Tom Smith joined Brookline Bank in December of 2015 and has over 25 years of Business Banking experience. He is a Senior Vice President and serves as the bank’s Business Banking Team Leader. His career has focused on building strong relationships with business clients while helping them grow and ranges across a variety of industries including law firms and other professional services, corporate, and retail businesses.
1. Give us an overview of the services Brookline Bank provides for Law Firms
Providing banking services to law firms is an important growth area for us. We have a wide range of deposit services and cash management programs designed to increase a firm’s efficiency in managing their day-to-day operations. We’ve even developed a package of services specifically for law firms: Our Signature Business Banking for Law Firms provides operating accounts, special savings on business and cash management services plus Brookline Bank’s best personal checking account with no monthly fee for the firm’s partners. And while borrowing tends to be less of a concern for law firms, we can offer lines or loans tailored to a firm’s specific needs.
2. What size law firms does Brookline Bank serve?
From a single lawyer to a large firm with many partners, our products and services can be customized for any size firm. And because we know that many banks offer the same types of services, we take the time necessary to gain a deeper understanding of what the firm’s current needs are. As the relationship grows, we often uncover additional needs that we can assist with to help the firm in operating more efficiently. Regardless of the size of the law firm, we pride ourselves on building close, service-oriented relationships – ones where our clients always know who to reach out to when needed.
3. What is an IOLTA, and does Brookline Bank offer them?
An IOLTA, or Interest on Lawyer’s Trust Accounts, is a type of escrow account established to hold clients’ funds so as to keep them segregated from the firm’s operating accounts. What makes IOLTAs special is the interest earned on these accounts is provided to the Massachusetts IOLTA Committee which, in turn, uses the funds to pay for legal aid for low-income and underserved residents, or providing legal assistance for those who can’t afford it. Brookline Bank is proud to be a Massachusetts Leadership Institution with the Massachusetts IOLTA Committee, meaning that we pay a higher rate of interest on IOLTA balances than the minimum required by the IOLTA program. For more information on IOLTAs, visit www.maiolta.org
4. Are there other ways law firms use escrow accounts?
In general, escrow accounts are stand-alone accounts designed to secure funds based on a legal arrangement until agreed upon conditions have been attained by all parties involved. A major difference between an IOLTA and an escrow account is IOLTAs must be interest earning and that interest will not be distributed back to the client. Brookline Bank is well versed in establishing the right type of escrow arrangement to best fit the needs of the law firm and its clients.
5. How does a law firm get started working with Brookline Bank?
We welcome the opportunity to speak with any law firm looking for a strong relationship with a local bank. Getting started is as simple as visiting the Brookline Bank website or by contacting our nearest banking office. We can build a customized banking relationship that will not only help with your firm’s day-to-day banking needs, but also has the potential to take it to the next level.
