Legal Process Outsourcing Companies – An Emerging Need of Law Firms? Just like BPO or any other business, running a legal or law firm involves plenty of tasks that compete for attention. Also, today, law firms face a lot of pressure to improve functionality and services while cutting down costs. With increasing client expectations, more law firms are turning to legal process outsourcing to scale their operations; while staying productive and competitive in the industry.
Legal process outsourcing (LPO) deals with the practice of a law firm or in-house legal department of a company obtaining legal BPO services support from an external law firm to keep things running smoothly. It includes transferring the work of attorneys, legal assistants, lawyers; and, other legal professionals to outside legal service providers located domestically or overseas.
According to a report, the global market for legal process outsourcing is expected to grow at a CAGR of 31.8% from 2019 to 2025 and is estimated to reach $35.9 billion by 2025. There is a seemingly endless list of potential activities a firm could outsource. The most commonly outsourced legal support services include document review, litigation support, drafting of pleadings and briefs, legal research and writing, and contractual and patent services.
Why Legal Process Outsourcing Companies Has Become An Emerging Need for Law Firms?
Outsourcing legal support services domestically or to overseas providers can provide a multitude of benefits to keep your firm up and running efficiently. Let’s have a look at different advantages of availing legal process outsourcing for law firms.
Spotlight on core competencies;
When law firms outsource time-consuming and mundane tasks (non-core activities) to an outside legal outsourcing company; they can get more meaningful work done. Law firms engaged in class-action lawsuits can take advantage of legal outsourcing by contracting out the routine claims classification task. Transactional lawyers can outsource the work of drafting contracts; and, due diligence tasks to external legal outsourcing agencies with expertise in these areas of service.
Also, LPOs hire the best brains which can help your business stay ahead of the competition; especially small boutique firms looking to address and fix the internal skills gap. By doing so, law firms have more time to focus on new clients and businesses; and also offer more personalized services to the clients.
Greater business opportunities;
Previously, high-end law firms with sufficient infrastructure and manpower resources in place used to manage a majority of the legal cases. Small firms and individual practitioners, in particular, miss out on growth opportunities. However, things took a sharp turn with the advent of legal outsourcing. Availing legal process outsourcing is a good idea for small firms as they can parcel out those time-consuming processing & research tasks and spend more time acquiring more business.
Small firms can reap tremendous cost benefits by reducing their cost structures through labor arbitrage. For example, an in-house lawyer might cost them $140 an hour; while an external service provider attorney might cost $70 an hour. It also helps to expand the law firms’ practice area expertise and meet all the needs of your clients without hiring a full-time in-house employee.
Advanced data safety;
Law firms cater to handling clients’ personal data as well as confidential specifics of cases; which makes data security a top priority for firms as well as clients across the world. From bankruptcy cases to taxation & immigration litigation, data safety is crucial. Today, outsourcing agencies use advanced data security systems and maintaining the expected data security standards; which has instilled a sense of confidence in law firms when it comes to legal process outsourcing.
These are some of the reasons why availing legal process outsourcing has turned into an emerging need for law firms across the globe. If you are looking for expert help for handling non-core business activities; and, increasing your capacity without increasing overhead, legal process outsourcing is the way to go. Get in touch with one of our triple-vetted legal process experts at VE to add expertise and capacity to your practice. With us, you can outsource legal process outsourcing services to India & save costs! Outsourcing legal BPO services to VE will provide flexibility and cost savings over hiring additional staff and help your business grow.