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Manage your banker: How to get a bank loan for your law firm

Chris Marston suggests some strategies for securing a bank loan for your law firm

23 February 2012

 

Things aren’t what they used to be – and I’d argue this is a good thing. The relationship between law firms and their bankers may have been different in the past, but was it better? I’m convinced that it wasn’t and that a more professional, focused and productive relationship during the boom years might have brought benefits which could have provided a degree of insulation for firms against the harsh economic climate ?they face today.

A business meeting between a banker and law firm several years ago might have taken place annually, typically involving lunch and some small talk – maybe a round of golf. The banker would be rather nervous about asking for financial information because he remembered ?all too well the response last time he ?had the temerity to seek out the latest ?set of annual accounts.

Such an impertinent request was a clear signal that the bank did not trust the firm or its management. I...

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