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Jun 28, 2017


Law Firm Accounting/Finance Position

Question:

Four of my partners and I have just split off from a large law firm in Phoenix, Arizona and have started a litigation boutique firm with five associates. As we staff our nine attorney firm we are planning on hiring someone to handle our accounting and manage our finances. What type of position should we create and what level of experience should we be looking for?

Response:

The size and skill of a law firm’s financial function usually varies directly with the size of the firm. Larger firms with a larger volume and more complex transactions require more sophisticated systems, procedures, and controls, and personnel with the knowledge and experience to operate effectively and efficiently in a more complex environment. The title for a law firm’s Chief Financial Officer will usually vary with the skill required for the position. Typical titles include:

In a small firm such as your firm, where financial activities are typically uncomplicated and volume is relatively modest, an Accounting Manager ordinarily oversees the Finance Function. The Accounting Manager is often a Bookkeeper/Billing Collections Clerk who handles the accounting, payroll, billing, and collections.

Some firm’s your size hire an experienced firm administrator to handle the Accounting Manager functions as well as managing other aspects of the firm such as human resources, IT, facilities, marketing, etc.

I suggest that you hire a experienced firm administrator or full-charge bookkeeper.

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John W. Olmstead, MBA, Ph.D, CMC

 


Posted at 08:24 AM in Financial Management
Tags: Accounting, Finance, Firm, Law, Position(s)

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