The legal process outsourcing has emerged as a competitive industry in the recent past. However only those have survived which have preserved high service standards. Legal process outsourcing has helped solicitors and law firms who have been outsourcing projects related to contract and lease abstraction, contract and lease drafting, writing of blogs and legal articles, deponent summary and litigation support services usually based in a different country as they have realized that outsourcing as a cost saving element for enhancing growth for the business. Complete Legal Outsourcing has been supporting solo practitioners n law firms for almost five years now.
A Lease Abstract is prepared upon the execution or commencement of the agreement to provide a more simplified, easier to use and shorter reference point for administering or managing the lease. Outsourcing not only helps in saving time and cost, it also provides opportunity for individual attorneys and law firms to offer a wide range of services so as to attract a bigger client base. Complete Legal Outsourcing has been supporting solo practitioners n law firms by providing a bundle of legal support services like litigation support, drafting, contract management, contract and lease abstraction services and content writing.
Lease abstraction requires the extraction of crucial information from the lease agreement document into an Abstract, which is a summary of vital terms of a leasehold agreement of real estate. A real estate lease, regardless of the country or state of jurisdiction, fundamentally comprises clauses that define the commercial, legal and functional terms of the agreement. The need for outsourcing can be judged on one’s own assessment of its workload and the element of time and cost saving as we all know that outsourcing helps one to save time and money. Outsourcing never compromises on the quality aspect and complies with the demanding nature of the work.
Complete Legal Outsourcing’s Lease Administration team comprises of experienced lease abstractors who make use of market-focal technology and procedures to deliver substantial savings for its clients based across the globe. Complete Legal Outsourcing aims to provide its clients with complete, precise, and timely lease abstracts to ensure all crucial lease information is available at the reviewer’s fingertips.
Complete Legal Outsourcing’s lease abstraction services helps clients in getting the most out of the abstracts prepared as it includes info pertaining to initial and option terms, recurring expenses, past and future rent steps for accurate reporting, critical dates, lease clauses, and percentage rent details and breakpoints. Also, Complete Legal Outsourcing ensures that client maintains complete control on how much data the client wants to be abstracted from leases and allowing them to select each item that needs to be abstracted. Since no two leases are the same, tailor made solutions are also provided so as to suit the needs of all clients.
The concept of legal outsourcing is not new. Individual attorneys and law firms have been outsourcing work to other lawyers having the knowledge of foreign law. Many firms have set up offices in other jurisdictions for doing their legal work while in some other general counsels are looking for legal service providers so as to meet their legal requirements. Complete Legal Outsourcing steps in here and is engaged in supporting solo practitioners n law firms by catering to their legal based project requirements.
Earlier only the big law firms were taking advantage of the outsourcing industry whereas today, medium and small sized firms and individual attorneys are also looking up to the reap the benefits of the legal outsourcing industry to save on costs and remain competitive as businesses are always on the lookout for means to reduce the cost. Lease abstraction is an exceptional skill. Complete Legal Outsourcing has five plus years of experience in supporting solo practitioners n law firms, has worked on several databases and is a chosen vendor for many US based clients.
India is perhaps the most preferred legal outsourcing destination and a majority of business to the India based LPOs is generated by US and UK attorneys and law firms. The projects that are outsourced relate to document review, litigation support, drafting of briefs and pre-trial motions, legal research and writing of legal blogs and articles as all this work, thus supporting solo practitioners n law firms, for if done in-house can result in a huge increase in the cost.
The LPOs employ law graduates, educated in the home country itself and either function as captive units, offshore offices, third party providers or firms that have been set up with the motive to provide legal support services at an economical cost.
Legal outsourcing industry proves beneficial for both parties as the client enjoys significant reduction in the cost, the outsourcing firm is able to derive business by providing a host of services. A dedicated project management team is mandatory so as to ensure that quality service is being delivered to the client within the stipulated time frame.