Twin Cities, Minnesota (PRWEB) May 17, 2010
http://outsourceportfolio.com the definitive outsourcing industry mouthpiece, has this time come out with a report on the fast emerging legal processing outsourcing sector. The last few years have witnessed dramatic changes in the way the legal profession functions primarily on account of rapid advancement in technology. Add to that the global slowdown prompting firms to cut costs by outsourcing the mundane aspects of their work. This has caused the emergence of a whole new line of work-Legal Processes Outsourcing, which has been carried out by numerous firms of varying sizes, some of them overseas. These serve the many law firms and corporate legal departments back home in the US.
The existence of so many firms can make it difficult to make the appropriate choice. Outsource portfolio has come up with a list of the top ten firms in this field based on their core competencies and performance track record. These are as under:
1. Bodhi Global Services Pvt. Ltd.
2. Clutch Group.
3. Cobra Legal Solutions, LLC
4. CPA Global Ltd
5. Integreon Managed Solutions , Inc
6. Law Scribe, Inc
8. Pangea 3
10. United Lex
The parameters which make these firms so good are that they either have their headquarters in the US or have a firm physical presence there; a highly efficient delivery setup based out of India, use of globally recognized processes or certifications like six sigma, ISO27001, and ISO 9001; a clientele consisting of top notch legal firms and legal departments of Fortune 500 companies; and comprehensive service line diversity.
The main support services that a LPO can offer are as follows:
1. Bookkeeping and Billing
2. Contract Management
3. Contract Review
4. Data analysis and management
5. Document Drafting
6. Document Production
7. Due diligence
8. General Litigation Support Services
9. E discovery
10. Intellectual property services
11. Legal Research
12. Legal Transcription
Most of this work would normally be performed by paralegals and legal secretaries, though some of it would possibly be assigned to junior attorneys. There are three types of LPOs which will process work of this type-Full BPO/KPO provider, Full Spectrum LPO Service Providers and Limited LPOs or legal support service providers. The advantages that accrue from outsourcing to LPOs are that these are a highly cost effective option, extremely flexible, provide high quality legal support, dramatically improve efficiencies by leveraging time zone differences thereby optimize costly resources.
It is therefore not surprising at all that the outlook for the future of the LPO industry is quite positive, economic slowdown notwithstanding. India’s LPO industry for instance has been growing annually at the rate of 60% for the past three years and is expected to employ 24000 people and earn $640 million this year. By some estimates the India LPO industry will see a turnover of $970 million by 2015.
Thus it is seen that the LPO outlook is bright for reasons of economics as well as taking advantage of other efficiencies which enable the outsourcers to provide optimal service to their clients and thus grow their own firms and businesses.
You can find more information about the top ten LPO firms from http://outsourceportfolio.com/top-10-lpo-providers/. There are several outsourcing and BPO related research reports (http://outsourceportfolio.com/research-articles/) contained here comprehensively delineating the important aspects of the industry. This also happens to be the most prominent site in providing reliable information about outsourcing. Its main vision is to offer a platform for outsource professionals from all over the world to share their experience through blogs, articles, vendor analysis, and research reports. It provides honest and objective opinion on the globalization issues to its visitors and members. The website is the brainchild of Twin Cities, Minnesota based IT professional Mani Malarvannan who started the site in 2008 using the expertise he acquired by running his own IT consulting services firm Cybelink and very quickly made it the definitive voice of the BPO and outsourcing industry.
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