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not working as well for a law firm, their principals and finance directors should look
elsewhere.
Philip Giles, a principal of Essex firm Giles Wilson (and, like Roe, a member of the Law
Society Small Firms Division committee), says: ‘Historically, we had banked with Lloyds but
about 10 years ago we switched to Barclays.’
Although the Lloyds branch was opposite the Giles Wilson office, ‘their systems had been
“developed” to the stage where we could not call them direct and we had to speak to an
overseas call centre’, Giles says. ‘After a lot of problems, I gave the manager – the most
recent in a long and swift-moving line – an ultimatum. Unless he was prepared to give me
his mobile number, then we would go elsewhere. Despite us having dozens of receivership
accounts with the bank and a healthy client account balance from our busy residential
conveyancing department, the manager was not prepared to help. We then switched to
Barclays and, although there have been bumps in the road (mainly when personnel have
changed), overall we find them helpful and supportive.’ (Lloyds says it now has relationship
managers who are Lexcel-trained – see box.)
Giles Wilson has now ‘had the same relationship manager for a number of years’, Giles
says. ‘He keeps in touch and emails me when he is going on holiday so we know who to
contact when he is away. We are running training for staff next week on new policies we are
implementing about taking clients’ bank details and so on, and he is coming in to deliver part
of the training. Next month he is bringing a colleague to give us some cyber-security
training. That’s all part of the service.
‘In more recent years the banks have understood that while the days of popping into the
branch to see the manager are over, businesses need to have a point of contact who knows
and understands the business and doesn’t need to take you through a host of security
questions before speaking to you.’
And that elusive manager’s direct line? ‘I do have the manager’s mobile number,’ Giles
says.
CASE STUDY – KAREN JACKSON
‘How helpful was your bank when you founded your law firm didlaw?
Really helpful – they gave me the funding I wanted and a manager I could talk to, a real
human being. I did a really good business plan and cashflow forecast. Sadly, after a couple
of years they eliminated the role and it went to being a call centre deal.
What do you look for?
A personal service with named contacts, for example, or cost and availability of finance [can
be] the main criteria. Personal service with a real human being who knows you and your
business. Lloyds had this and it was great but then they phased it out for businesses below
£2m turnover.
What could banks do better?
Contact through a designated team who know who you are and what you do, so you don’t
have to start from the beginning every time you contact them. I moved from Lloyds to
Barclays because I missed having a business manager who used to come and see me once
a year and check in to see how the business was going. Barclays eliminated that service
and I wish I had not bothered to move. I think they are all ‘much of a muchness’. A bank that
actually knows your business and understands your needs is what I’d really like – instead of
one that relies on call centres and formulae to make decisions. There is no ‘personal’ in
banking any more.
Does your bank understand your business model and its risk profile?
No. Nor do they care in my assessment!
Even in a faceless corporate age, such experiences can still be highly individual. Roe has
had a better experience of Lloyds. ‘I plumped for Lloyds a decade ago and we have enjoyed
a good and, most importantly, an effective personal service. So much so that I have referred
a number of start-up law firms to them.’
In general terms, Williams notes: ‘Lloyds are the most active in the sector and are keen to
increase market share and promote the profession. I have numerous examples of Lloyds
managers specialising with law firms in their region and they obviously have a greater
understanding of the complexities of law firm management.
‘I personally have been involved with training bank managers for the past 10 years and