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Innovative Discount System Created With DirectInvoice
Our legal department at Atlantic Bank of New York was looking for an electronic invoicing system to make our outside counsel billing process more manageable. What we found was new technology and software that enabled us not only to improve the overall efficiency of our system but also to implement an invoice discounting policy that saves us money and gets our outside counsel paid quickly. The discounting policy lets us reduce payments to outside counsel by a set percentage if we pay their bills within 20 days and reduces the fees further in the event of late invoice submission. Because the new invoicing system lets us turn invoices around so quickly, we have achieved such significant savings that we expect the invoicing system to pay for itself within just a few years.
The technology that made this possible is DirectInvoice.com from Tripoint Systems Development Corporation. As executive vice president and general counsel, I was responsible for selecting new matter tracking and electronic invoicing systems for the bank's legal department. With the help of Deloitte & Touche, I identified the needs of my department and the bank, assessed a number of systems and finally settled on DirectInvoice. Our legal department had installed a matter management system in the early 1990s, but by 2002 that system was outdated. We wanted a more advanced, more sophisticated system offering an array of features that would increase the amount, quality and efficiency of our work. Most importantly, we wanted an electronic invoicing system to replace our manual paper system, which was labor-intensive and time-consuming.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.