The act of practicing law is transforming at an exponential rate and clients do not easily digest the increase in billing rates without probing. To maintain existing clients and attain new ones, companies are required to put forward exceptional cost-saving techniques.
One such technique is to engage the services of a legal outsourcing company offering world-class services at affordable rates. There are many Indian outsourcing companies that are operational 24/7 and are also working in the ‘downtime’ of the United States.
Nevertheless, clients are usually delivered the work assignment at the beginning of the next working day. The most common legal outsourcing services these days are eDiscovery, document review, drafting, legal research and writing, transcription services, and many more.
Legal outsourcing offers a win-win situation for both the law firm and the outsourcing service provider. The employees of the law firms can pay attention to the core value work while the outsourcing company takes care of the routine tasks. Outsourcing not only fulfills the requirements of the legal industry, but it also makes the practice of law much easier and exciting.
Legal Process Outsourcing (LPO) in India has been progressing at a rapid pace and have witnessed a high growth rate. As per one of the latest surveys, currently, there are more than 25,000 professional law graduates who are working in several LPOs across India.
The Indian LPO industry’s growth rate is quite fast as compared to the other countries. Now, every outsourcing business firm is anticipating on investing largely in the systems, procedures, and security to safeguard the primary aspect of their business i.e. Security and Confidentiality of the Data.
Undoubtedly, clients’ nowadays pay utmost attention to the business confidentiality and it is one of the key considerations when planning to outsource. The growth in the LPO industry has been tremendous as the LPO that started with 5-10 employees a year ago have now improved their employee strength to about 500. The LPO industry is likewise going through a similar phase just as the BPOs, which multiplied considerably in the recent past.
The future of the legal outsourcing industry can be best determined by the following facts:
- As per the Forrester Incorporation, jobs in this field are going to reach the mark of 79,000 by the end of 2015.
- According to Evalueserve, the Indian LPO service providers would incur a revenue of $960 million by 2016.
- According to the Forrester Incorporation, the present value of legal process outsourcing is $85m, which is roughly 3 percent of the estimated market.
- Forrester Incorporation suggests that the present value of legal process outsourcing services in India alone is $60m of the total.
So, what are you thinking? It’s the right time to outsource your mundane tasks to a reliable legal outsourcing company in India and reap all the benefits.