Legal process outsourcing refers to the practice of a law firm obtaining legal support services from an outside law firm or legal support service company. t is high end industry that has been growing rapidly in recent years. The term, “LPO,” for “legal process outsourcing” is apparently a media invention derives from word BPO and KPO. When LPO provider is based in another country is called off shoring and when LPO is based in same country, the practice of outsourcing includes different kind of work like appearance in court & face to face negotiations. Many corporations and attorney firms are now looking to outsource some, for their legal support services. As the industry has evolved in size and expertise, their nature of work being outsourced.
An increasing number of companies, large and small are outsourcing legal work to destinations across the globe. It involves delegating legal work to an external or affiliated organization which can carry it out a lower cost. Originally LPO enacted law firms and large corporations outsourcing large document review projects for litigation disclosure or transactional due diligence to an offshore provider. This process allows the firm to address the various legal issues that arise on daily basis while being able to streamline productivity. The process involves a contract, with due consideration between both firms. There are various methods involved in this process like Direct contract, Managed outsourcing, Required outsourcing, Multi-sourcing. Security tended to be a central concern for firms considering LPO .All good LPO providers meet ISO standard. If we see currently growth it is approx. 50 to 60 percent and it is to be expected that growth will increase in coming 4 to 5 yrs.
The basic reason behind this success is based in merger and acquisition from previous 2 to 3 yrs. It offers many advantages like firms outsource primarily to save cash, outside talent ,LPO charge a small fraction of price than major legal market charge, availability of quickly scale up. India is currently the largest LPO destination, like the U.S & U.K. Indian legal service are affordable, efficient and above all skilled. Outsourcing legal work to India costs up to 80% less than the cost of international firms. India possessed a large highly qualified labour pool. LPO is occurring in all sectors of legal industry. The work of lawyers, paralegals and litigation support personnel is increasingly being performed by legal service providers. In this process the issue of client confidentiality assumes utmost importance. Legal process outsourcing grows by leaps and bounds. The LPO industry is rather nascent and has initially encountered many of the same struggles that early BPO outsourcing faced, it is poised to become a major sector of offshore outsourcing in coming years.
An increasing number of companies, large and small are outsourcing legal work to destinations across the globe. It involves delegating legal work to an external or affiliated organization which can carry it out a lower cost. Originally LPO enacted law firms and large corporations outsourcing large document review projects for litigation disclosure or transactional due diligence to an offshore provider. This process allows the firm to address the various legal issues that arise on daily basis while being able to streamline productivity. The process involves a contract, with due consideration between both firms. There are various methods involved in this process like Direct contract, Managed outsourcing, Required outsourcing, Multi-sourcing. Security tended to be a central concern for firms considering LPO .All good LPO providers meet ISO standard. If we see currently growth it is approx. 50 to 60 percent and it is to be expected that growth will increase in coming 4 to 5 yrs.
The basic reason behind this success is based in merger and acquisition from previous 2 to 3 yrs. It offers many advantages like firms outsource primarily to save cash, outside talent ,LPO charge a small fraction of price than major legal market charge, availability of quickly scale up. India is currently the largest LPO destination, like the U.S & U.K. Indian legal service are affordable, efficient and above all skilled. Outsourcing legal work to India costs up to 80% less than the cost of international firms. India possessed a large highly qualified labour pool. LPO is occurring in all sectors of legal industry. The work of lawyers, paralegals and litigation support personnel is increasingly being performed by legal service providers. In this process the issue of client confidentiality assumes utmost importance. Legal process outsourcing grows by leaps and bounds. The LPO industry is rather nascent and has initially encountered many of the same struggles that early BPO outsourcing faced, it is poised to become a major sector of offshore outsourcing in coming years.
From 2010 to 2014 the Indian LPO market growth increases 27.7%. Acc to the sources it is estimated that Indian LPO’s are expected to high growth by USD 1.3 billion market by 2015 and USD 960 million by 2015. Investors have spotted the potential. It has also been witness of increasing technology applications. In India it is expected to raise 18000 professional. Globally this market is increased up to 28% . In coming year it has been seen that LPO is raising large trading enterprises that need to manage a large number of contracts or legal forms.
No comments:
Post a Comment