Thomson Reuters is launching Legal Tracker Advanced for spend management, mapped against the tags of SALI’s Legal Matter Standard Specification (LMSS). SALI stands for the Standards Advancement for the Legal Industry (SALI) Alliance. In March, it announced the official release of LMSS 2.0. incorporating almost 10,000 tags that the legal market uses to describe its services in detail, in a way that is comparable across organisations, to facilitate pricing and data science initiatives.
Mapping Legal Tracker Advanced to SALI’s industry-wide taxonomy/ontology reinforces, Thomson Reuters says, its commitment to being open and allowing law departments to easily connect and integrate solutions.
“The office of the general counsel, like many professional services departments, is challenged with doing a lot more with a lot less, while struggling to attract and retain the next generation of talent who want more engaging, less administrative tasks,” said Sunil Pandita, president of the corporates business segment at Thomson Reuters. “Leveraging the power of our partners and Thomson Reuters world-class content-driven technology, Legal Tracker Advanced is now an even more powerful way for legal departments to empower their teams to control costs and increase efficiency with data-backed information and recommendations on outside counsel spending, freeing up time for the department to focus on high-impact, business-critical work.”