Starting a Law Firm: Choose A Bank Near Your Office

Starting a law firm?  Choose a bank near your office.

As an associate at a 5 lawyer firm, I never dealt with the firm’s bank – we had a bookkeeper. She went to the bank. ¬†

Opening a law firm means spending time in the bank. Initially, you will spend hours setting up the right accounts. I have an operating account and two IOLTA accounts. The bank also extends me a line of credit. Lawyers trust accounts are highly regulated and are time consuming to open.

My bank is a half mile from my office. Even in the age of online banking being able to scan checks – I can’t convey the convenience of having my office close to my bank.

I can only wire money from my bank. When I have a real estate closing, I need to deposit certified funds at my bank. Almost always, I’m pressed for time.

Your relationship with your bank is important. I always go in to deposit checks. This allows me to build relationships. This helps when I have an emergency and need quick assistance. It has also earned me cases and referrals.

If you are opening shop, be sure to know what banks are within 2 miles of your office. Locating near the right bank is smart business.

Ryan McKeen is a trial attorney at Connecticut Trial Firm, LLC in Glastonbury, Connecticut. In 2016, he was honored by the CT Personal Injury Hall of Fame for securing one of the highest settlements in the state. He is a New Leader in the Law. ABA 100. Avvo 10. 40 under 40 for Hartford Business Journal. He has been quoted in Time Magazine, the New York Times, Hartford Courant, Wall Street Journal Law Blog and the Hartford Business Journal. He focuses his practice on Connecticut Personal Injury law. He loves what he does. Contact him ryan@cttrialfirm.com or 860 471 8333