Posts Tagged ‘banks’
Technology hasn’t been the only market force impacting the practice of law, finding the right financial institution can too. Attorneys and their firms need innovative and specialized financial services to help manage their cases. After all, firms are businesses.
Specialization is key says Esquire Bank. Along with “white glove services,” Esquire provides attorney loans that help with case financing, allowing firms to pass finance charges to clients upon settlement, increasing the ability to compete with better-funded opponents. Esquire also offers a working line of credit to withdraw specific amounts instead of lump sums, saving money on lower interest rates.
And Esquire’s early access loans even allow firms’ clients to borrow money against anticipated settlements. These services seem to be paying off.
Esquire’s savings rates are 94% higher than the national average, and they boast a 5-star health rating. Esquire may be just what your firm needs to gain an edge.
Profits are good, but how you get there in the financial world is often the focus for regulators. Five former traders at the world’s largest financial institutions confirmed that traders are front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set.
Traders are “banging the close” by pushing rates higher or lower and profiting from the difference between the reference rate and the price of the their own products. Even so, experts say that because of the size of the foreign exchange market (4.7 trillion daily), traders would have a hard time manipulating currency rates. And some fund managers prefer the WM/Reuters rates even if it is rigged because it’s more convenient and cheaper than quotes from individual banks.
Don’t jump the gun, this doesn’t scream “more regulation,” but merely an opportunity for increased awareness and compliance. This news comes after after three lenders were fined about $2.5 billion for rigging the London interbank offered rate, or Libor, last year.
Big Banks? Yeah right. Take a look at crowdfunding for your next business idea lawyers. 2.1 billion raised in 2012 alone, 1.6 billion coming from within the U.S., representing an 81% increase from the previous year. In a world where 4 large banks control over half the our money in the U.S., it’s time to move Congress and regulators aside and let crowdfunding compete with “too big to fail” financial institutions (that means you, “JOBS” Act).
Thanks to Kylie MacLellan from Reuters for the article : Global crowdfunding volumes rise 81 percent in 2012 | Reuters.