Law firm banking needs are typically quite different from other service businesses, and the right banking partner should be attuned to a law firm’s unique priorities, no matter their size. If your firm is seeking a banking partner, consider the dedicated expertise you’ll need to save your firm time and money while providing a layer of protection from risk and fraud.
When taking on responsibility of your clients’ funds, consider a banking partner that can help reduce your risk and increase your efficiency by providing sub-accounts for individual client funds, as well as education and practices to prevent fraud from impacting your firm. “A lot of law firms still think it’s easier to pool all of their escrowed client funds in one account, but doing that means forgoing the fraud protection that comes from isolating those funds,” says Jeffrey Mercado, CFP, MBA, Segment Leader and Senior Managing Director of Law Firm Banking at Sterling. You’ll also want to consider a banking partner with perks like private banking, business credit cards with higher limits, and financing solutions that will allow you to better support and retain your law firm partners.
PARTNERSHIP PERKS – HOW PRIVATE BANKING CAN SUPPORT RECRUITMENT AND RETENTION
The right banking partner will not only support your law firm’s operational and escrow accounts—they will support you in getting and keeping the talent you need. Take a look below for valuable tools your banking partner can provide to help you retain your law firm’s partners.
PARTNER CAPITAL LOANS
Requiring an equity contribution from new partners can add a financial burden to attorneys. Ensure your banking partner can provide capital loans for these new partners.
Add convenience and personalized service to the banking experience of your most valued attorneys, without the minimum balance required at most banks.
RETIREMENT PLAN BENCHMARKING
For both newer attorneys and those approaching retirement, providing access to financial support and confidence is a major tool for acquisition and retention.
To learn more about specialized banking services to support your law firm, visit snb.com/law-firm-banking or call (855) 274-2800.