Looking to increase your firm’s efficiency in managing day-to-day operations? Brookline Bank has developed a package of services specifically for law firms. Signature Business Banking for Law Firms provides operating accounts, special savings on business and cash management services, plus Brookline Bank’s personal checking account with no monthly fee for the firm’s partners.
Whether you’re a single lawyer or a large firm with many partners, these products and services can be customized for any size. Brookline Bank takes the necessary time to gain a deeper understanding of your firm’s needs – uncovering additional needs we can assist with to help the firm operate more efficiently as the relationship grows. Regardless of the size of the law firm, Brookline Bank prides itself on building close, service-oriented relationships – where clients always know who to reach out to when needed.
Brookline Bank offers IOLTA accounts. An IOLTA – or Interest on Lawyer’s Trust Accounts, is a type of escrow account established to hold clients’ funds so as to keep them segregated from the firm’s operating accounts. Brookline Bank is proud to be a Massachusetts Leadership Institution with the Massachusetts IOLTA Committee, meaning that the Bank pays a higher rate of interest on IOLTA balances than the minimum required by the IOLTA program.
Brookline Bank is well versed in establishing the right type of escrow arrangement to best fit the needs of the law firm and its clients. In general, escrow accounts are stand-alone accounts designed to secure funds based on a legal arrangement until agreed upon conditions have been met by all parties involved. A major difference between an IOLTA and an escrow account is IOLTAs must earn interest, and that interest will not be distributed back to the client.
Getting started is as simple as visiting Brookline Bank’s website or by contacting your nearest banking office. A banking relationship with Brookline Bank will not only help with your firm’s day-to- day banking needs, but has the potential to take it to the next level. Brookline Bank welcomes the opportunity to speak with any law firm looking to build a strong relationship with a local bank.