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LawBiz® TIPS – Week of July 12, 2016

Election Considerations for Your Firm: Banking

It's election year, but it doesn't have to be an election year to talk about elections related to the business of law. One type of election that could occur in any year is the election of a bank for your firm.

Not every bank is a good candidate for every lawyer. Lawyers should look for banking candidates that give them the desired types of services and responsiveness that they want. For example, banks can typically offer the following types of services for law firms:

  • Credit arrangements to finance office relocation, leasehold improvements, capital expenditures and capital contributions, and other aspects of firms' cash needs.
  • Online financial network to facilitate cash management. Banks offer, for example, the opportunity to set minimum and maximum cash balances in the firm's general account with "extra" funds being transferred daily to money market, interest-bearing accounts and cash advances being drawn from a line of credit in the event that the general account falls below the minimum.
  • Attorneys' Investment Account (also known as Clients' trust account) that can simplify the management of clients' funds, consolidate recordkeeping and year-end Internal Revenue Service report preparation.
  • Payroll administration including tax reporting and recordkeeping.
  • Banking services for staff of the firm.
  • Short-term investment instruments such as certificates of deposit, business money market accounts, commercial paper, U.S. government agency repurchase agreements and other portfolio options.
  • Pension plan administration.

A bank can effectively handle not only the needs of the firm but also personal banking needs as well. Some of those needs include the following:

  • Personal loans
  • Home mortgages
  • Interest-earning deposit accounts
  • Discount brokerage
  • Custody (trust) services)
  • Trust and estate services
  • Personal financial planning

Not all services are necessarily available at all banks. Thus, lawyers need to carefully elect the candidate that will best represent their needs.

If you are looking for helpful advice on banking for your law firm contact us today at 800-837-5880.



Election Considerations for Your Firm: Banking

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