Partner Payroll Accounting Manager

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Partner Payroll Accounting Manager

Responsibilities: Responsible for managing the global partner payroll process. Manage the partner payroll analyst, including the preparation of the annual performance review, overseeing and reviewing work performed and continuous training and mentoring. Prepare the monthly draws, periodic distributions, and special compensation payments for all Firm partners (200+ individuals). This includes use of the firm’s internal partner payroll system. Prepare and submit payments of California tax withholdings for nonresident partners along with quarterly and annual tax compliance filings. Coordinate with Tax, Retirement, Benefits and Accounts Payable teams to ensure correct withholds and treatment, and coordinate with General Ledger team to ensure proper accounting treatment. Prepare annual pay schedules for international partners. Maintain accurate listing of compensation deals. Maintain monthly schedule of shares. Assist with onboarding new and lateral partners. Prepare withdrawal statements for departing and retiring partners. Research and troubleshoot pay discrepancies, and resolve any compensation-related issues. Review and track partner compensation agreements, ensure compliance with guaranteed payments and agreed bonus amounts. Manage partner capital buy-ins, withholds and returns including coordination of partner loans from participating banks. Obtain periodic updates of partner loan balances from banks. Pay periodic interest payments to banks on behalf of international partners. Performing routine audits to ensure accuracy between payments, partner payroll system and general ledger. Process general ledger files from each draw and distribution, ensuring it is posted timely and accurately. Reconcile tax liability accounts in the general ledger to ensure that all taxes and other compensation withholdings are deducted and settled accordingly. Before transmitting the compensation each pay period, prepare an analysis of compensation expenses comparing the amounts to prior periods. Investigate all material or unexpected variances. Look for ways to improve and develop efficiencies and assist with them in the Compensation Process; update Policies and Procedures to reflect same. Prepare income verification letters when requested. Maintain listings of retired partners for monthly pension payments. Track monthly undistributed income. Prepare monthly partner compensation details to FP&A. Mail monthly pay slips to retired partners. Compute annual benefit for newly retired partners. Obtain retirement benefit elections from retiring partners. Completes projects on various issues when needed.

Additional Information

Job ID: 1667

Company info

O'Melveny & Myers LLP.
Janice Leung
400 South Hope Street
Los Angeles
California
United States 90071
Website : https://www.omm.com/