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.