Law Firm Banking.
Helping your firm make sensible use of your capital.
For the good of both you and your clients.
Maximising interest on client and office money.
We understand that the interest earned on money held in your client and office accounts can be an important contributor to the firm’s income.
Although law firms are duty bound to pay clients fair and reasonable rate of interest on monies deposited, you can still leverage your aggregate pool of client money to access higher interest rates, then retain a portion of the income. To that end, we’ve helped our clients to better generate thousands of pounds of additional income.
It’s also important that you have a clear policy in place regarding the treatment of interest earned on client money, and that you structure your accounts appropriately in light of your firm’s day-to-day processes, the SRA Accounts Rules, and any financial risks that might arise.
We can help you to understand your commercial banking options to generate income for your firm, then utilise our extensive network to set you up with a banking relationship designed to maximise your returns.
Are you ready to earn more interest on your client monies?
The primary objective of a law firm is not to focus on income from client monies, but you can’t ignore an opportunity to generate significant income with very little effort.
With the rising costs of doing business, an uncertain economic outlook and the difficulty of recruiting fee earners to help generate income, law firm leaders must explore opportunities to protect profit levels.
The 'Client Money Interest Scorecard' is the first step to creating a sustainable strategy which will deliver valuable recurring income for your law firm.
It takes only 2 minutes to complete, but will help to uncover how your firm could generate additional income. You’ll be presented with twelve multiple choice questions, and won’t be asked to provide any sensitive financial information.
You can use the result to outline how much extra you could be earning.
Make your money work for you.
Many legal practices control significant levels of office money, yet earn little or no interest from their banks.
The administrative burden of opening accounts with new providers tends to discourage firms from accessing greater returns and de-risking their cash management practices. To that end, we have partnered with award winning cash management platform Akoni Hub to help our clients seamlessly and effectively manage their firm’s office accounts
"Law firms are tired of their bank paying low rates of interest on client monies. With the ability to earn tens of thousands of pounds in additional income, make sure your client money works as hard as you do.