In a forward-looking response to seismic changes in the legal industry, Western Alliance Bank today announced that it has launched a national commercial banking service dedicated to enabling law firms and other companies in the legal ecosystem to thrive in the NewLaw economy. NewLaw Banking, part of Western Alliance Bank’s Juris Banking Group, serves the complete banking needs of law firms, legal technology providers and other businesses that are adapting to—and driving—change in the market for legal services.
“Western Alliance Bank has been a valued steady, reliable resource for law firms and legal service providers for nearly 20 years. As students of the industry, we have observed the recent and dramatic shift in the way corporations buy legal services, particularly their intense focus on efficiency,” said Francesca Castagnola, senior managing director of Western Alliance Bank’s Juris Banking Group. “That has created a massive opportunity for law firms and others willing to develop and use new tools to improve and streamline services. NewLaw Banking helps the profession’s leaders to seize that opportunity.”
Informed by an understanding of clients’ unique business needs, the group provides secure depository and treasury services and lending solutions for the launch of new firms and for innovative projects at established firms of all sizes, regardless of how far along they are in the innovation journey. NewLaw Banking also provides legal techs and ALSPs, or alternative legal service providers, with corporate financing in the start-up, early growth and later stages of their business journeys.
The launch of NewLaw Banking builds on Western Alliance Bank’s history of leadership in the evolution of business practices within the legal profession. Its Juris Banking Group offerings include Settlement Services for class action, mass tort and bankruptcy attorneys, claims administrators and related businesses; Digital Disbursements to facilitate payments to claimants in these matters; and now nationwide full-service banking solutions under the same umbrella.
“Law firms have long been an important client base for the bank, and our team has been at the forefront of innovation for all their banking needs, including settlement services and digital disbursement capabilities. We keep our fingers on the pulse of the changes happening across the legal ecosystem, so it only makes sense that we expand our legal banking services to include all members of that ecosystem and on a national level,” said Dale Gibbons, chief financial officer at Western Alliance Bank. “Simply put, we are the bank for the future of the legal profession.”
Source: Western Alliance Bank
