Quick guide to New Law speak

Struggling with New Law speak? Here’s a handy guide…

LPO - Legal Process Outsourcing/Outsourcer

Outsourcing of work previously undertaken by in-house lawyers to a third party e.g. high-volume contract work or repapering exercises.

MLS - Managed Legal Services

The service provided by an LPO or ALSP which takes ownership of a legal project or a long term outsource of a legal function.

LPM - Legal Project Managements

Project management techniques (e.g. Prince 2 or Agile) applied to legal work or legal outsourcing.

ML - Machine Learning

Data analytics technique teaching computers to predict future sequences or find data patterns based on experience.

ALSP - Alternative Legal Service Provider

Firm with a different set-up compared to traditional law firms e.g. no partnership structure or hourly billing. May be regulated or unregulated.

FTE - Full Time Equivalent

The amount of resource equal to one full time employee. Outsourcing may be priced on this basis against location and/or grade.

AI - Artificial Intelligence

Techniques such as ML and NLP enabling computers to simulate human thought-processes.

NLP - Natural Language Processing

Process allowing computers to read text, hear speech, interpret and identify key segments.

Author

Stella Petersen

Stella Petersen

Head of Legal Operations
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