Like all business scenarios, the legal industry has to depend on growth and development and incremental business to stay afloat. But there is a very distinct and unique perspective for law firms around the world. Earlier, law firms struggled to streamline their operations and stay competitive in the market.
However, the global recession led to large-scale bankruptcies of even blue-chip companies. Law firms were inundated with work, and this led to a rise in a peculiar situation. Lawyers were under pressure with excessive workloads but no manpower resources to back them up, increasing overall costs.
What path did the law firms choose to get out of this mess? They decided to outsource legal services, an ideal option. Once the legal industry tasted success in this process, it became their sole mantra for business expansion.
Outsourcing legal services is the best choice for law firms to attain success in the long run. There is nothing that can matter more. As a law firm, you should spin off mundane tasks to companies with a dedicated workforce.
To reap the potential benefits of outsourcing, prepare a list of tasks to outsource.
What kind of legal work to outsource?
1. Research and Legal Drafting – This aspect is purely based on the tenets of the law without any need for specific interpretations. However, engaging your lawyers in tedious work deviate their focus from client servicing.
2. Management of Contracts – If you have to go through all contracts that come up before you with a fine toothcomb, you’ll hardly have time for anything else. Free yourself up by outsourcing this activity to those offering professional legal services. Not only will the initial stages of the contract be taken care of, but its monitoring will continue throughout the life cycle of the contract.
3. Document Review – This is a highly manpower-intensive activity again and includes preparing deposition summaries, coding of documents, and other related work. By keeping it to yourself, you deprive valued customers of the undivided attention they deserve from you.
The common factor in all these above points is that they are all back office related time-consuming work. They are surely one of the primary secrets of business growth and development.
Why should choose legal outsourcing services?
1. Focus on Core Competencies – When you outsource legal services that require no interpretation of the law but simply have to follow it to the letter, you do not really lose anything. Instead, you are taking expert external help further to prepare your cases for the shortest possible time. This will give you a lot of time to offer quality service to existing clients as well as bring in fresh cases.
2. Reduction in Costs – Outsourced work can be done at a much lower cost than what you would have paid your high-salaried staff. This is because of the wage differentials existing between countries. You can better utilize these savings to offer competitive legal fees to your clients, thereby stealing a march over law firms.
3. Increase in Business Opportunities – This is especially true if you have a small to mid-sized law firm. It is no more the scenario where top legal firms garner prize clients, and small firms get left behind. By outsourcing a part of the functioning at cheaper rates, you, too, can go for quality customers and increase business without having to add to your manpower resources.
4. Coming of Age of Outsourcing Companies – Outsourcing companies today offer services that can be deemed to be parallel in quality to the originating legal firms. Over a period of time, they have honed their skills, added to their infrastructure, and taken on board lawyers of international standards with a high degree of expertise in the laws of different countries. By hiring them, you are adding value to your services, and this will naturally rub off on your client servicing and business development.
These, then, are the secrets to law firms increasing their growth in business. At the cost of repetition, it can be said that the magic mantra is outsourcing legal services.
Legal Support World(LSW) is one of the leading companies offering legal services. Our lawyers have a great degree of professional expertise and deliver consistent quality results every time.
For more information, visit www.legalsupportworld.com.