How Experienced Bankers and Tailored Solutions Can Help Your Law Practice
April 27, 2017
A successful law firm needs the right mix of partners, clients and revenue to thrive. To achieve this, attorneys need keen knowledge and experience in the best practices of law firm management, including choosing an able banking resource. After all, attorneys who run their own firms are not only lawyers, but small business owners, as well.
Because all banking needs are not created equal, it’s important to answer your specific banking and financing needs with the right mix of experience and customized product solutions for the legal profession.
For example, different practice areas and different cases mean different cash flow situations. Plaintiff attorneys defending individuals in debt collection lawsuits may require payment at the start of the case, in order to cover many trial costs and depositing the money into their cash flow cycle. But a trial attorney dealing with a complex personal injury suit has their hands bound until the check arrives after settlement – which, of course, could take months or even years.
This is why attorneys should seek out a bank with expertise in banking for law firms to help keep their practices running smoothly. While many banks offer similar basic services – treasury management, lines of credit, credit cards and more – a bank that lacks experience with law firms might not be able to provide creative solutions specifically tailored to your industry. It makes sense to select an expert with prior specialized experience – the same way selecting an experienced lawyer makes the most sense for your clients.
Picture your firm in the middle of a long-term case, generating receivables and billing hours. You may be stuck in months of litigation with many trial-related costs: expert witness costs, administrative costs and court filing fees, to name only a few demands on your resources.
Law firms certainly have other equally demanding needs, from working capital to funding partner-related buy-outs and more.
But no matter the details of your practice – whether you specialize in civil litigation, family law or corporate contracts – a bank well versed in customizing a line of credit that reflects your cash flow and working capital needs can be a valuable resource. Of course, banks with a desire to work with law firms also should offer the array of settlement, escrow and IOLTA accounts utilized by legal professionals.
It’s important to consider what challenges are at the core of your day-to-day business processes to help you find the right business bank. Banks with strong ties to the legal community are knowledgeable about the nature of the industry’s internal economy, changing regulations and opportunities. These financial institutions may offer continuing education for you and your associates, donate to legal nonprofits, and on a client-service level, regularly pursue opportunities to learn more about your specific business and operations.
If you’re the sole attorney of a private practice, Bank of Nevada recommends you seek out a responsive and expert banking resource, with bankers who already knows the legal ropes, and demonstrates the commitment to learning about and meeting your firm’s precise financial needs.
We understand the complexities of the legal industry and provide flexibility for law firms ever-changing financial needs. Whether you need products as simple as business checking or IOLTA accounts, or services such as treasury management, let our team help your law firm find banking solutions designed for you. Contact Bank of Nevada today to learn more about our legal industry expertise as well as our unique financial products and services.
First Independent Bank
First Independent Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 1999, First Independent Bank offers a full spectrum of tailored business banking solutions and outstanding service, with offices in Reno, Sparks, Carson City and Fallon. Part of top-performing Western Alliance Bancorporation, with more than $65 billion in assets, First Independent Bank has the reach, resources and local market expertise that make a difference for customers.