Legal professionals are often consumed by client demands and firm management, leaving their personal finances lower on the priority list. Here, Cassandra Crawford highlighted why private banking has become an essential tool for lawyers seeking to safeguard and grow their wealth.
Speaking on a recent episode of The Lawyers Weekly Show, Cassandra Crawford, Commonwealth Private national head of professional services, explained why private banking has emerged as an indispensable tool for legal professionals now more than ever.
With time a scarce commodity for legal professionals, Crawford explained that access to a private banker provides significant benefits, offering much-needed ease and peace of mind in managing their finances amid demanding schedules.
“We all know that time is very precious, and especially in the professional services industry, where that’s a big piece for them is time. So having access to a private banker will give them that supposed ease and comfort of knowing that they’re very busy in what they’re doing,” she said.
As lawyers advance in their careers, their income structures become increasingly complex. Crawford highlighted how a private banker can simplify the management of these finances, easing what might otherwise be a time-consuming and cumbersome burden.
“A private banker will understand their complex structures. It’s really about the income change. So their income really changes from a PAYG, which can be a simple form of income, into a complex partnership structure, which can have income streams come through various avenues,” she said.
“That could be through distributions, equities, ownerships, milestone payments, bonus structures, so having a banker who can understand those complex income streams [is helpful].”
She explained that Commonwealth Private has strengthened this support through a streamlined process that allows a financial officer to issue a single, comprehensive letter outlining a partner’s income structure – an approach designed to cut through administrative clutter and save lawyers from drowning in documentation.
“We’ve tailored a policy where we can actually get a letter from the financial officer, which will talk about that income. So then they don’t have to provide huge amounts of information for that person to try and understand that income flow,” she said.
“Then, sitting behind that is a private bank dedicated risk team, and they understand that income as well.
“That can be really powerful because when time is so precious and a lawyer is trying to run their practice or run their business, but they’re also trying to personally grow their wealth, they don’t have that time to set aside and try and explain that to someone.”
In a profession where everything moves at a rapid pace and priorities are constantly shifting, Crawford noted that pausing to gain clarity with a trusted banking partner offers lawyers an invaluable opportunity to reconnect with their long-term financial wellbeing.
“For any person, the ability to stop, check and look at your financial position is so valuable. To have that trusted partner in your banking to sit down with you and run through that is so invaluable,” she said.
“Life moves on very quickly, and we forget all our expenses and what we’ve got running through and don’t take that moment just to stop and pause to look at their own personal situation.
“That’s what the private banker is there for. They’re there for you. And that’s the most important thing.”
