A Bank Is More Than Just Checking and Trust Accounts: Let Your Bank Work for You

By Sharyn R. Kohara
Vice President & Preferred Banking Advisor, City National Bank
Member of SoCalPROS OC Chapter

As legal administrators work to increase office productivity and efficiency by applying the “squeeze” to nearly every aspect of managing their firms – wringing every drop of extra cost where possible and streamlining processes like hiring and interoffice communication – a key area typically goes untouched:

Banking.

New advancements like online banking certainly catch on fast, but generally speaking law firms are missing out on a wealth of benefits simply because they don’t fully take advantage of a resource that’s already there.

A productive banking relationship can help firms save money, increase cash management efficiency, decrease concerns over potential fraud losses and gain referrals, for starters.

Here are a few tips on making your banking relationship work for you.

Choose Your Bank Wisely

Not all banks are created equal, so it pays to do your research. Look for:

• A bank that assigns your firm a specific relationship manager – an experienced professional who will serve as your primary point of contact and help you understand and utilize the full range of the bank’s resources.
• A bank that understands that the business matters of the firm are closely intertwined with those of its partners; has the experience, expertise and capabilities to create the right financial solutions for both.
• A bank that is committed to serving law firms and the legal community. Some banks specialize in law firms and dedicate significant resources to understanding the specific issues that law firms face. Your banking needs are different than those of other companies – your bank should understand that and provide services to meet those unique needs.
• A bank that offers advanced fraud prevention systems designed to reduce the occurrence of check and wire transfer fraud, coupled with training programs that help you incorporate pre-employment screening and other internal fraud-prevention techniques.

Work With Your Bank Efficiently

Once you’ve selected a bank that meets these requirements, make the effort to cultivate this new relationship. This is the key to turning a basic banking coexistence into a flourishing relationship that will save you time, money and operational headaches in the long run.

• Keep your relationship manager informed about the key achievements of your firm and its partners (for example, when someone makes partner or when you have plans for an office expansion). An easy way to do this is by putting your relationship manager on the mailing list for all newsletters, news releases and any other external communication – and any internal communications that are appropriate.
• Help your bank understand your day-to-day operations, so it can know where to jump in with specialized cash management products and other services that increase operational efficiency. Banks usually provide more than just checking and trust accounts. Take advantage of other offerings like online cash management, day-to-day real-time viewing of cash operations, lending for working capital or capital improvement needs, partner buy-in loans and much more.
• Get to know your bank and the banker who manages your relationship. Your bank can serve as a trusted advisor – but only if you allow your relationship manager to get to know you and your firm.
• Prevent fraud by working closely with your bank. Participate in training programs offered by your bank that address how to screen potential employees, increase data and information system security and more.
• Don’t forget that your bank is a source of potential referrals. The clients of a bank’s trust area, in particular, often need estate attorneys. If you’ve already cultivated an ongoing relationship, most bank relationship managers will gladly refer their clients to your firm. Banks also have their own legal needs.

In short, take advantage of the full benefits and resources available through a good relationship bank. Some banks are willing and able to be flexible in how they meet your needs. Some are able to serve the firm, as well as its partners, associates and staff with a full range of business and personal banking capabilities. Find a bank like this and get to know it – and let it get to know you. 
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Sharyn Kohara is a Preferred Banking Advisor with City National Bank’s Orange County Airport Office in Irvine. She can be reached at 949.223.4097 or sharyn.kohara@cnb.com.