RALEIGH, NC, May 15, 2023 – 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.
CounselLink’s advanced legal work management and financial management capabilities – including effective workflow, contracts and automation tools, robust analytics and reporting capabilities – optimize corporate legal operations and provide data-driven insights that can save organizations an average of 8-10 percent on legal costs each year.
LexisNexis® CounselLink® is the leading enterprise legal management solution designed to help corporate legal departments gain 100 percent visibility into their work, matters, and invoices. CounselLink delivers Financial Management, Vendor Management, and Contract Lifecycle Management solutions in one easy-to-use, cloud-based platform for controlling costs, maximizing productivity, and making better decisions — all supported by powerful analytics that provides you with data to demonstrate your department’s value. For nearly 30 years, LexisNexis has been providing innovative solutions for corporate legal departments crafted from the insights of thought leaders, industry expertise, and customer feedback. Discover more about CounselLink online at www.counsellink.com.
About LexisNexis Legal & Professional
LexisNexis® Legal & Professional provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better 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 150 countries with 11,300 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.