June 7, 2019, Chicago — The Standard Advancement for the Legal Industry (SALI) Alliance and Bloomberg Law announced today the contribution of several taxonomies to the SALI Alliance for use in emerging legal industry standards. The SALI Alliance is developing the Legal Matter Specification Standard (LMSS), a free, open standard, which seeks to provide a common language that buyers and sellers of legal services can use to enable more efficient delivery of legal services, and better access to justice.
The legal industry lacks good standards in the ways it describes legal services, which has been an impediment to innovation and efficiency. “Open legal standards like SALI are a critical component of providing transparency and accelerating innovation in the legal marketplace,” said Joe Breda, President of Bloomberg Law. “For this reason, Bloomberg Law is proud to not only serve as a member of SALI but to have contributed some of our proprietary taxonomy to the open standard.” Bloomberg Law has provided taxonomy codes for U.S. Governmental Bodies, U.S. federal statutes and international organizations.
The taxonomy, which organizes and codifies several public agreed upon codes, accelerates the work of SALI. “We are grateful for this important contribution,” said Adam Stock, CIO at Allen Matkins and Co-Chair of the LMSS Committee. “We are building a comprehensive standard for the legal industry, and leveraging the contributions of our members helps us achieve our mission faster. With several million Bloomberg and public documents and databases already using the codes, the value of adopting the SALI LMSS standard has increased for the industry.”
The SALI Alliance is an independent standards organization of law firms, companies, legal industry service providers, legal industry associations, and academic institutions. The SALI Alliance was formed to ensure that all stakeholders important to the legal industry had a voice in solving the industry’s problems.
Any company or organization can become a member at www.sali.org. Members can participate in defining the legal services market through regular SALI standard committee meetings. Membership tiers are offered for clients, law firms, solution providers and other industry stakeholders.
About SALI Alliance
The Standards Advancement for the Legal Industry (SALI) Alliance promotes an inclusive industry neutral standard for the progress of legal industry transparency, efficiency and innovation. It was founded by Legal Marketing Association and Association of Legal Administrators. Its mission is to create a common language for all participants for the delivery of modern legal services. Learn more at www.sali.org or on Twitter at @SALIalliance.
About Bloomberg Law
Bloomberg Law helps legal professionals provide world-class counsel with access to actionable legal intelligence in a business context. Bloomberg Law delivers a unique combination of practical guidance, comprehensive primary and secondary source material, trusted and exclusive content, news, time-saving practice tools, market data and business intelligence. For more information, visit https://pro.bloomberglaw.com/.