Jump to content
Sign in to follow this  
VicGal

Going Solo...Best Bank for Business Line of Credit?

Recommended Posts

Hi there, was wondering if anyone has any leads on best banks to approach regarding a business line of credit for a sole practitioner.

 

I had a meeting with Scotia this morning...they do the typical prime + business LOC...but nothing specifically tailored to a sole practitioner lawyer. Their business LOC isn't bad...but its based on current income and assets / liabilities. Not sure if any banks out there offer more favourable terms to lawyers (similar to how we could have gotten favourable terms on professional student LOCs in law school due to being in a "professional" program).

 

Thanks!

Share this post


Link to post
Share on other sites

don't know about LOC, but the general problem with Scotia is that they close too early. TD is better I think? (assuming you plan to use the same bank for your accounts as well as LOC)

Edited by law4sho

Share this post


Link to post
Share on other sites

don't know about LOC, but the general problem with Scotia is that they close too early. TD is better I think? (assuming you plan to use the same bank for your accounts as well as LOC)

 

Probably the worst advice when recommending which bank to go with respect to who to use for a LOC.

Share this post


Link to post
Share on other sites

Probably the worst advice when recommending which bank to go with respect to who to use for a LOC.

 

lol, what did they do?

Share this post


Link to post
Share on other sites

lol, what did they do?

 

I think RBK is commenting on how completely unimportant banking hours are for a business loan compared to things like interest rate, money available, repayment structure, etc. 

Share this post


Link to post
Share on other sites

I think RBK is commenting on how completely unimportant banking hours are for a business loan compared to things like interest rate, money available, repayment structure, etc. 

 

wasn't what I was recommending.

Share this post


Link to post
Share on other sites

wasn't what I was recommending.

Well the only thing you mentioned in your post was banking hours, so you'll forgive everyone who read it as advice due to banking hours.

Share this post


Link to post
Share on other sites

Well the only thing you mentioned in your post was banking hours, so you'll forgive everyone who read it as advice due to banking hours.

 

Ok, here's my thoughts: (OP didn't say what area he/she is gonna practice in, if it doesn't include real estate then please disregard):

 

1) most real estate deals potentially could close as late as 5pm

2) scotia closes around 4pm... (TD closes around 6pm)

3) if your deal didn't close because the bank closed too early, you are gonna have millions of the client's money sitting in your trust account and god knows what the clients are gonna do with you - potentially: say goodbye to slightly better LOC rates, say hello to LawPro. (worth risk for slightly better LOC terms?)

4) if scotia has better LOC terms than TD, you could potentially open two accounts (actually, potentially three or four) - one at Scotia just to get the better LOC and two at TD for your general/trust, but everytime you take money out of your LOC presumbly you will have to transfer the money to your other bank... worth the hassle? depends on the OP.

 

now if you tell me Scotia has LOC terms A LOT better than TD (which I don't expect) then maybe that's something you should consider.

 

Again, disregard if no real estate.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.


  • Recent Posts

    • Is this true? I always thought that if you had a big PSLOC they would expect you to use it and not give you a bursary.    I will be going to Osgoode, can someone who’s been through the process shed some light? 
    • An important note I'd like to add is that if you are not interested in business, sports, or technology, a business law career may not be for you. Do not feel forced to apply to positions you have little interest in as it will only further breed unhappiness.  While I agree that many people working in Biglaw have an interest in business, sports and technology, and this makes it easier to converse with them during interviews, keep in mind that most of the clients you represent in this field are also from these industries. If you have no interest in any of these things, are you really the best lawyer to represent their interests? How are you going to find the motivation to put in the hours and get the work done? It makes little sense to pursue a business career if you do not have an interest in business. I think employers nailing down on this during the student recruitment process are absolutely right to do so. The attrition rates in Biglaw are high as they are because people realize this fundamental fact a little too late.  Female representation is growing in many fields outside of Biglaw (still growing here, just slower). After all, there are more women than men going to law school now. Almost everyone I work with is female and there are many women in senior management positions within the government and public interest fields. There is a lot more diversity and inclusion in these sectors. I would strongly encourage you to rediscover why you went to law school in the first place - which you stated was to be a part of change and to help vulnerable people. You can still do that. Do not chase something that was never meant for you to begin with. If you are going into 3L or graduating, there are many government, legal aid, public interest, and personal services positions that will come up throughout the year. Apply to them. Figure out what your passion is. Do what you were meant to do.  Law students can be cruel. At the same time, you do not have to engage with these people after you do your time in law school. The legal profession is a lot more inclusive and friendly and people really do try to help each other out. Lawyers do not sit around gossiping about their colleagues, comparing marks and talking about job prospects. You can find your place in this profession.  On a final note - do not be afraid to put people in their place. This is a skill all lawyers should have, as you will deal with difficult people everyday. Confront and educate people on their ignorance and negativity. You will be surprised at the results. People are often unaware that they may be hurting someone with their actions and viewpoints. But once awareness is raised, it is up to them to decide how they want to deal with it moving forward. And most people do not want to ruin their own reputations by rubbing their peers and colleagues the wrong way. Sometimes people just lack an understanding and all it takes is a simple conversation to get things steered back on track. 
    • From what I’ve seen, new licensees get two certificates (those often seen framed in lawyers’ offices). Is anyone aware as to how we can obtain ours? Will the LSO be mailing them to our address on file?
    • Is it a good idea to try and get rejected for a PSLOC?    little bit of background, I’ve been working for the past year and have saved up a good amount to finance my law degree. From my understanding, law schools require you to apply for PSLOCs and ask for how much you have used for bursary applications. Now, if I were to get rejected for a PSLOC would that mean I have a higher chance of getting a more favourable bursary?   Does anyone also know if it’s mandatory to go to the schools reps if you’ve been rejected?
    • I applied access and heard back on April 7th, actually! Keep your chin up - hopefully your acceptance is coming soon

×
×
  • Create New...