It absolutely makes sense to delegate tasks like documentation or indexing to an overseas company. But in the wake of the overrun of work in your own firm, it can work as a good idea. But the ideation could have shown you the doors a couple of decades back.
The scenario has shifted drastically post the global financial crisis. Since the general counsels have prodded legal firms, reducing costs has become vital.
The legal outsourcing companies simply have lapped up the dire situation of law firms. It has become crucial that companies now setting up project management teams supervise the provision of an outsourced team. This is to ensure time-bound delivery. But you can’t go beyond legal process outsourcing (LPO).
Credentials of Legal Outsourcing Companies:
People are yet a bit hesitant to show confidence in the offshore law houses with legal tasks as they fear the safety of data and the time frame difference. Still, the global market share of $440 million USD, the legal process outsourcing providers have been estimated at speaks highly of the credibility of the far away law firms. Although not contained to, the legal outsourcers, by and large, are offered with-
A paralegal works like the completion of the plaintiff’s firm
Patent and acquisitions review
E-discovery by title or database search
- Also, legal research chores like preparing research memos.
Market prospects from India standpoint:
The emergence of Indian Legal outsourcing companies as a hot spot for offshoring has seen a giant leap in the last 3 to 4 years. After a brief sabbatical during the recession, the Indian market’s yearly growth in the last 5 years is an impressive 8.2%. Fronterion LLC reports that India and the Philippines are projected to generate $960 million USD by 2015, which is staggeringly more than double the total market value of legal outsourcing. Companies like LEGAL SUPPORT WORLD, understanding future opportunities, have established a dedicated operation center in India to tap the market. The abundance of quality law graduates, patience to carry out meticulous tasks like filing all the data in a timely manner, and proficiency in lingual skill have strengthened India’s position as one of the leading producers of Legal outsourcing companies.
Offshore v/s Onshore:
In comparison to overseas Legal outsourcing companies, an onshore market is small, less-rewarding, and is going through a budding phase. A handful of things that are pro- onshore outsourcing are:
Almost similar time frame and closer geographic location ascertain better delivery satisfaction and comfortable correspondence with the client due to close accent.
The risk of data leakage is substantially low for contracting out to on-shore firms.
After taking all these factors together, offshore companies have two prime advantages as follows:
- A permanent cost reduction
Guarantee of streamlined workflow due to simultaneous tasking in different branches.
The testimonial of such assertions is the fact that Indian legal consultancy names like LEGAL SUPPORT WORLD handle almost 65% of the US’s net outsourced legal works.
Among the many market players in the Indian Legal outsourcing business, LEGAL SUPPORT WORLD has carved a niche with its superior legal and paralegal services. Our expertise confronts clients’ standards and the attorney-client privilege.