Innovative approach to financial and vendor management helps law firms get paid within one business day of invoice approval, while legal departments get extended payment terms and up to 2% cash back
RALEIGH, N.C., Jan. 28, 2020 /PRNewswire/ — 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.
About CounselLink LexisNexis® CounselLink® is the leading cloud-based legal management solution designed to help corporate legal departments gain 100% visibility into their work, matters, and invoices. CounselLink delivers Work Management, Financial Management, and Vendor Management solutions in one easy to use platform to help you to control costs, maximize productivity, and make better decisions. Gain access to meaningful data around the work your legal team does so you can demonstrate the value your department brings to the table. For nearly 30 years, LexisNexis has been providing innovative solutions for corporate legal departments – and we craft these solutions based on insights from thought leaders, industry expertise, and customer feedback. Discover more about CounselLink at: www.counsellink.com
About LSQ LSQ helps businesses better manage their cash flow to make the most of whatever they’ve earned. Offering invoice financing and supply chain finance solutions LSQ provides clients with a simple, secure, and honest funding experience. LSQ blends human insights with the analytical power of technology to develop products that give customers the means to accelerate the flow of business. LSQ, headquartered in Orlando, Florida, has helped 1000s of companies access $24 billion in its 20+ years in business. Learn more about our solutions at www.lsq.com/
About LexisNexis Legal & Professional LexisNexis Legal & Professional is a leading global provider of legal, regulatory and business information and analytics that help customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 130 countries with 10,000 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.