Director of Partnership Accounting at Katten in Chicago, Illinois

Posted in General Business 20 days ago.

Type: Full-Time





Job Description:

Katten is a firm of first choice for clients seeking sophisticated, high-value legal services in the United States and abroad. Our nationally recognized practices include corporate, financial services, litigation, real estate, environmental, commercial finance, insolvency and restructuring, intellectual property, and trusts and estates. Our more than 700 attorneys serve public and private companies, including a third of the Fortune 100, as well as a number of government and nonprofit organizations and individuals. We provide full-service legal advice from locations across the United States and in London and Shanghai.

Director of Partnership Accounting

The Director of Partnership Accounting is responsible for all aspects of Firm Partnership accounting including analysis of all transactions relating to Partner remuneration and related equity accounting, preparation of Partners K1’s, as well as tax projections, and Partnership tax reporting.  Essential duties are performed personally, in collaboration with the Partnership Accounting Manager, and/or through delegation/supervision of subordinates.  The Director of Partnership Accounting maintains professionalism and strict confidentiality in all client and Firm matters.

This position can be located in either the Chicago, New York or the Washington, D.C. office at Katten.

Essential Duties and Responsibilities include, but may not be limited to, the following. Other duties may be requested and/or assigned. Essential functions are primary job duties that an individual must be able to perform successfully with or without a reasonable accommodation. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.


  • Maintain and implement procedures and protocols relating to partnership accounting consistent with Partnership Agreements, Firm policy, and business objectives.

  • Oversee partnership capital and withdrawal accounts by processing distributions and/or reimbursement accounts and entering adjustments.

  • Review monthly partner allocation of earnings, computing and withholding applicable deductions.

  • Prepare, process and coordinate distribution of partner bonus earnings and required deductions related to qualified and nonqualified plans, state tax and other withholdings.

  • Analyze and compile information relative to partner compensation assuring compliance with federal and state regulations and guidelines.

  • Compile and analyze information requisite to the preparation of partners’ Schedule K-1’s.  Prepare schedule for preparation of Schedule K-1’s, and coordinate distribution to Partners.

  • Analyze tax information relative to each partner and oversees preparation of partnership tax returns, including several separate partnership/LLC investment vehicles.  Maintain records and supporting documentation.

  • Investigate and report on tax issues as needed.

  • Coordinate and transition additions and withdrawals of partners to/from the Firm.

  • Develop methods and procedures to improve effectiveness and efficiency of Partnership financial reporting systems in response to partners’ needs.

  • Implement funding and withholding of contributions to qualified retirement plans, including computations of contribution accruals.

  • Maintain records for non-qualified retirement plans, including computation and payment of benefits, filing insurance claims, and coordination with outside advisors.

  • Maintain tax and accounting records for other firm-managed investment partnerships and LLC’s, including preparation of tax returns and management of capital calls from and distributions to partners.

  • Advisor to Firm Management regarding partnership accounting, tax accounting and nonqualified retirement plans.

  • Collaborates and directs the duties and responsibilities the Partnership Accounting Manager and other staff.

Supervisory Responsibilities

Directly supervises and manages employees and is responsible for their overall direction, coordination, and evaluation.  Carries out supervisory responsibilities in accordance with the Firm’s policies and applicable laws.

Knowledge, Skills and Abilities


  • Bachelor’s degree in Business, Finance, or equivalent (advanced degree preferred) and 10 or more year’s progressive accounting/financial management experience with a strong background in all areas of partnership accounting are required; or equivalent combination of education and experience.  Experience with K-1’s and partnership business models in a large legal or professional services financial department is also required.  Knowledge of domestic accounting and tax guidelines/standards is preferred.

  • Outstanding analytical and critical-thinking skills requiring an aptitude for detail, precision, and logic with comprehensive knowledge of complex accounting/financial principles and statistics in order to synthesize detailed information, collect and research data, use intuition and experience to complement data, and design workflows and procedures.

  • Ability to identify and analyze complex partnership accounting financial issues and problems and to recommend and implement solutions.  Ability to function in stressful situations and think strategically and analytically to troubleshoot and resolve issues quickly.

  • Understand business implications of decisions, display orientation to profitability, demonstrate knowledge of market and competition, and align work with strategic goals.  Work within approved budget, develop and implement cost saving measures, contribute to profits and revenue, and conserve Firm resources.

  • Exhibit high degree of initiative in exercising independent judgment and making decisions in managing multiple priorities and coordinating various projects in a fast-paced, deadline-driven, detail-oriented work environment.

  • Excellent interpersonal, verbal, and written communication skills.  Ability to communicate with courtesy and diplomacy, articulate positions and information clearly, and maintain effective relationships with a diverse group of attorneys, Firm Management, and administrative personnel.

  • Ability to generate creative solutions, translate concepts and information, use feedback to modify procedures, apply conceptual principles, and demonstrate attention to detail.

  • Ability to understand and support Firm goals, services, culture, and strategy in order to represent the Firm in a positive, professional manner.

  • Excellent organizational skills including record keeping, data collection, and system information.  Ability to compile and analyze data, and furnish concise, detailed information in report format, written correspondence, e‑mail, or verbally.

  • Ability to perform complex mathematical calculations and apply mathematical concepts when computing, reconciling balances, verifying numerical data, and preparing various accounting/financial and statistical reports.

  • Proven leadership characteristics including the ability to achieve results through others, establish multiple priorities and projects, handle complex relationships, and develop employees are critical.  Ability to respond effectively to the most sensitive inquiries or complaints.

  • Supervisory/managerial skills necessary in order to interact and communicate with key administrative staff, provide instruction/direction, determine organizational priorities, and coordinate the activities of a work team.

  • Computer proficient with extensive knowledge and understanding of Accounting database systems, Contact Management, Internet, Project Management, Excel Spreadsheet, and Word Processing software.

  • Occasional travel to other Firm locations may be requested.

We offer an outstanding benefit package which includes: medical/dental/vision, 401k with employer contribution; transportation fringe benefit program; back-up care option; generous paid time off policy; and long-term and short-term disability policies.

Katten Muchin Rosenman LLP is an Equal Opportunity Employer/AA-M/F/SO/Disability/Veteran.

See Job Description