LexisNexis® CounselLink®, a leading cloud-based enterprise legal management solution for corporate legal departments, today announced the launch of its new CounselLink® FastTrack option in collaboration with the capital solutions provider LSQ.
CounselLink FastTrack, powered by LSQ, is an innovative approach to financial and vendor management that helps law firms get paid quickly while providing extended payment terms and cash back on invoices to firm clients. This is the latest development in CounselLink’s ongoing efforts to revolutionize the way corporate legal departments run their business and help general counsel demonstrate their strategic value to the C-suite.
CounselLink FastTrack is an industry first that simultaneously addresses the conflicting requirements of law firms – for whom late payments can cause cash flow issues and end-of-the-year stress – and legal departments, which prefer to hold onto their cash and pay invoices based on corporate policies and terms. For a service fee, firms that participate get paid within one business day of invoice approval, while at the same time their corporate clients have the flexibility to extend payment terms to 60 days or more. Legal departments can also earn up to 2% cash back on invoices processed via CounselLink FastTrack. For corporations spending $25 million in legal fees annually, the cash back feature could net an additional $500,000 per year.
“CounselLink FastTrack offers a unique win-win for both corporate legal departments and the law firms whose counsel they value,” said Aaron Pierce, General Manager of CounselLink. “By giving corporate clients more flexible payment terms, we help general counsel and chief financial officers manage capital and cash flow with more precision and predictability and achieve additional cash-back savings for the corporation. With quick payment, CounselLink FastTrack also eases the strain on law firms, which often wait for months get invoices approved and paid.”
“At LSQ, we believe CounselLink is uniquely positioned to transform the enterprise legal management space,” said Dan Ambrico, CEO of LSQ. “We are excited to work with them on CounselLink FastTrack, which solves long-standing financing issues for both legal departments and their counsel in a way that is highly beneficial for both parties.”
With a goal of providing 100% visibility into all matters and invoices, CounselLink is constantly expanding its offerings as it works to help legal departments control costs, maximize productivity and leverage data to make better business decisions. On average, CounselLink customers generate a return of 18 times their original investment from approved adjustments, prompt pay discounts and volume discounts, and they achieve 7%–10% internal counsel savings from efficiency gains. CounselLink’s new collaboration with LSQ gives general counsel a powerful new tool for managing vendor relationships and finances and helps them provide corporate leadership with another measure of the legal department’s value as a strategic business partner within the organization.
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