You may already be taking advantage of sophisticated banking solutions to maximize efficiencies in your law practice. Specialized treasury management tools can simplify your banking, accelerate receivables, improve your payment practices, hold your IOLTA account, and even help you manage cash flow. However, your banking resource also may offer benefits that meet your clients’ needs, thanks to the relationship you have built with your bank.
For example, your clients might have encountered long holds on large settlement checks, which of course can be frustrating. However, with banks that have significant expertise in banking for the legal profession, specialized products and services can make a difference. Some banks offer the option to have your clients open settlement accounts at the same institution, ensuring faster access to funds. Not only are you offering your clients an important convenience, but you are also introducing them to excellent customer service you trust.
Similarly, your clients completing acquisitions or sales of their businesses can benefit from escrow accounts at your bank. While trust companies and title companies can provide this service, banks like Western Alliance are equipped to handle escrow accounts and disburse funds per your instructions. By keeping the transaction with the bank you know and trust, you can be confident your clients will receive excellent, personalized service.
Finally, if your bank has expertise in a wide variety of businesses and industries, introducing your clients to a thoughtful and knowledgeable banking resource can be a helpful, value-added. From basic banking needs like credit cards and checking accounts to more complex financing requirements like asset-based lending or commercial construction loans, thanks to your recommendation, your clients could gain access to a smart banking resource that can help them in their own businesses. Contact Western Alliance to learn more ways your bank can serve your clients.