Banks are increasingly viewing well run law firms as very attractive customers/target customers who they would like to lend to or lend more to. This is not just because firms have very high profit margins which reduces their risk when lending but also because there is a considerable amount of ancillary business to be gained in the form of client balances, bonds and guarantees and money transmission. International law firms also provide potential income from cross border payments and banking requirements from overseas offices.
Given all of the changes in the market, a review is a good opportunity to consider how business is divided between banks and how best to secure competitive and supportive arrangements going forward. We have now worked with more than 80 of the UK’s largest professional firms.