LEGAL PRACTICES

We can provide strategic advice to help you manage the day to day aspects of your firm such as cashflow and controlled monies and we also partner with you to support your business goals. Our specialist team can provide advice on partnership changes as well as provide solutions to protect your business, upgrade work spaces and manage your personal wealth.

The quarterly CommBank Legal Market Pulse (conducted by Beaton Research + Consulting) provides insights and information on the latest trends and developments impacting the Australian legal industry.

The latest Legal Market Pulse shows that despite many firms expecting a downturn in the economy over the next 12 months, they anticipate an increase in revenue in the next 6 months.

Legal Pulse

Banking Solutions

Controlled monies

When you notify us before 1pm we will set up and link your new account to your CommBiz online banking portal on the same day when you have a master agreement with us.

You can then:

Nickname accounts so it’s easy to differentiate between accounts
View all your accounts securely in one place: NetLock provides an added layer of security with our award-winning internet banking portal, CommBiz
Manage your jobs efficiently – keep everything organised with separate authorisation permissions and limits for each account
Earn interest – earn competitive interest deposits.

Partnership changes

As your business matures, partners will join and retire and opportunities to expand will present themselves. Our succession planning and business expansion solutions make these transitions easier.

We can help you:

Fund with ease – we can support transactional banking, working capital, partner loans or refinancing
Enable business growth – whether you’re growing through partnership changes or through mergers and acquisitions, we can assist with succession planning
Release assets and equity – make funds available without affecting your control over the firm or its potential for growth.

Transaction banking

Our transaction banking solutions give you secure, controlled, visible, real time cashflow management

Simple, secure and flexible solutions to speed up clients’ payments
Manage staff expenditure and procurement while reducing manual processing costs
Real time, online movement of funds between CommBank accounts simplifying reconciliation.

Asset finance

Our asset finance facilities allow you to upgrade your facilities without constraining working capital. We can provide a pre-approved Asset Finance Master Facility that allows you to upgrade computer networks, PABX systems, printers, copiers and office fit outs.

We can also help you to reduce technology ownership costs with our Equigroup’s AssetAdvantage^TM.

Learn more

Succession planning

We understand that the knowledge and experience of your people is key to the success of your firm. To manage this valuable resource we can help you plan appropriately to protect and build your business.

We can help:

Protect key staff – offer the right insurance for key people
Secure your firm’s future – we can assist you to put in place a well-considered succession strategy and clear partnership agreements
Protect your personal wealth – from preferential employee offers to private banking for partners, we offer a range of approaches to ensure the right level of support for partners and employees.

Private and workplace banking

Make the most of your personal wealth with a range of support for partners and employees

Bespoke offerings from our Commonwealth Private office tailored to clients with investible assets of $10 million or more
Personalised service, holistic advice and exclusive investment opportunities for high net-worth clients with household income in excess of $400k p.a. or the intent to invest or borrow $2.5 million or more through Commonwealth Private
Gives your staff another reason to work at your firm by providing a wide range of banking and lifestyle benefits.

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Sole practice law firms

We offer an easy solution when it comes to managing controlled monies accounts for your clients.

Our solution focuses on relationships, service and innovation.

Partners (and signatories) are only required to provide identification once through the Master Account Authority
Open a controlled monies account in the same day when notification is provided prior to 1pm
Separate authorisation levels allows different viewing levels depending on the project
Earn competitive interest rate on the deposits.