LexisNexis CounselLink, a legal management solution for corporate legal departments, has teamed up with capital solutions provider LSQ on CounselLink FastTrack, a faster way for law firms to get invoices paid, according to a release.
CounselLink FastTrack was created to serve law firms and help them get paid in a more timely manner, while also providing payment terms and cash back on invoices to a law firm’s 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,” the release said.
The service tackles a common problem between law firms and legal departments at companies, which is that law firms prefer to be paid promptly and company departments tend to follow company procedures on payments, which can delay things.
Law firms that use the service will pay a fee and get paid within one day of invoice approval, and the payer will get to extend the payment terms two months or more.
Legal departments also have the opportunity to get 2 percent cash back on invoices processed through the service. The release says that companies who spend $25 million in legal fees every year can get half a million dollars back.
“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 [to] get invoices approved and paid.”
Dan Ambrico, CEO of LSQ, shared a similar sentiment.
“At LSQ, we believe CounselLink is uniquely positioned to transform the enterprise legal management space,” Ambrico said. “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.”