It is advisable to consider several aspects when selecting a bank including: location of the bank, ATM facilities, bank charges, interest rates, minimum amount to be maintained, online banking facility. Above all, check for special services offered by the bank to law firms and also be clear about the charges the firm may incur for it. A firm’s bank must be able to maintain a trust account for the practice.
Some specialized services offered by banks to law firms include annual survey of law firm performance which analyzes the fiscal performance of law firms annually, peer review service which evaluate the performance of a firm against those of their peer competitors, quarterly financial reports, online cash management and escrow services which manage client escrow accounts.
A law firm should understand its need and budget before selecting a bank.