Finance software solution.
• Stakeholder Management
• Respond to routine partner queries on financial matters related to profit share distributions and capital, escalating more complex matters as appropriate.
• Liaise with other finance teams (e.g., Tax, Treasury, Reporting), HR, and legal departments as required.
• Provide ad-hoc administrative and analytical support as required.

Requirements

• Part-qualified accountant (studying towards a recognised accounting qualification) or qualified by experience.
• Good communication skills and the ability to build effective working relationships.
• Strong attention to detail and accuracy.
• Interest in, and willingness to develop, an understanding of Partnership Finance.
• Organised, able to meet deadlines and manage multiple tasks.
• Proactive, with a continuous improvement mindset.

Skills

Required

• Good communication skills
• Strong attention to detail and accuracy

Benefits

• For individuals assigned and/or hired to work in New York and California, Freshfields is required by law to include a reasonable estimate of the compensation range for this role. This compensation range is specific to the States of New York and California and takes into account the wide range of factors that are considered in making compensation decisions including but not limited to skill sets; experience and training; licensure and certifications; and other business and organizational needs. The disclosed range estimate has not been adjusted for the applicable geographic differential associated with the location at which the position may be filled, and compensation decisions are dependent on the facts and circumstances of each case. A reasonable estimate of the current range is $100,000 to $125,000.