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How to reduce cost using Legal process outsourcing

Legal process outsourcing (LPO) is becoming an effective and cost saving option for the law firms in the west. And this is no boasting! The basic essentiality that goes with the outsourcing market is cost saving.  BPO and KPO firms in US, UK and Europe consider it a complete win-win situation. Now, what reasons makes LPO a rightful means to reduce the cost? It is very clear that outsoaring definitely serves as the point for the western law firms to save ample of money. Had this not been the case, outsourcing industry would not have existed and grown at such an alarming rate as it is growing now.

LPO reduces the cost in three beneficial ways. These ways include:

• It provides advanced technology based legal processing which not only gives quality legal processing, but also saves time. Both, high quality and time saving techniques bring together low cost legal outsourcing option available to the law firms in US.
• Readily available trained legal professionals that can do the job.
• The legal system in India has a very close similarity with the legal systems operating in US and UK.

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After traditional off shoring, it is the turn of legal and real estate services to be outsourced to India

In the recent years, India has seen significant changes in the off shore out sourcing industry. From the times of advent of BPO industry and up to KPO, there have been global opportunities available in the Indian sub –continent more than any where else on the earth. Going further, the present time is opportune for the legal and the real estate out sourcing. Estimates clearly point out that legal off shoring is destined to surge from $146 million in 2006 to $640 million by 2010.

The key concern areas that will make definite say as far as legal process out sourcing goes, includes, Legal transcription, Document review, Litigation support, Legal research, Intellectual Property, Contract management, Secretarial and Legal publishing, e-discovery and many more. Likewise, the sub prime crises as witnessed in the US clearly showcased ho the mortgage market slashed down. This also clearly showed weak and unstable US real estate market.

As compared to the US real estate market, there are potential growth opportunities available in the real estate market in India. Furthermore, Jones Lang LaSalle reports clearly indicate that India’s real estate property market will began to take an up path of US$ 12.11 billion in the real estate investment for over a period of five-years.

These figures assume that real estate market in India has potential and would attract outsourcing from the real estate markets across the world. And the amazing fact is that it might happen very soon!

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US Corporate Outsource Legal Work to India

Legal work processing in India is graduating, and it has marvelously transformed from the lawyers chambers to plush centrally air-conditioned bays. And you know what, all this happened because of burgeoning growth legal work being outsourced to India. US corporate law firms are the prime outsourcers of legal work to India. This trend has created work space for the new as well as the experienced law graduates.

The amazing fact to note out here is that Indian law system finds remarkable similarity to the US and UK law system. Next, most beneficial factor to note is that principal language of teaching in India is English, and therefore, most of the law schools in India conduct the classes in English language. All these conditions add to the bonus for the corporate US law firms.

Furthermore, the time zone requirements also easily adapt to US time zone requirements, and legal professionals in India can easily adjust to shift timing work patterns. The outsourcing of legal work to India gives advantage to the law firms in US, as they get low cost and best quality legal solutions. In addition, completely legal professional work is done as per the client’s satisfaction.

Therefore, for legal firms in US, outsourcing their legal work to India is the smartest option that could ever be taken by surprise.

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Legal Outsourcing a Beneficial Tool for Law Firms

Legal outsourcing is the hot new bud which has paved promiscuous opportunities for the legal professionals in India. Many of legal firms view India as an economical way of finding low cost legal processing solutions. LPO is a perfect combination of Law and Technology, knowledge of both areas is required while processing legal research, due diligence documents, legal document review, trade mark services, patent support services, litigation support etc.

Whether it is the law firm or the client, both are benefited in one way or the other. Listed below are the sumptuous benefits of LPO the Law Firm:

• Outsourcing the Legal Processing, the law firms can focus on the primary issues involved in the litigation process.
• Outsourcing the legal processes also helps in exceeding the expectations of the client.
• Outsourcing also reduces down the cost of having a regular employee.
• The law firms who outsource their work also get away from the very burden of hiring and training.
• Finally, outsourcing also augments profits of the law firms.

These points make it important for the law firms to outsource their work to the other vendors situated in the regions where apart from easy availability of skilled labor, there are plenty of resources available for undertaking the tasks with professional acumen.

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Advantages of Legal Process Outsourcing in India.

Legal Process Outsourcing (LPO) comes under the purview of KPO industry, and if India is taken into consideration, there’s least doubt that India law firms are bound to benefit form the on going LPO trend. India is a land of high skilled legal professionals who have fair idea about the legal processes running in the US and various European markets.

