Today, Law firms face unprecedented challenges with global clientele and their complex requirements. As a part of efficient financial management law firms rely on insight and expertise of an experienced banker.
The standard services banks offer are monlty or quarterly account reports and online cash management services. Banks also offer trust and escrow account services.
Some additional servies offered by banks inlcude, advisory services after thorough research on issues such as an increase in the number of partners over associates and escalating costs for talent and resources. Some specialized services offered by banks for law firms include annual surveys of law firm performance which analyze the annual fiscal performance. Another service is that which records and compares the projected expectations and actual performance of managing partners of respective law firms. Peer Review services evaluate the performance of a firm against those of their peer competitors.
Each law firm should carefully assess their needs and budget in deciding which banking services they will use.