Legal Business Glossary

The process of transforming and cleaning data to discover insights about your organization/department in order to make key decisions and increase efficacy. While in legal departments, data analytics can cover a range of metrics, many legal departments are leveraging analytical data to improve their spending management to avoid becoming a cost center.

The particular day on or before which something must be done to comply with law or contractual obligation.

Entry made on the asset side of a ledger or account; a sum charged as due or owing.

A person or entity that owes an amount of money or favor to another. In bankruptcy, the party whose affairs are the subject of the proceedings is called the "debtor."

A document used to establish the primary details of a trust.

The storage and handling of documents (such as contracts, licenses, letters, emails, notices, reports, etc.) that relate to legal matters.