With the prominence of reputed law schools in India, LPO firms in India have reached to professional maturity levels, where they have become knowledgeable about variable legal roles, including, IP processes, legal research, pre-litigation documentation, document analysis, preparing software licensing agreements etc.

Indian legal professionals are offering the same nature of legal patent services and that too with complete satisfaction and quality. Assessment and statistics show that legal professionals in India are offering patent related services at $2000 and lower prices, than what US law firms are charging ($8000-$12000.).

Here are the advantages of outsourcing legal processes to India:

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Models of Legal Process Outsourcing.

Legal process outsourcing is the recent most trends that are catching hold of law process in India. Amongst the many legal processes being outsourced in the Indian sub-continent, the most prominent of them include, legal research, due diligence support, document review, trade mark services, patent support services, litigation support and many more. Most of the outsourcing legal firms in India provide complete efficiency in their work.

There are different work models being followed by the legal process outsourcing. And all these models help at different levels to visualize outsourcing as an ideal means for creating promiscuous job opportunities in the legal arena. However, in generality, there are two most practical models the function in LPO. Under the first model, the firm acts as a middleman and performs the task of introducing LPO clients to the outsourcing companies in India. Under the second model, LPO outsourcing company establishes the direct contact with the client in US, UK and Europe.

However, there are different reasons why all LPO models simply don’t work well. These include, delayed understanding between the client and the LPO outsourcing firm; breach of proprietary information etc.

No doubt, LPO is the latest in the legal realm.

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Why Legal Process Outsourcing?

With the rising outsourcing market, there’s very little doubt left that legal process outsourcing (LPO) is the lucrative area which is bound to offer sumptuous growth opportunities for the new lawyers and allied legal professionals. LPO process is beneficial for legal outsourcing company as well as outsourcer law firms strategically located in United States, UK and Europe. The law companies outsource their legal administrative work services document review, legal research, patent services, and drafting of pleadings and legal briefings.

LPO offers low cost, but professional opportunity to the companies to manage legal and para-legal work. As per the available trends for the year 2010 and later, clearly show high quality LPO work to the third world nations, especially India and Philippines.

If we go by the approximate statistics, attorneys and law firms working in US and elsewhere in European nations charge $150 -$350 on an hourly basis. By outsourcing legal and para-legal work to the countries like India, high quality legal processing work can be conducted at extremely reduced costs.

The prominent services offered by LPO include, Contract Management, Legal research, Case Management, Patent Services, Document Review etc. LPO is making its power felt in the developing nations by all means, and it is one sector that has the potential of vertical growth.

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What is Legal Process Outsourcing?

LPO takes its course from KPO (Knowledge Process Outsourcing). KPO refers to knowledge process outsourcing and which invariably includes, valuation research, investment research, patent filing and legal and insurance claim analysis.

Legal Process Outsourcing (LPO) is the means where a law firm or corporation (usually located in US and Europe) hire the services of an offshore legal support services company. LPO has shown phenomenal progress in recent times and the countries like Philippines and India have served as the breeding grounds for providing legal processing of document review, legal research and writing, drafting of pleadings and briefs, and patents by legal experts.

LPO is also seen as a prominent cost saving measure for the law firms in US, UK and Europe. Off shoring legal processes to the countries like India, has also generated employment for the intellectuals in the law sector. Taking the case of Indian sub-continent, it offers vast potential for legal processing. With prominent and reputed law schools, there is no dearth of legal professionals. In addition, the legal system in India has taken from British Common Law and American Law.

However, statistics show that at present Indian lawyers are not qualified to give legal advice in US or European courts, but are adept enough to handle para –legal services.

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LPO: A Booming Industry In India

The legal process outsourcing (LPO) sector in India is estimated to grow vertically. Statistics point out clearly that growth of LPO industry is the next thing to happen on the Indian firmament after the BPO. Adding to the bust, around 35-40% of the top ten Indian BPO companies have avowed their call to become an integral part of LPO sector in the immediate future. Furthermore, IT mainstream giants are carefully analyzing the LPO model. These IT giants are strategizing over the concerns on the over all development of the LPO market in India.

LPO is seen as the part of KPO; and the industry has tremendous scope to earn good profit margins for the industry. This transformation will not only help in the development of the economy of the country, but will also provide fast and real-time opportunities to legal professionals. LPOs in India are making a gradual and steady market, and the time is quite near when majority of law firms from the west will eye Indian law companies to get their work done in affordable and efficient manner.

Statistics also point out that in spite of colossal potential for LPO growth in the Indian market, the real development can only be seen when the LPO market opens in a great way.

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