The
practice of law is changing at an exponential pace and clients no longer accept
automatic increases in billing rates and escalating costs without questioning.
To retain existing clients and gain new ones, firms need to offer unique cost
saving alternatives. One such alternative is to have best in quality, more
routine legal work performed by fully licensed Indian lawyers charging few
dollars per hour, in contrast to the hundreds of dollars typically charged by
law firms for their associates and paralegals. Because the Indian lawyers are
working in a time zone almost 12 hours away, USA’s “down time” is India’s “up
time” and the work essentially continues around the clock. As a result, clients
often get real results the next working day. The most commonly offered services
have been document review, legal research and writing, legal
transcription, drafting of pleadings and briefs and patent services.
Legal
outsourcing allows both a law firm and a corporate in- house legal department
to have their respective staffs focus on the core value work for which intimate
knowledge of the client, its business, and the nuances of the legal specialty
are required. Outsourcing not only better serves the needs of the client, but
it also makes the practice of law more interesting. The legal process
outsourcing in India has been growing at a faster pace and with higher growth
rate and has been in a great progression during these many years. According to
one of the latest surveys, at present, there are more than 15,000 professionals
employed in various LPOs across India.
The
growth rate of the LPO industry in India is quite faster in comparison to the
other countries. Now, everyone at the management level is looking to invest
significantly in the systems, security and process to ensure the most important
aspect of running this business which is - Data Security and Confidentiality. Providing
business confidentiality is the key consideration of any outsourcing firm’s
security measures to build a strong and trustworthy relationship with the
clients. The LPOs which had started with 4-10 professionals a year back have now
grown to a large strength of 400. LPO industry is also passing through the same
phase as like the BPOs which had multiplied significantly in the recent past. The future of LPO can be
visualized with the glance on the following facts:
- Jobs in the field are likely to increase to 79,000 by 2015. (Source Forrester incorporation).
- “LPO service providers in India likely to generate revenue of US dollar 960 million 2015-2016 (Source Evalueserve).”
- “A USA based technology and Market Research Company indicates the current value of legal outsourcing is $80m (£40m) [about 3% of the estimated market] (Source Forrester incorporation).”
- “A US based technology and Market Research Company indicates the current value of legal outsourcing is $60 m more than (£30 m) in India alone (Source Forrester incorporation).”
In
light of Draft n Craft’s history of managing legal data for law firms and
corporations, we are very sensitive to the issues of data security and client
confidentiality, regardless of the actual content of that data. Draft n Craft
treats client data with careful regard for the client’s confidentiality needs
and concerns. The company has implemented comprehensive security measures to
ensure that client data is not accessed by unauthorized personnel, and that
data which is accessed is only utilized to the extent permitted by the scope of
our undertaking with the client. Contact Us