Doug Goldin – LSQ
The COVID-19 pandemic has put a financial strain on businesses and individuals as invoices have stalled and companies are left in the lurch.
But for 25 years before the pandemic began, LSQ had been helping businesses receive payments—now it’s helping clients pay them, too. As the general counsel for the Orlando, Florida, working capital platform and financing company, Douglas Goldin ensures its solutions—one for businesses looking to get outstanding invoices paid faster and the other for businesses that are looking to optimize working capital and extend payment terms—are legally compliant.
While working in private practice for 10 years, Goldin “got a taste of what it’s like to be in-house counsel” when he worked with Wells Fargo as a client and secondment attorney. The experience opened a new world for him and he left private practice to work as in-house counsel for a timeshare company before joining LSQ in summer 2019.
As the company’s only in-house attorney, he’s spent his short tenure absorbing as much information as he can while also helping to roll out the new platform.
“Transitioning from a specialist to a generalist, which I’ve enjoyed, has been a challenge, but I’m open to learning new things,” Goldin says. “Drinking from a fire hose is an overused expression, but it’s really been a whirlwind.”
LSQ’s primary service is invoice financing, run through a software platform allowing businesses to get money without having to wait for their customers to pay. LSQ purchases outstanding invoices from businesses, advances up to 90 percent of the invoice amount, and then collects payment from that business’s client.
Goldin says this is especially helpful for businesses that can’t wait weeks or even months for payment.
Two years ago in 2019, LSQ launched its supply chain financing solution, LSQ FastTrack, which is essentially the inverse of invoice financing. Instead of businesses coming to LSQ to get paid while invoices process, companies that owe money partner with LSQ so suppliers get paid more quickly. The companies then pay LSQ when the invoice is due, unlocking their own working capital.
“It’s a win-win for buyers and sellers because it brings companies and their suppliers’ needs into alignment,” Goldin says.
Supply chain financing has grown ten-fold over the past year, Goldin says. Since COVID-19 hit, he says more companies have been seeking ways to unlock working capital by extending terms without negatively impacting their customers.
“We’re seeing that there’s a real need,” he says. “It’s possible it’s a general trend and COVID is just exacerbating that.”
A legal niche
As LSQ’s unified working capital platform grows, law firms are emerging as a key potential customers.
“We’re the only players in law invoice financing options right now so we think we found something overlooked that could be a big opportunity for us,” Goldin says.
Having worked in private practice for so many years, primarily with business litigation and bankruptcy, Goldin understands law firms often have numerous outstanding invoices. LSQ works with LexisNexis and its CounselLink enterprise legal management software to provide invoice financing for law offices so they can get paid sooner.
Goldin enjoys using what he learned in private practice to help LSQ succeed.
“I really love working with non-lawyers and helping them understand the legal risks that can pop up,” he says. “I help them consider how different scenarios may play out, anticipate what risks and opportunities may arise and offer practical solutions.”
Goldin’s role requires him to do a little bit of everything, from contract drafting and negotiations to compliance and human resources. “I’m a people person and I naturally like to learn,” he shares.
The year ahead
Looking to the future, Goldin says LSQ wants to continue growing its supply chain financing solution while also refining its unified working capital platform, combining invoice financing and supply chain financing into one application so clients can access both through a single portal.
While contributing to this, Goldin will also be revamping LSQ’s contracts to ensure they’re consistent, helpful and easy to read. He wants to train employees outside the legal department to better understand them, too.
Aside from that, Goldin’s biggest focus will be staying safe during COVID. He lives in Orlando with his wife and two daughters, and while normally he loves to travel with them, the pandemic has the family grounded. They stay busy by going to the beach, visiting local farms, playing tennis and walking their two rescue dogs.
Goldin loves solving problems, though, and is excited about what LSQ can accomplish despite the pandemic.
“I love taking complex issues and finding simple and sustainable solutions,” he says. “I look forward to rolling up my sleeves and collaborating with individuals across the organization as LSQ continues to grow in 2021 and beyond.”
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