Professional practices for lawyers, accountants, architects, funeral home directors, and other business professionals have unique challenges that include greater overhead costs, unsteady cashflow, and long, nontraditional working hours.
Banking for Professionals
Because no two practices are alike, we offer a range of banking and lending solutions to suit your unique business needs:
- Debt refinancing
- Up to 100% financing*
- Practice acquisition
- Buy-ins and buy-outs
- Real estate purchase, expansion, or renovation
- Leasing
- Financing for equipment and working capital
- Lines and Letters of Credit
- Convenient banking
Banking for Lawyers
Legal practices have a number of unique financing needs. For example, attorneys need to maintain a professional business space for clients to visit. Overhead can be costly since attorneys and law firms may need to pay for computers, paralegals, utilities and more.
Contingency fee arrangements pose a unique challenge and
opportunity. These agreements allow attorneys to work without charging
upfront legal costs. Instead, attorneys recover a portion of damages
awarded to their client.
The challenge is that the cost of launching a case can be considerable. Attorneys may need to pay upfront for investigators, medical experts and other professionals. A claim can work its way through the courts for months or even years. In the meantime, attorneys may have invested significant amounts of money in one or more contingency fee cases. To maintain cash flow, they may need financing against the eventual expected recovery.
The challenge is that the cost of launching a case can be considerable. Attorneys may need to pay upfront for investigators, medical experts and other professionals. A claim can work its way through the courts for months or even years. In the meantime, attorneys may have invested significant amounts of money in one or more contingency fee cases. To maintain cash flow, they may need financing against the eventual expected recovery.
Private banking for lawyers also needs to address the long hours
attorneys work. Legal professionals may not be able to visit financial
institutions during regular hours. West Bank offers professional
services that specifically address these needs.
Banking for Accountants and Financial Professionals
Financial professionals and accountants have their own challenges. In many cases, these professionals are especially busy during tax season. For the rest of the year, some accountants and financial professionals have less income but may still need to pay for overhead. Accountants also need to secure the latest technology and software to help their clients, but may need financing to help them run their business until tax season. During tax season, they may need financing to pay for additional staff.
Private Banking for Other Professionals
All professionals have unique needs and challenges. Architects, designers, accountants, attorneys and others all work long hours, may be independent contractors or may have long sales pipelines, meaning they need to pay for overhead while waiting for payments and recovery down the line. West Bank supports the professionals of our community by providing quality services to address these needs and more.
*All credit subject to review and approval.
Banking for Professional Practices
For more information about banking for Professionals, please
contact the West Bank team.