One hallmark of good technology is that it addresses a customers’ pain point and makes life easier. If that’s true, then LexisNexis® CounselLink® new FastTrack product hits the mark.
This is the time of year —right before and during LegalWeek, which deems itself with some justification as “the largest and most important legal technology event of the year”—for new legal tech product announcements. One of these that caught my attention was a new offering from LexisNexis® CounselLink® called CounselLink FastTrack. CounselLink FastTrack is an innovative approach to vendor and financial management. It helps law firms get paid sooner while providing extended payment terms and some cash back on invoices to firm clients.
CounselLink FastTrack is a simple, eloquent solution to a vexing problem for law firms: getting paid timely. Here’s how it works. A corporation subscribes to the service. A law firm submits its bill. Once approved, a third-party provider, LSQ, pays the fees minus an “overhead fee” (usually around 4-6% of the fees) typically within 24 hours. The corporate client then generally has 60 days to reimburse LSQ less some 2% of the fees. The client and LSQ share the overhead charge.
CounselLink FastTrack is a win-win
CounselLink FastTrack is a win-win. Law firms want to get paid quickly, improve their cash flow, and reduce payment risk. Legal departments want to reduce costs, maintain or extend payment terms, and demonstrate strategic value to the C-suite. They often prefer to hold onto their cash and pay invoices based on corporate policies and terms. And let’s face it, reviewing bills is not most clients’ favorite thing to do. So, legal bills often go to the bottom of the pile.
As a practicing lawyer, getting paid was always the bane of my existence. I appreciated and always tried to
