Tips and Trends for Legal Business Banking in 2023
Creating exceptional relationships with your legal clients is essential—but building a similar, solid rapport with your banker is, too. For tips on how to do this, as well as some current trends in the legal banking industry that are especially noteworthy, read on.
Find a Bank that is Experienced in the Legal IndustryLegal business banking is definitely not a one-size-fits-all concept. There are a wide variety of law practices, and different firms require different types of bank accounts and services. When looking for a bank, ask if they have a legal industry division that is staffed with experts in the field of law. For instance, Western Alliance Bank works with a wide number of legal specialties, from litigation to intellectual property and more. Based on what type of firm you have, they can suggest the best types of accounts, including Interest on Lawyers’ Trust Accounts (IOLTA), which is an interest-bearing account created for attorneys with interest pooled to offer pro bono legal assistance funds.
Schedule Regular MeetingsDepending on what types of financial services your legal firm needs, you may work with one banker or perhaps a team that includes a loan officer and client representative. Reach out to your bank and ask to set up a meeting—this can either be in person or through a video call. During the first meeting, go over what your firm does and what goals you may have in mind for expansion, and basically take the time to get to know each other. Then, ask about setting up a regular meeting to check in—anywhere from every month to several times a year is ideal.
Be Forthright About Financial ChallengesAnother way to build a great relationship with your banker is to be honest about any financial concerns or difficulties you might be having. The more your banker knows about your situation, the more they will be able to help. Remember that your bank offers more than savings and checking accounts and assistance with legal business loans—they can also suggest innovative and helpful banking products and strategies.
Current Trends in BankingThe trends in the legal banking arena pretty much mirror what’s going on in the banking industry in general. For instance, more recently banks are investing less in physical branches and spending more on self-service digital channels. As a busy professional, being able to take care of most, if not all, of your legal banking through a wearable device or smartphone can free up a great deal of time in your day. While getting to know your banking team is still important, knowing that you can do most of your day to day banking through the internet is reassuring.
Another current trend that is probably worth looking into is the rise in popularity of digital payment options such as Zelle. While using this type of service requires you and your clients to enroll with the platform, it is a convenient and quick way to get a payment.
Investing in Your Relationship with Your Banker will Pay OffTo help your law firm be as successful as possible, you not only need a steady stream of clients but also a positive relationship with your banker. By finding a bank that is highly experienced in legal banking, and scheduling regular meetings that include going over goals and concerns, you will enjoy a positive relationship with your banking team in 2023.
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