Revenue Management Analyst

IL LLP•Chicago, IL

10h•Hybrid

About The Position

The Revenue Management Analyst will support the Revenue Management Manager and Revenue Management Associate Manager through monitoring, management, and reporting of items that impact the Firm’s revenue cycle. This includes the following: Accounts Receivable and Unbilled Time backlog, Missing Time, Unassigned Time, and Unapplied funds. The Revenue Analyst will interface with firm management, support staff, and timekeepers to gather information regarding items that impact the revenue cycle in order to identify those items that are at risk for financial loss. The Revenue Management Analyst will be expected to recognize when at risk warning signs exist and to escalate timely so that appropriate action is taken to mitigate the risk. The Revenue Management Analyst will also work closely with the Revenue Management Manager and Revenue Management Associate Manager in assessing current processes and systems for managing and reporting on the revenue cycle and develop solutions and improvements, as necessary.

Requirements

Bachelor’s degree in Finance, Accounting, Economics or a related field
A minimum of 3 years of experience with financial and/or operational analysis
Experience with financial and/or operational data analysis
Experience in defining processes, conducting root cause analysis, and delivering process improvements
Advanced Excel skills and proficiency with other Microsoft Office products (e.g. PowerPoint, OneNote, Access)
Strong organizational skills
Strong attention to detail
Good judgment
Strong interpersonal communication skills
Strong analytical and problem-solving skills
Able to work harmoniously and effectively with others
Able to preserve confidentiality and exercise discretion
Able to work under pressure
Able to manage multiple projects with competing deadlines and priorities

Nice To Haves

Previous experience working in a law firm or other professional services firm
Experience with Elite 3E

Responsibilities

Monitor, analyze and report on backlog and key revenue metrics for assigned Global Practice Group/s.
Apply professional skepticism and sound judgment throughout this process in order to identify potential risks and recommend action items.
Develop and maintain reports that provide timely and effective information regarding the status and details of the Firm’s backlog.
Update as necessary to allow management to make business decisions.
Provide actionable insights to firm management, partners, and other revenue departments to optimize revenue and reduce financial leakage.
Conduct root cause analyses of adjustments to time accrued on matters and identify opportunities for process improvements that could prevent similar issues in the future.
Leverage credit risk scoring tools, historical realization performances, fee structures, billing frequency requirements, and other criteria to help in assessing the collectability of the backlog.
Review, report on, and follow-up on Unassigned Time and Missing Time balances to ensure the time is recoverable.
Analyze Unapplied balances to determine the appropriate treatment of such balances; work with the Partners, Billing, Accounts Receivable or other revenue functions to ensure the balance is addressed timely and accurately.
Identify opportunities to leverage AI and other technology solutions to enhance reporting efficiency, improve data analysis, and reduce manual effort within the Revenue Management processes.
Provide excellent customer service to our attorneys, clients, and other Firm personnel.
Performs other duties, as assigned or as judgment or necessity dictates.