Legal outsourcing industry has grown immensely in the recent past. Law firms and Corporates are outsourcing projects for expanding their in-house skills and expanding their business. The legal process outsourcing industry has undergone a substantial change. In this blog, we discuss the top ten benefits of Legal Process Outsourcing.
What is Legal Process Outsourcing?
Legal Process Outsourcing is the other name for LPO, an offshore firm undertaking legal projects outsourced by Corporates, Law Firms and Attorneys from fields that prove expensive if performed in-house owing to several factors like high wage rate, lack of skilled resources, etc. as a result such projects are outsourced to countries like India and Philippines, where skilled resources are readily available cheap, thus reducing the overall production cost.
The offshore based legal process outsourcing vendors have a team of law graduates who are well trained in US, UK and other foreign laws and work on similar projects. The projects that are mostly outsourced involves drafting, reviewing, legal research, abstraction, medical chronology services and deposition summarization.
Overview of the Legal Process Outsourcing in India
The commencing of LPO industry in India dates back to 2004 with the setting up of the evolution for the legal outsourcing sector. One of the leading reasons for the start and the substantial growth of legal process outsourcing in India is due to the high legal costs in countries like US, UL and other European countries and owing to the destructive impact of the weakening global economy.
India is one of the leading countries preferred by clients based across the globe for legal process outsourcing as the Indian legal system is very similar to that of UK, US, and Canada. The Indian legal process and dispute resolving methodologies are well initiated in the constitution of India.
Benefits of Legal Process Outsourcing
Legal process outsourcing offers several benefits. Few of the benefits of legal process outsourcing are listed below:
One of the main benefits of legal process outsourcing is that it is economical as labor is cheap in India compared to countries like US and UK. Therefore legal process outsourcing leads to huge cost savings. Also the in-house production can prove expensive as cost of employing a skilled resource or a legal professional and training him in the desired skill can increase the cost considerably. With legal process outsourcing as an option, one can assess skilled resources without any extra cost.
Use of Updated Methodology
Through legal process outsourcing, one can have access to latest technology and research tools without the need for investing in the same since offshore vendors use latest techniques and tools for completing a project. At times, customized Software is also developed by such vendors to meet individual client requirements and that too at a very low cost.
Through legal process outsourcing, one is able to access skilled resources without the need of hiring, thus enabling law firms to undertake projects that do not match their expertise as outsourcing is the readymade solution for all such projects. Outsourcing assists law firms and attorneys to expand their practice areas as the work can easily be outsourced to offshore vendors who possess the required skills. Outsourcing eradicates the need for hiring in-house resources for undertaking a unfamiliar project. Outsourcing assures quality output as the resources deployed by legal outsourcing firms are well trained with relevant experience in the related fields. Outsourcing is a great option for filling in internal competencies.
Less Turnaround Time
With legal process outsourcing, law firms can easily increase their internal capabilities and reduce the turnaround time for processing legal projects as outsourcing firms are efficient enough to deliver quality output within the stipulated timeframe. The merger of offshore and onshore team allows organizations to carry out a project in less time with quality output.
Twenty-Four by Seven Work Environment
Legal Outsourcing firms in countries like India cater to different time zones thus allowing law firms to enjoy the benefits of twenty-four by seven work environment meaning working around the clock and meeting tough deadlines and on time delivery.
Legal process outsourcing shares the workload of the Corporates and Law Firms thus enabling them to focus on core business endeavors. Outsourcing is the ultimate solution for organizations to develop their capabilities as per the requirements of the clients. Outsourcing legal projects assist in cutting down costs, provides access to updated tools and methodologies.
Great Learning Platform
Legal process outsourcing offers a great learning platform through exposure. Many legal outsourcing vendors nave experience of working with prominent law firms and hire foreign mentors to train their resources thus ensuring that the resources get habitual to the work environment of countries they work for and get exposure to best technology and software available for the legal outsourcing industry.
Outsourcing a legal project does not mean that the client loses complete control of the project since it is outsourced. Outsourcing firms work in close proximity with the client and chalks out customized plans for the successful implementation of the project. Also, regular updates are provided and the feedback from the client is implemented. Each project is carried out in the budget with no hidden costs and is delivered within the agreed time frame.
Improved Emphasis on Other Core Business Functions
By outsourcing legal projects including non-core legal projects, to a legal process outsourcing firm, the delivery time can be minimized, and internal resources can get enough time to focus on the core business functions of the organization. Share your workload by outsourcing
Constant Innovation and Renovation
Legal Process Outsourcing assists law firms and solo practitioners to keep themselves updated with the recent technology and future developments, thus providing the clients with an additional advantage in the legal arena.
Conclusion Legal Process Outsourcing has several benefits thus making it a crucial partner for Corporates, law firms and solo practitioners. India is one of the most sought-after destination for outsourcing legal projects with an estimated manifold growth and expansion in the coming years. With skilled resources available at a comparative low cost, India has emerged as an legal process outsourcing hub for clients based across the globe.