Legal Business Glossary

Software that allows your department to manage customer relationships and interactions by tracking all forms of engagement and customer/potential customer information. The goal is to help improve business and customer relationships by streamlining engagement processes. There are a number of law firm-specific CRMs that focus on client acquisition, contract management, and outreach. It is important to understand that a CRM is not a Case Management Software, but many CRMs integrate with popular case management platforms available.

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.

An on-demand signature service enabling organizations to execute business documents and contracts online without the passing back and forth of printed papers, also known as a digital signature.

A foundational legal operations tool that provides a streamlined and automated way to manage invoices submitted in any electronic format. e-Billing collects and stores invoice data, providing visibility into legal spending while offering other features such as invoice routing and advanced reporting for better financial management.

Data security method that uses code to hide or distort information so that it can’t be linked to an individual or properly understood.

The operation and administration of both the responsibilities and strategies of a corporate legal department such as e-Billing, matter management, document management, reporting, and workflow and collaboration.

An integrated information system that serves multiple departments or business units within a single enterprise by integrating a multi-module application software environment in order to assist a customer in managing processes integral to its overall business (product planning, parts purchasing, inventory maintenance, supplier and customer interaction, customer service, order tracking, and finance and human resources tasks).

Taxation of property held by an individual at the time of their death.

In business accounting and business taxation, any current cost of operation, such as rent, utilities, and payroll, is distinguished from the capital expenditure for long-term property and equipment.

Compensation paid for particular acts, services, or labor, generally, those that are performed in the line of official duties or a particular profession.

The methods of determining income and expenses for tax and other financial purposes.

Non-attorney professionals who oversee the day-to-day operations of a law firm.

A pricing structure that charges a single fixed fee for a service, regardless of usage.

A tool within Centerbase that lets you change the layouts of your matters, clients, bills, etc.

Main accounting ledger used by businesses to debit and credit accounts and is used to create businesses’ financial statements.