Designated drivers

Holding money belonging to a client brings a special responsibility and bond of trust into the company-customer relationship. Legal firms, in particular, experience this more than most. In recognition, Bank of Scotland created a team dedicated solely to holding the funds of legal firms – a group whose experience and expertise in the sector is unequalled.

Dylan Chamberlain, Director of Professionals, Bank of Scotland estimates that “around 80%” of his team’s book is in designated funds. “Because we offer a bespoke product, concentrating on the legal market, we give these companies a service they both want and need,” he says.

One business which has taken advantage is solicitors Bower & Bailey. The Thames Valley-based firm has built a tremendous reputation for delivering within its specialist areas for both private client and business customers – a natural fit with Bank of Scotland.

“We hold designated funds with Bank of Scotland as its specialised accounts for legal firms offer our clients better rates of interest than they would get from a current account,” explains Practice Manager Trevor Harrhy. “This keeps our clients happy and if they’re happy, we’re happy. It’s a very good working relationship for everyone.”

Keeping funds in the care of Dylan’s team not only generates high levels of interest, but offers much more besides. “We don’t have to worry about compliance with Law Society guidelines because the Bank does all that for us,” continues Trevor. “It ensures that everything operates under the terms of the Solicitor Account Rules, which were brought in just over 10 years ago.”

It’s a very good working relationship for everyone

Legal firms operate safe in the knowledge that statements or tax certificates can be produced immediately if need be. Instant access to funds is also available. You may not be able to buy peace of mind or time, but this product can provide both.

Trevor describes the Bank of Scotland service as “slick, professional and dedicated to us”. It’s not all one-way traffic either. So impressed were the team with Bower & Bailey that the firm received an endorsement to be on the Bank of Scotland Corporate Commercial Panel for referral work.

“Having been with the Bank for many years and maintained high balances throughout that time, we got to know the team very well and they have a lot of confidence in us,” says Trevor. “They were very helpful in trying to get us on the panel.”

Such bonds are developed by communication and maintaining this is essential in any business relationship, which is why professional business customers don’t have to endure call centres or queues. “Any firm can just pick up the phone and get through to us directly,” says Dylan. “That is the sort of service people want, so that is what we give them.”

“Dylan will also call us every couple of months to check that everything is going well,” states Trevor. “However our relationship is now at a level where I think he knows I would be picking up the phone straight away if I had any issues.”

Looking to the future and Trevor is positive about the “extremely encouraging” signs in the industry. “We are holding up well, not least because of the service we are getting from Dylan and his team. Our business has been holding designated funds with Bank of Scotland for a long time and we will strive to continue doing so.”