Two lawyers have decided to strike out on their own. They’re ready to hang out a shingle.

Lawyer 1’s Approach

Lawyer 1 walks into a bank and opens an operating account plus a trust account. He uses the bank down the block because it’s convenient. It has reasonable fees and services. He opens two accounts and orders some checks.

Lawyer 2’s Approach

Lawyer 2 realizes he needs a bank. He takes his time. He asks friends and colleagues for recommendations. He discovers that different banks have different objectives and different customer targets.

Over a week or two of asking around, he figures out that some banks are specifically targeting lawyers as clients. They have salespeople who solicit the business of law firms and are empowered to offer incentives for the lawyer’s business.

Lawyer 2 learns that some banks are more aggressive about lending to lawyers and have policies in place to make it easier on lawyers. They really want law firm business and are prepared to start on the ground floor and grow with the lawyer’s practice.

Lawyer 2 decides that he’d like to work with one of two lawyer-friendly banks he identified. He’d like to hear what they have to say before deciding where to bank. He puts the word out among his friends that he’s looking for an introduction to someone from each bank.

One of Lawyer 2’s law school buddies is married to someone at one of the banks. Her husband handles wealth management services for affluent clients. Lawyer 2 has lunch with the husband and gets the scoop on what the bank does for lawyers. He then gets introduced to one of the bank representatives who specifically solicits lawyers.

Someone else Lawyer 2 knows, a partner at another firm, offers to introduce Lawyer 2 to his friend: a banker at the other bank Lawyer 2 has targeted. The banker calls and arranges a meeting time.

The lawyer meets with both banks. He’s offered a range of services.

• They each offer him a free safety deposit box and free operating and trust accounts.
• Plus, they’ll waive all printing charges for checks.
• Both banks offer a courier service for picking up deposits.
• Both offer very good deals on credit card processing.
• Both banks offer investment services and advice at low cost.
• Both offer to introduce him to others who might refer business.
• One bank offers a free credit card machine for swiping cards and checks.
• The other bank stands out above the other when it offers a line of credit at an incredible interest rate.
• The other bank offers to provide quarterly meetings and reports from a banker who researches law firms and provides metrics for use in comparing his business growth.

Lawyer 2 negotiates after comparing and contrasting the offers. After another week (and two more free lunches with bankers), he makes a decision.

The Moral of the Story: Every Relationship Is an Opportunity

Both lawyers now have bank accounts up and running.

Lawyer 1 has a bank. He’s happy enough.

Lawyer 2 has a partner. He’s got someone on his side who’s committed to his growth: his growth is their growth. He’s got another professional working with him in his community to build his practice. Lawyer 2 is way out ahead of Lawyer 1.

Which lawyer are you?