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Enterprise Legal Management
Enterprise legal management (ELM) is a practice management strategy of corporate legal departments, insurance claims departments, and government legal and contract management departments. ELM developed during the 1990s in response to increase corporate demands for accountability, transparency, and predictability. It employs software to manage internal legal documents and workflows, electronic billing and invoicing, and to guide decision-making through reporting and analytics. Definitions Still an evolving term, ELM is a recognized management discipline and a strategic objective of general counsel. Some have argued that ELM falls within the broader category of corporate governance, risk, and compliance ( GRC); others maintain that ELM and GRC are separate entities along a continuum. Separate but related technologies include information governance, electronic discovery, legal hold, contract management, corporate secretary, and board of directors’ communications. ELM softwar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Billing
Electronic billing or electronic bill payment and presentment, is when a seller such as company, organization, or group sends its bills or invoices over the internet, and customers pay the bills electronically. This replaces the traditional method where invoices are sent in paper form and payments are done by manual means such as sending cheques. Advantages to electronic billing include the faster presentation of invoices and reductions in costs compared to handling paper documents. However, to take full advantage of electronic billing both seller and buyer need to have in place computer systems able to handle electronic billing and have access to financial institutions that can do electronic payments. History The development of electronic billing and payments started in the late 20th century, and whilst its exact origins are unclear, it is generally agreed that development of electronic billing coincided with the rise of the Information Age. It went hand-in-hand with the deve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Matter Management
Legal matter management or matter management refers to activities involved in managing all aspects of the corporate legal practice ("matters"). Matter management is distinguished from case management, in that case management is generally considered to refer to law firm related activities ("cases"). Matter management software systems serve a variety of functions including conflict and ethics control, accurate matter opening, day-to-day matter work, business intelligence, and marketing. This includes the tracking of such items as the attorneys and other workers on the case, type of legal work, industry of the client, witnesses, judges, Courts, opposing counsel, Issue (legal), issues, documents, budgets and invoices associated with each particular legal matter. Corporations can use matter legal matter management software and systems to manage both their in-house counsel staffs as well as their outside counsel law firms and non-law firm legal service providers who work on legal matte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Combined Ratio
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Artificial Intelligence
Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of research in computer science that develops and studies methods and software that enable machines to machine perception, perceive their environment and use machine learning, learning and intelligence to take actions that maximize their chances of achieving defined goals. High-profile applications of AI include advanced web search engines (e.g., Google Search); recommendation systems (used by YouTube, Amazon (company), Amazon, and Netflix); virtual assistants (e.g., Google Assistant, Siri, and Amazon Alexa, Alexa); autonomous vehicles (e.g., Waymo); Generative artificial intelligence, generative and Computational creativity, creative tools (e.g., ChatGPT and AI art); and Superintelligence, superhuman play and analysis in strategy games (e.g., ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Machine Learning
Machine learning (ML) is a field of study in artificial intelligence concerned with the development and study of Computational statistics, statistical algorithms that can learn from data and generalise to unseen data, and thus perform Task (computing), tasks without explicit Machine code, instructions. Within a subdiscipline in machine learning, advances in the field of deep learning have allowed Neural network (machine learning), neural networks, a class of statistical algorithms, to surpass many previous machine learning approaches in performance. ML finds application in many fields, including natural language processing, computer vision, speech recognition, email filtering, agriculture, and medicine. The application of ML to business problems is known as predictive analytics. Statistics and mathematical optimisation (mathematical programming) methods comprise the foundations of machine learning. Data mining is a related field of study, focusing on exploratory data analysi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alternative Fee Arrangements
Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney (lawyer or law firm) for a client, in or out of court. Fees may be an hourly, flat-rate or contingent fee. Recent studies suggest that when lawyers charge a flat-fee rather than billing by the hour, they work less hard on behalf of clients and clients get worse outcomes. Attorney fees are separate from fines, compensatory and punitive damages, and (except in Nevada) from court costs in a legal case. Under the " American rule", attorney fees are usually not paid by the losing party to the winning party in a case, except pursuant to specific statutory or contractual rights. Overview The phrase is a legal term of art in American jurisprudence (in which lawyers are collectively referred to as "attorneys", a wording practice not found in most other legal systems). Attorney's fees (or attorneys' fees, depending upon number of attorneys involved, or simplified to attorney fees) a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gartner
Gartner, Inc. is an American research and advisory firm focusing on business and technology topics. Gartner provides its products and services through research reports, conferences, and consulting. Its clients include large corporations, government agencies, technology companies, and investment firms. Operations Gartner is a research and advisory firm with three business segments: research, conferences, and consulting. As of December 2024, Gartner has over 21,000 employees globally and operates in 90 countries and territories. It is headquartered in Stamford, Connecticut. Gene A. Hall is the chief executive officer. Gartner is a publicly traded company listed on the S&P 500. History 1980s Gideon Gartner and David Stein founded Gartner, Inc. in 1979 to provide IT industry research and analysis to businesses buying and selling computer hardware. Gideon Gartner had previously worked at IBM, and his new firm specialized in information about IBM and its products. Gartner's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Process Management
Business process management (BPM) is the discipline in which people use various methods to Business process discovery, discover, Business process modeling, model, Business analysis, analyze, measure, improve, optimize, and Business process automation, automate business processes. Any combination of methods used to manage a company's business processes is BPM. Processes can be structured and repeatable or unstructured and variable. Though not required, enabling technologies are often used with BPM. As an approach, BPM sees processes as important assets of an organization that must be understood, managed, and developed to announce and deliver value-added products and services to clients or customers. This approach closely resembles other total quality management or continual improvement process methodologies. ISO 9000:2015 promotes the process approach to managing an organization. ...promotes the adoption of a process approach when developing, implementing and improving the effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UTBMS
The Uniform Task-Based Management System (UTBMS) is a set of codes designed to standardize categorization and facilitate the analysis of legal work and expenses. UTBMS was produced through a collaborative effort among the American Bar Association Section of Litigation, the American Corporate Counsel Association, and a group of major corporate clients and law firms coordinated and supported by Price Waterhouse LLP (now PricewaterhouseCoopers). UTBMS codes are now maintained and developed by the Legal Electronic Data Exchange Standard (LEDES) Oversight Committee. Background UTBMS coding is reflected in legal bills sent from a law firm to its corporate clients. Law firms will usually use coding on time and expenses only for those clients who explicitly request it. Most clients who use UTBMS also require electronic billing, usually with an invoice in a LEDES e-billing format. Fees, which are attorney and legal assistant time charges, are coded with task and activity codes. There are f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Bar Association
The American Bar Association (ABA) is a voluntary association, voluntary bar association of lawyers and law students in the United States; national in scope, it is not specific to any single jurisdiction. Founded in 1878, the ABA's stated activities are the setting of academic standards for law schools, and the formulation of model ethical codes related to the legal profession. As of fiscal year 2017, the ABA had 194,000 dues-paying members, constituting approximately 24.4% of American attorneys. In 1979, half of all lawyers in the U.S. were members of the ABA. In 2016, about one third of the 1.3 million practicing lawyers in the U.S. were included in the ABA membership of 400,000, with figures largely unchanged in 2024. The organization's national headquarters are in Chicago, Illinois, with a branch office in Washington, D.C.. The association is affiliated with the law, legal, and professional research sponsoring organization the American Bar Foundation. History The ABA wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LEDES
The Legal Electronic Data Exchange Standard is a set of file format specifications intended to facilitate electronic data transmission in the legal industry. The phrase is abbreviated LEDES and is usually pronounced as "leeds". The LEDES specifications are maintained by the LEDES Oversight Committee (LOC), which started informally as an industry-wide project led by the Law Firm and Law Department Services Group within PricewaterhouseCoopers in 1995. In 2001, the LEDES Oversight Committee was incorporated as a California mutual-benefit nonprofit corporation and is now led by a seven-member Board of Directors. The LOC maintains four types of data exchange standards for legal electronic billing (ebilling); budgeting; timekeeper attributes; and intellectual property matter management. The LOC also maintains five types of data elements in the LEDES data exchange standards: Uniform Task-Based Management System codes, which classify the work performed by type of legal matter; activi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
