Legal aid

Legal firm Stafford Young Jones (SYJ) has enjoyed a long association with the Halifax/Bank of Scotland Professionals account. In fact, this City of London based outfit was one of the first firms of solicitors to use the service.

Though the nature of banking and the Solicitors' Accounts Rules have changed over that time, the need for a professional service which offers a good rate of return on clients' designated accounts remains important – which is why SYJ is content to maintain the link with Bank of Scotland.

Conveyancing Manager Andy Ringham is very happy with the Professionals account: “It has always offered a good rate of interest. We can deposit and withdraw funds easily which helps as the time factor is important to us.”

Working within the parameters of the law requires a no-nonsense adherence to best practice and this is something Andy appreciates in the Bank of Scotland offering. “The service is friendly, efficient and professional. It gives our clients a safe haven for their funds with competitive interest rates - which is exactly what we want from it.”

One feature of the account, the tax deduction certificate, is described as “very useful” by Andy. “You can pass this to the client and it shows the gross interest received, tax paid and the net sum received. That certificate is something tangible clients can refer to in their end-of-year tax return. It is a great thing to have and we don’t have to ask for it, as it’s automatically processed once the account is closed.”

“A safe haven for client funds with competitive interest rates”

Bank of Scotland Director of Professionals Dylan Chamberlain believes that demonstrating this understanding of solicitors’ needs is vital to retaining a long-term business relationship. “The majority of our book is designated funds and a lot of these firms have been with us for some time. As well as providing all the documentation they will require, we are always compliant with the Solicitors' Accounts Rules, so we also give peace of mind. Our team concentrates on the legal market. It is a unique, bespoke offering.”

Andy and Dylan meet regularly to keep the lines of communication open. “We talk and discuss various things,” says Andy. “It is friendly and open. Sometimes we are asked our opinion on certain matters and we are happy to give it.”

SYJ has built its reputation on the wide range of expertise within the firm. However, despite the fact it boasts a client roster which spans the length and breadth of the UK, it still strives to offer a personal service based on traditional values to each client.

In this sense both SYJ and the Bank are kindred spirits, which may explain why Andy is looking to keep Bank of Scotland in his corner for some time. “I see no reason not to. We are perfectly happy with what we get from the Professionals account”.