LexisNexis® CounselLink® today announced a fully redesigned version of CounselLink FastTrack, an invoice prompt payment service that allows CounselLink corporate customers to bolster their balance sheet by holding funds longer while accelerating cash payments to their legal service providers.
The new FastTrack enables CounselLink customers to streamline invoice payments by outsourcing them to a designated bank partner – with no added fees or changes in business processes. The bank promptly pays law firms and other legal service providers while allowing corporations 90 days to review, process and fund the invoices.
Corporations also save time and money by eliminating vendor invoice inquiries and refocusing accounts payable teams on higher-value tasks; earning interest from retained funds; and earning CounselLink Credits which can be applied to CounselLink subscriptions or other services. FastTrack supports international corporations, law firms, and all law-related vendors.
For a small service fee, law firms enrolled in FastTrack can receive payments within two business days of invoice approval. This greatly improves law firm cash flow, unlocks working capital, eliminates invoice inquiries, and preserves the firm’s existing banking relationships.
“There is a lot of internal pressure on GCs to conform to corporate cash policies, yet at the same time their law firms and vendors are also pressuring them to get paid faster,” said Aaron Pierce, CounselLink’s Vice President of Product Management. “With CounselLink FastTrack, legal service providers can get paid quickly but clients still maintain cash flow predictability and control of where and when corporate funds are allocated. In fact, CounselLink FastTrack can add another 1.5 percent in the form of capital savings, making it a strategic partner to CFOs while aligning with larger corporate goals.”
“FastTrack is particularly impactful for law firms, which may have a third of their receivables tied up in client invoices at any given moment,” continued Pierce. “With so many firms concerned about current financial issues, FastTrack can help firms maintain their operations and thrive during challenging economic times.”
CounselLink FastTrack is free to enroll, requires no special integration or technology and no change in process. It will be available to customers beginning May 18. For additional details about the program, please visit CounselLink®.
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