Partnership Accountant

  • Job Reference: JO0000002704
  • Date Posted: 12 January 2022
  • Recruiter: Ryder Reid Legal
  • Location: City of London, London
  • Salary: On Application
  • Sector: Finance / Accounts
  • Job Type: Permanent
  • Duration: 18 Months
  • Work Hours: Full Time

Job Description

Exciting opportunity for a Partnership Accountant to join a leading international law firm on an 18-month contract basis. Operating within the heart of the firm's central management team, Executive Office, Partnership Affairs is responsible for the accounting and reporting of partnership profit, tax reserves, payments and capital on a partner-by-partner basis for all partners across multi-jurisdictions and multi- currencies. This key role working alongside the Partnership Accountant and the Director of Partnership Affairs provides an excellent opportunity for development in this niche accounting area.

Duties and Responsibilities:

  • Developing and maintaining the accounting and reporting of partner profits, drawings, distributions, tax retentions, benefits and capital contributions in collaboration with the Director of Partnership Affairs
  • Maintaining accurate and up to date records of the balances due to and from each partner, partner statements and distribution schedules
  • Maintaining profit allocation spread sheets and creating appropriate models for various profit/distribution scenarios
  • Providing partner remuneration references and other relevant financial information to third parties.
  • Overseeing the work of the Assistant Partnership Accountant, setting priorities and reviewing output.
  • Collaborating with the Finance Reporting team to develop and maintain a general ledger coding and structure for partner distribution and tax accounts
  • Delivering reconciled and accurate core partner related financial balances to the firm's accounting systems
  • Collaborating with the Finance team to ensure accurate transaction source data
  • Preparing draft tax computations for the firm's entities and resolving any queries
  • Ensuring Partners' tax affairs are properly recorded and pro-actively managed. Liaising with the firm's and partners' tax advisors, providing profit share and other relevant information.
  • Calculating and maintaining partner tax reserves, releases and reconciliations. Collaborating with partnership tax advisers to determine appropriate tax payments.
  • Assisting with international profit allocations and liaising with overseas offices on tax implications.
  • Reviewing and proposing allocations of tax advisors' fees
  • Liaising with the firm's bankers to resolve questions on partner capital loans
  • Mustering partners to supply the required information for capital loans and partner tax
  • Liaising with the firm's Payroll Manager to ensure accurate partner drawings and distribution payments
  • Providing partner remuneration related cash flow forecasts
  • Assisting with ad-hoc partner remuneration related projects, partnership matters, partnership elections, deed preparation and other partner focused initiatives

The ideal candidate for the Partnership Accountant role will have prior accounting or experience within a law firm or professional services environment. The ideal candidate will have studied or be studying for a formal accounting or tax qualification from a recognised accountancy body (ATT, ACCA, CIMA, or similar). A thorough understanding of management and financial accounting principles, including multi-currency and multi-unit consolidations as well as experience of dealing with partnership tax and associated tax returns is beneficial. You must be a team player who is solution focussed and accurate, as well as an excellent communicator and confident in liaising with people of all levels, including partners. You must have an understanding and appreciation of confidentiality. You must have an enthusiastic and proactive approach, common sense, and the ability to build strong relationships. If you meet the above criteria, then please contact Ryder Reid for immediate consideration.