LegalOps is still fairly new so understanding key terms is extremely important. Here is a glossary of key terms used within the Legal Operations (LegalOps) industry:
- Alternative Fee Arrangements (AFAs): Pricing structures that deviate from traditional billable hours. This might include flat fees, contingency fees, or other structures.
- Artificial Intelligence (AI): The capability of a machine to imitate intelligent human behavior. In LegalOps, AI might be used to automate document review, legal research, or other tasks.
- Benchmarking: Comparing one’s business processes and performance metrics to industry bests or best practices from other industries.
- Billing Guidelines: Rules and expectations set by clients for their legal service providers regarding billing procedures and expenses.
- Change Management: The process of preparing and supporting individuals to adopt changes in order to drive organizational success and outcomes.
- Compliance: Ensuring that a company is following all applicable laws, regulations, and standards.
- Contract Lifecycle Management (CLM): The methodical management of a contract from initiation through award, compliance and renewal.
- Data Analytics: The practice of using data to drive business strategy and performance. It includes a range of approaches and methodologies that apply statistical data to derive insights and decisions.
- eBilling: The process of managing bills electronically, rather than through traditional means like mail or fax. This can include submitting, reviewing, approving, and paying bills.
- eDiscovery: Electronic Discovery, the process of discovering, collecting, and analyzing electronically stored information that can serve as evidence in legal proceedings.
Look for Part 2 coming up tomorrow on VLegalOps.com