Departmental logistics of earning discounts for prompt payment to law firms

If, and it’s a big if, one or more of your law firms agree to knock off 2-3 percent for your paying them in, say, less than 10 days (See my posts of May 4 and Aug. 24, 2005 dubious about such discounts.) you have to change some internal operations.

For example, Waste Management’s law department creates an incentive for lawyers to review bills expeditiously because their budgets benefit, it regularly reports on cycle time for approvals, and it develops statistics tied to accounts payable. (Metropolitan Corp. Counsel, March 2005 at pg. 55).

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