GROWTH OF LPO IN TODAYS LEGAL WORLD

The Legal Process Outsourcing has brought a diverse change in the Legal World. Its due to the globalization of the legal domain, LPO came into the limelight. The big solicitors firm like "Clifford Chance", "Linklaters", "Allen & Overy" has opened their offices in other countries in Asia and Europe due to high demand of the legal work.


Since the breakdown of the world economy, particularly in US and UK, there has been a speedy growth in the LPO industry. In consequence of such breakdown in the economy, the bulk of outsourced legal work, such as Drafting and Legal Research had grown immensely. It is been analyzed that the current growth in Indian Market is around 35% to 40%.


With the situation been changing currently, the LPO industry furnishes services in various fields of Legal World like Drafting, Legal Research, Legal Coding, Legal Transcription. It also provides high quality services in the field of Intellectual Property, Banking law etc. Apart from these services it also helps out with Legal Advisory Services and HR mobility. Keeping in mind the current trend in LPO industry, the important tool to the growth of the LPO industry remains in the high quality specialized services in Intellectual Property, Document Review, Banking law. Due to the urgent demand in the transparency in the US corporate structure, it envisaged that there might be growth in corporate compliance and other relevant field.


The LPO industry has shown a speedy progress, even during the Recession, the LPO sector grew by 35% - 40% each year. Revenue growth between 2010 and 2015 is expected to be approximately 25%. Currently, there are over 5,000 professionals in the LPO industry in India and other countries, contributing an annual revenue of around USD 290 million, and this is expected to reach 19,000 professionals with an annual revenue of USD 980 million by December 2015.


“Due to the adverse condition of World Economy, there will be pressure on law firms to reduce their overheads related to marketing and sales, general administration, Information Technology, accounting, clerical, paralegal, and knowledge management. These overhead expenses account for about 17% of the total overhead expenses (of approximately 41%) that a typical law firm with 20 or more lawyers incurs in the U.S. By moving most of this work, which is non billable, offshore, these firms can reduce this cost to approximately 7%. Currently, almost no law firm in the U.S. is considering this option”


“The implementation of Clementi proposals in the UK is expected to boost the LPO industry because law firms are likely to be more efficient. In fact, many law firms have started implementing new models for pricing, designing, and managing better legal work processes; modifying and re-using existing work products and templates; partnering with other legal service providers to provide the entire array of services; and beginning to outsource functions (offshore) that include creating marketing and sales brochures, accounting, Information Technology, clerical, paralegal, knowledge management, secondary research, and legal and library information research.”


Referred : Article on "Growth in Indian LPO Industry" by Sushant Aggarwal published at http://www.articlesbase.com/intellectual-property-articles/growth-in-indian-lpo-industry-1073933.html