Legal
Practising more efficient banking
Overview
Tailored banking for your practice needs
In the legal industry, perhaps more than any other, time is money. Achieving efficiencies in your practice is critical to your profits. And the more effectively you can manage your cash flow and streamline office practices, the better for business.
That's why Macquarie Bank has a long history of providing specialised financial solutions for legal practices. Whether you’re looking to improve trust money management, improve your cash flow or access funding to support your firm’s growth, we're here to help.
Better money management. Our legal deposit accounts are designed specifically to help law firms manage client monies more efficiently and are compliant with legislative requirements.
Receive payments easily, with wireless, counter-top and online EFTPOS terminals that make it easier for clients to pay you.
Streamline the collection, receipt and reconciliation of controlled monies. Our banking systems integrate with some industry practice management software.
Send and receive international funds quickly and easily, with our foreign exchange specialist; International Money Transfers.
Customised lending, to help with all aspects of your firm’s growth, plus Macquarie Property Essentials to support a range of personal, investment or business opportunities.
A dedicated Macquarie Relationship Manager, with small, dedicated client portfolios, who is proactively involved in your business growth.
Strategic guidance and insights into the legal industry.
If it’s about time your firm moved to a more efficient kind of banking, talk to your local Macquarie legal specialist.
Three steps to better business banking
- Meet your team. Your Macquarie Relationship Manager and transition team will help you get the process started.
- Arrange staff training. The Macquarie transition team can provide on-site training for your staff so they can start using your streamlined payment systems and online banking straight away.
- Enjoy ongoing support. Your Relationship Manager and transition team provide multiple contacts who you can call or email directly, ensuring your queries are addressed in a timely manner whenever you need help.
To find out more, call Macquarie.*
Read the Product Disclosure Statement dated 20 March 2013.
Controlled monies
A more efficient way to manage your trust monies and streamline your office practices
Streamlining your trust money management is critical to the smooth and efficient running of your practice. You need to be able to open accounts quickly and administer them easily. Which is why we have designed our legal deposit services with maximum flexibility and convenience in mind.
Macquarie is a leader in providing specialised deposit services for Australian legal firms. Designed for practices of any size, in any location,** our accounts can help you manage client monies across a range of categories, including:
- Estate monies
- Litigation funds
- Deposits for off the plan property developments
- Deposits for business transactions.
Why bank with Macquarie?
Competitive - our legal accounts are fee-free electronic accounts. You’ll receive competitive interest rates applied to the whole balance.
Flexibility - choose from a range of deposit terms or set your maturity date to a particular settlement date – and accept both paper and electronic transactions.
Convenience - open and close accounts from your office, administer multiple accounts with one blanket signing authority and make deposits and withdrawals electronically to speed up administration. Plus you can view all account details online to answer client queries faster.
Service - you’ll have direct access to a team of professionals specialising in deposit services. Your dedicated Relationship Manager will oversee all your banking needs. We can even action your requests the same day.^
Consolidated reporting - transactions confirmed the day they’re actioned, plus regular statements, also accessible from our online banking system, gives you a clear audit trail to help with client presentations or preparing submissions to your State’s governing body.
“Our recent survey of our legal clients indicated that 65 per cent expect positive growth in the next 12 months, and 83 per cent expect that growth to be a steady or rapid increase in business. Planning ahead for your cash flow requirements can make all the difference to the way that growth impacts your firm and partner draws.”
Terry Lyons, Macquarie Relationship Banking
To find out more, call Macquarie.
Read the Product Disclosure Statement dated 20 March 2013.
Receiving payments
Less time handling payments, more time developing your business
Making it as easy and convenient as possible for clients to pay you money. That’s the aim. And that’s why we have developed a range of merchant services to speed up collection of monies owed efficiently and with minimal effort.
Our banking system enables transactions to be carried out quickly and securely, so you spend less time collecting monies owed, handling cash and depositing cheques, and more time on developing your practice.
Reduce, or even eliminate, the need to handle money on your premises with LEAP RapidPay™. Link your LEAP Accounting package with the Bank, and clients can pay you by credit card, BPAY®or at Australia Post. Funds are matched daily to the correct invoice and the client ledger is updated, all without bookkeeper involvement.
Merchant services that make your life easier
Get paid faster, with less administration - clients can choose from a range of payment options including payments online via your website with next business day settlement.
Efficient account management - manage payments to multiple settlement accounts (including general trust and general office accounts) or multiple entities from a single device streamlining practice management record keeping when accepting client monies upfront.
Reduced risk of fraud - EMV chip reading terminals means enhanced security and increased protection against fraud and misuse, reducing the risk of losses.
Convenient mobile terminals - our wireless terminals take up less room, are portable, eliminate the need for a dedicated phone line and have no unsightly wires. Plus our team will provide comprehensive training on how to use them.
“Client payments drive cash flow. And cash flow is more important than profitability when it comes to growth. If you can reduce your work in progress by just 1per cent, the cash flow impact will be much greater.”
Andrew Chen, WHK Horwath
To find out more, call Macquarie.^^
Read the Product Disclosure Statement dated 20 March 2013.
Practice lending
Innovative, specialised funding to help your firm grow
Whether you need extra working capital, are thinking of expanding your practice or acquiring new premises, we can offer a range of specialised funding options. We can also help with succession planning, partner equity funding and refinancing your existing borrowings.
Structuring options - we can develop a customised financial solution to meet your needs. Depending on your specific requirements, this could be in the form of an overdraft, fully drawn advance or revolving line of credit.
- Subject to Macquarie’s credit approval process, we may lend against cash flow (practice assets) for firms with a history of strong financial performance and sound internal financial procedures.
- Loans can also be supported by property assets, or a combination of both property assets and cash flow.
Macquarie Premium Funding - a simple, affordable way to pay your business insurance premiums, this short-term loan lets you spread the costs of your policy over the year – smoothing your cash flow and freeing up funds for other financing and day-to-day operating needs.
- For added flexibility, you can fund your Professional Indemnity insurance and other business policies by rolling these into your existing premium funding facility at a later date without signing additional paperwork. So once the facility is set up, ongoing funding is very straightforward.
“Planning ahead is vital to business growth. If you can see profit in the future, we can help fund the working capital upfront. We pride ourselves in not being ‘tick a box’ – we know each scenario is different.”
Matt Kelly, Credit Manager, Macquarie Bank
To find out more, call Macquarie.*
Knowledge and networks for a competitive edge
The crew of a super maxi-yacht rely on more than their intuition for navigation. Connected to a steady stream of predictive data through shock-proof laptops, they are able to optimise their course and surge ahead in the race. Connect to Macquarie’s network of experts and knowledge, and optimise your business performance. Macquarie clients enjoy access to top business minds and best-practice insights.
Roundtable Series
Macquarie Relationship Banking hold regular roundtable discussions with small to medium size law firms and industry stakeholders. Most recently, ideas and strategies for managing growth were shared. To receive some summary information on these discussions please contact us.
Benefit from our legal industry links
Macquarie Relationship Banking works closely with:
- Australian Legal Practice Management Association (ALPMA) – the key Australian body providing an authoritative voice on issues relevant to legal practice management.
- Australian Legal Business - the only independent magazine dedicated to the latest legal news, events and developments in Australia.
- The Managing Partners Forum - a rare opportunity for Managing Partners to share and explore issues and challenges unique to their role. The only one of its kind in Australia, this dynamic program is guided by the vast knowledge and experience of its speakers, and develops leadership skills and networking opportunities through learning.
These key networks ensure we keep abreast of legal industry issues, and continue to offer you forward thinking financial services.
To find out more, call Macquarie.
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