This paper discusses a method for corpus-driven ontology design: extracting conceptual hierarchies from arbitrary domain-specific collections of texts. These hierarchies can form the basis for a concept-oriented (onomasiological) terminology collection, and hence may be used as the basis for developing knowledge-based systems using ontology editors. This reference to ontology is explored in the context of collections of terms. The method presented is a hybrid of statistical and linguistic techniques, employing statistical techniques initially to elicit a conceptual hierarchy, which is then augmented through linguistic analysis. The result of such an extraction may be useful in information retrieval, knowledge management, or in the discipline of terminology science itself.