Today the Standards Advancement for the Legal Industry (SALI) Alliance announced the official release of Legal Matter Specifications Standard LMSS 2.0. The enhancement expands the taxonomy to almost 10,000 categories or tags which provide a granular analysis of legal market services. As firms ramp up their Business Intelligence activities the SALI tags can be a powerful tool for pricing and competitive insights.
“LMSS 2.0 is, quite simply, innovation in the legal industry at its finest. It is the culmination of countless hours generously volunteered by professionals in law firms, technology companies, service providers, educational institutions, and clients in different roles, pursuing the same vision,” notes Toby Brown, co-founder of The SALI Alliance and Chief Practice Management Officer at Perkins Coie. “A common language for the legal industry is powerful for all of these parties, from legal operations to business development, pricing, knowledge management, and overall law firm business operations. Standardized data is critical to all of these efforts.”
Congratulations to all the professionals and organizations which devoted time to this initiative which will benefit the entire legal market around the globe.
Here is the full press release: