Cost Business Partner

Watson Farley & Williams (WFW) is a sector-focused international law firm with extensive expertise and industry insight across its core sectors of energy, infrastructure and transport. Through its network of 19 offices, the firm advises clients on complex, high-value transactions and disputes – matters requiring precise legal execution and a nuanced understanding of global market dynamics.

The firm’s success is driven by its people. It fosters a collaborative, inclusive and supportive environment where everyone can grow, share ideas and make an impact. Guided by its values –We are experts, We are united and We care – the firm delivers exceptional service through strong relationships and teamwork. The firm is committed to clear career paths, championing diversity and investing in its people so they can thrive.

Role overview

An opportunity has arisen for a Cost Business Partner to join the Global Finance team. The role will partner with business directors, office heads and functional leaders to improve cost performance across the firm. It will identify and quantify cost saving opportunities, develop evidence based recommendations, support stakeholders in implementing agreed initiatives and track benefits through to delivery. The role will also lead cost forecasting, variance analysis and budget challenge, translating financial data into practical commercial actions. Success will require strong analytical skills, attention to detail, constructive challenge, effective communication and the ability to influence senior stakeholders.

Key activities/responsibilities

Cost optimisation and benefits delivery:

• Build a detailed understanding of the firm’s cost base, key cost drivers and operational dependencies.
• Proactively identify cost reduction, cost avoidance and efficiency opportunities through internal analysis, benchmarking and stakeholder insight.
• Develop robust business cases that quantify financial benefits, implementation costs, risks, cash flow impacts and operational consequences.
• Present clear recommendations to budget holders and senior management, constructively challenging existing expenditure and ways of working.
• Partner with stakeholders to implement approved initiatives, with defined owners, milestones and delivery plans.
• Maintain a cost savings pipeline and benefits tracker, distinguishing between recurring savings, one off savings and cost avoidance.
• Validate realised savings against agreed baselines and report progress, risks and corrective actions.
• Conduct supplier, contract, demand and consumption analysis in partnership with Procurement and relevant functions.
• Share successful initiatives across offices and functions where opportunities can be replicated.

Management accounting:

• Analyse month end performance, identify the underlying drivers of material variances and agree corrective actions with budget holders across all offices.
• Own regular cost performance reviews with business directors and office managers to:
• Own a rolling cost forecast that reflects current run rates, committed expenditure, planned initiatives and emerging risks and opportunities.
• Translate monthly and ad hoc variance analysis into clear recommendations and agreed actions.
• Constructively challenge expenditure, forecast assumptions and deviations from budget, recommending actions to address adverse trends.
• Assess projects and future plans, including their cost, cash flow, risk and operational impacts.
• Develop concise, action-oriented monthly departmental packs covering costs, headcount, risks, opportunities and agreed interventions for business directors and office managers.
• Develop transparent and commercially appropriate cost allocations, including global, regional and local office recharges.
• Improve the chart of accounts and presentation of the management accounts to enable accurate, automated and decision useful reporting.

Budgeting:

• Own the cost elements of the annual budgeting process, partnering with business directors, office managers and office heads to set credible, evidence based plans.
• Agree salary costs and headcount with HR, continually reconciling salary headcount against revenue headcount and challenging underlying assumptions.
• Build the capital project budget with business directors and office managers, preparing recommendations for senior management approval.
• Lead continuous improvement of budgeting timelines, processes, reporting, templates and systems, implementing agreed changes.
• Produce the annual cost rates, ensuring the methodology and assumptions are clearly documented and understood.
• Deliver budget phasing and system loads accurately and to timetable.

Other:

• Coordinate the annual PwC and quarterly Deloitte benchmarking survey submissions, using relevant findings to inform cost recommendations.
• Act as a key contact for International Finance teams, promoting consistent analysis and sharing cost improvement opportunities.
• Support the training and development of junior team members and delegate work effectively.
• Lead or contribute to ad hoc commercial analysis and projects.
• Prepare and validate data for the new global expense management system.

Measures of success

• Quality and value of the cost opportunity pipeline.
• Agreed savings implemented and independently validated against approved baselines.
• Forecast accuracy and early identification of cost risks and opportunities.
• Quality, timeliness and actionability of management information and recommendations.
• Stakeholder engagement and adoption of agreed recommendations.
• Demonstrable improvements in reporting automation, cost allocation and decision making processes.

Skills and experience – desired

• Demonstrable experience of identifying and delivering cost savings or operational efficiencies.
• Strong business partnering, influencing and constructive challenge skills, including experience of working with senior management.
• Experience of preparing business cases and presenting practical, evidence-based recommendations to senior stakeholders.
• Ability to analyse large and complex datasets and convert findings into clear commercial actions.
• Strong understanding of cost drivers, forecasting, budgeting and benefits realisation.
• Experience of project delivery, process improvement or change implementation.
• Advanced Excel skills; experience of Power BI and the firm’s Expert system would be desirable.
• Experience in a law firm or professional services environment would be desirable.

We offer a competitive benefits and wellbeing package for all employees.

Additional information

The Firm promotes a culture of agility and flexibility and is fully supportive of flexible working arrangements where these can be accommodated.

Equal opportunities

Diversity and inclusion are integral to the firm’s strategy and underpin its efforts to attract and retain top talent. All employment decisions are made objectively, based on merit and ability and the firm is committed to inclusive and barrier-free recruitment. As a Disability Confident employer, WFW welcomes adjustments for candidates with disabilities or long-term health conditions and participates in the Disability Confident interview scheme. If you would like to apply through this scheme or require adjustments during any stage of the process, please contact London_Recruitment@wfw.com .

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