How Specialized Law Firm Banking Benefits Firms and Their Clients
March 08, 2022
Like law firms, business banks cater to a variety of clients. A bank with a specialization in the legal sector can be a knowledgeable resource, providing everything from basic banking needs like credit cards and checking accounts to more complex financing requirements such as asset-based lending or commercial construction loans.
Banks with expertise in serving the legal profession can provide a variety of solutions to help law firms better serve their clients. The right bank can even be a resource to help your clients with their own business needs.
Here are three ways your bank can help you better manage the intricacies of law firm banking:
Settlement services: Having a single point of contact at a bank that supports all phases of the settlement process, from escrow through distribution, can provide your clients with exceptional service. If, for example, clients have encountered long holds on large settlement checks or you have faced problems getting payments to unbanked consumers, a bank with expertise and resources in that arena may be able to provide faster access to those funds.
Advanced treasury management: A bank that offers sophisticated treasury management tools can simplify your banking, accelerate receivables, improve your payment practices, hold your interest on lawyer trust accounts (IOLTA) and even help you manage cash flow. Your banker can assess your firm’s needs, including what you anticipate in the future as your firm grows and changes, and recommend the right suite of solutions.
Escrow services: Clients completing acquisitions or sales of their businesses can benefit from a smoother transaction when they hold escrow accounts at your bank. While trust and title companies provide this service, some banks are equipped to handle escrow accounts and disburse funds per your instructions. By keeping the transaction with a bank you know and trust, you can be confident your clients will receive excellent, personalized service.