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.
