19th August 2020
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.
★ 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.
★ MLS: Managed Legal Service
The service provided by an LPO or ALSP which takes ownership of a legal project or a long term outsource of a legal function.
★ 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.
★ LPM: Legal Project Management
Project management techniques (e.g. Prince 2 or Agile) applied to legal work or legal outsourcing.
★ AI: Artificial Intelligence
Techniques such as ML and NLP enabling computers to simulate human thought-processes.
★ ML: Machine Learning
Data analytics technique teaching computers to predict future sequences or find data patterns based on experience.
★ NLP: Natural Language Processing
Process allowing computers to read text, hear speech, interpret and identify key segments.