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: 

  1. 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. 
  2. 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. 
  3. 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.

To learn more about how our trusted advisors can support your legal services company with customized solutions tailored to your firm or your clients’ needs, contact your Western Alliance relationship banker

About Us

NewLaw Banking Group

Western Alliance NewLaw Banking Group, a national banking group within Western Alliance Bank, Member FDIC, is built for the future of the legal services industry. We deeply understand the business of law and where it is going. Combining this knowledge with creative financing solutions, leading technology and a white-glove approach to client service, our NewLaw Group is the right choice for law firms and other players in the legal ecosystem that are ready to go beyond tradition and ensure their future. The NewLaw Banking Group is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. With significant national capabilities, the NewLaw Banking Group delivers the reach, resources and deep industry knowledge that make a difference for customers.