Our Success with Solicitors
The true value of our advice and support
lies in our knowledge of exactly where to pitch our clients' negotiations
with their bank(s). Banks recognise this key component of proposals
made to them and respond positively to it. Here are some examples
of its effect:
- 1. Solicitors Practice, Bucks achieved
annual savings and benefits of £60,000 after following our advice
on negotiating improved client fund returns and reduced electronic
banking fees.
- 2. Solicitors Practice, Surrey had been
consistently told that their client fund investment arrangements
could not be improved without using money market investments.
Our support overturned this attitude and generated an annual
improvement of £250,000.
- 3. Solicitors Practice, Yorkshire combined
our knowledge and local "attitude" to achieve an excellent result
for a small firm worth an annual £10,000 - £8,000 on client
funds and £2,000 on charges.
- 4. Solicitors Practice, Kent achieved
annual savings and benefits of £22,000 made up of increased
returns on Client funds of £18,000, reductions in interest on
borrowings of £1,000 and reduced transaction charges of £3,000.
The size of the benefits was enhanced in this case because we
suggested that another bank, they were already using, was involved
to provide a competitive quote to our specification as their
main bank needed some extra encouragement to go the whole way.
No change of bank proved necessary in the end as their existing
bankers made further concessions as a result of the competitive
pressure. In addition a major element of the daily investment
of client funds was automated with considerable savings in administrative
time and commitment.
- 5. Solicitor Practice, Surrey achieved
annual savings and benefits of £24,000 following a merger with
another practice when we advise them on renegotiating their
banking arrangements. The bankers to our client won the business
of the merged practice but only after having to concede increased
returns on client funds of £12,500, reductions in interest on
borrowings of £5,000 and savings on transaction charges of £6,500.
- 6. Solicitors Practice, Birmingham recently
merged, they wanted to amalgamate their banking and achieve
a deal that optimised returns and charges for the enlarged firm.
Following a targeted private tender prepared by us, the CEO
negotiated with both banks with constant referral to ourselves
for tactics and advice and achieved annual benefits on client
fund returns and charges of £60,000.
- 7. Solicitors Practice, Surrey/Hants
cut their annual transaction charges by £8,600 and increased
their annual interest income by £16,000, a total annual benefit
to the practice of £24,600 a year. No other bank was involved
in the negotiation.
- 8. Solicitors Practice, City of London
reduced their arrangement and management charges by £3,000,
negotiated lower transaction charges for CHAPS and electronic
banking saving over £4,000 pa. They also increased returns on
client and office credit funds by £24,000, benefiting the practice
by a total of £31,000 pa.
- 9. Solicitors Practice, West Surrey
recovered £45,000 of interest and charges based on our interest
and charges check and subsequently arranged and renegotiated
their loans and other banking facilities on favourable terms
as a result of our advice and support.
- 10. Solicitors Practice with offices
in South Wales obtained a swift refund of CHAPS charges totalling
£21,000 based on our charges check and advice.
- 11. Solicitors based along the M4 renegotiated
and consolidated their banking following various mergers and
improved their overall arrangements by around £100,000 a year
having reduced five banks to two.
- 12. Solicitors Practice Kent found that
it's "interest free" overdraft was actually very expensive and
negotiated a more transparent arrangement and achieved annual
savings and benefits of £20,000.
- 13. A Firm of Solicitors in the Sussex
area achieved modest annual savings and benefits of £4,000 but
achieved a landmark change in administration of client funds
that reduced daily administration and opened the way to improved
rates of return in future.
- 14. A Dorset Solicitors practice negotiated
annual savings and benefits of £6,000 despite modest levels
of client funds and a difficult branch and also opened the way
to future improvements.
- 15. A central London firm of solicitors
improved Client fund interest to earn an additional £20,000
pa. Further improvements in debit interest rates, commission
charges and CHAPS fees achieved an overall annual benefit of
£30,000.
All the above were achieved without moving
bank unless stated to the contrary. All banking relationships
were either maintained or enhanced.
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