By Lionel Ross – Head of Fiduciary Sector at Allica Bank
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Client money has moved firmly back up the agenda for law firms. With renewed regulatory focus from the SRA and increasing attention on how client account interest is handled, firms are being pushed to look more closely at the banks they trust with their clients’ money.
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Safeguarding client money is, of course, a compliance requirement. But it’s also a commercial one. Any failure, delay or weakness doesn’t just create regulatory exposure, it risks damaging client relationships and firm reputation. In a market where trust is everything, that risk is hard to overstate.
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The challenge is that many firms haven’t actively chosen their client money bank for some time. Legacy relationships and familiar high‑street names often go unchallenged, even as the risk landscape changes around them. Cyber threats, fraud attempts and economic volatility have all increased, putting more pressure on the systems and people responsible for protecting client funds.
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Fraud is a particular concern. Legal firms are attractive targets because transactions are high‑value and often time‑critical. While banks’ fraud prevention technology has improved, systems alone are rarely enough. The strongest defence is context. When a bank understands how your firm normally operates, unusual activity is easier to spot and stop early.
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This is where relationship‑led banking comes back into focus. A bank that knows your firm, your clients and your transaction patterns can support better controls, smoother operations and stronger protection. At Allica Bank, this principle is core, combining modern platforms with dedicated relationship managers who understand established professional firms and their regulatory pressures.
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Client money sits at the heart of governance and partner accountability. Asking whether your bank is still the right partner isn’t a disruption. It’s part of doing the job properly, for your clients and for the long‑term health of your firm.
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Find out more about how Allica Bank works with professional services

Contact Lionel Ross directly