Let us first understand the meaning of Legal Process Outsourcing, or LPO is a practice in which a law corporate gets legal services from an external law firm or a provider of legal process outsourcing. Typically, all the corporate houses which are located in the United States of America, the United Kingdom, and Europe outsource their legal work to less expensive countries; meanwhile, the lawyers are pretty expensive in these countries. By outsourcing the legal work, these corporate houses save many costs that could have been spent on legal work. India is the most famous and required country for outsourcing legal work. The Legal Process Outsourcing or LPO sector is growing hugely in India, and most of the investors want to enter in Legal Process Outsourcing sector. Future of Legal Process Outsourcing in IndiaA research firm which is located in the US finds that Legal Process Outsourcing or LPO can bring four billion dollars and almost 80,000 jobs in India in the next ten years and enhance the knowledge process outsourcing. On the other side, the NASSCOM expected that LPO providers in India would soon rise to three billion dollars. In 2004-05, India earned 6.7 billion dollars by providing LPO services in technology, software, and manufacturing outsourcing. In view of US associate lawyers' amount in between $225 and $450 per hour, India becomes an ordinary choice. Five of the twenty-odd domestic KPO firms have established themselves and are tapping skilled legal professionals to handle the outsourced work. In a different report, 'Offshoring Legal Services to India,' Value Notes, a leading provider of intelligence and research services, it was estimated that the sector employs around 1,800 professionals and expects this to grow to 24,000 in 2010. By the end of 2020, the Legal Process Outsourcing or LPO market will grow 8,568 million dollars. Cost-effectiveness and quality through outsourcing legal activities may cause growth for the market over the next six years. Moreover, LPO facilitates higher resource utilization and stability, which is expected to boost industry growth over the estimated period. Benefits of Legal Process Outsourcing in IndiaFollowing are some essential benefits of Legal Process Outsourcing in India
Why India is the best opt for Legal Process Outsourcing?Following are some reasons why major countries choose India for outsourcing legal work:
Project Viable for outsourcing to IndiaNotable projects like secretarial support, transcription, word processing, and voice messaging are being outsourced to India. Several back-office & administrative functions are being taken into consideration for offshore servicing. It entails:
What are the pricing models used by LPOs?Following are the pricing models used by Legal Process Outsourcing:
ConclusionOver the years, outsourcing services have enabled companies to increase their efficiency and bring economic growth to highly competitive businesses. Outsourcing in the legal field, known as Legal Process Outsourcing (LPO), has also proved cost-effective and has helped law firms focus on core business areas. Outsourcing of legal work to India started way back in 1995 when India was thought to provide various advantages to foreign companies in efficiency and costs.
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7/6/2023 11:34:15 am
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