According to the 2010 Leading Providers of Legal Process Outsourcing report released by Research and Markets, legal process outsourcing (LPO) is expected to be valued at $2.4 billion in 2012. With clients demanding more efficient solutions, legal firms are increasingly looking to efficient business process outsourcing firms to provide them with better value for money.
Established vendors offer a wide gamut of LPO services ranging from legal transcription, legal coding, legal animation, and legal documentation to immigration paperwork, data entry work and litigation support. Performing these tasks in-house requires time, technology and skilled manpower resources. Itâ€™s no wonder that law firms and corporate legal departments are seeking to minimize risks and optimize resource use by outsourcing these activities to efficient LPO firms.
Outsourcing legal processes is cost-effective. Hiring staff to perform the job in-house can prove expensive in these difficult times when firms are actually trying to cut head count. Most LPO firms have teams of trained specialists that can offer cutting-edge solutions to meet current industry norms. They are also equipped with the latest technology to ensure a secure and competent outcome in minimal turnaround time. Offshore facilities in countries like India and the Philippines allow LPO firms to offer services at very affordable rates and also ensure the time zone advantage for clients in the U.S. market.
Promising law firms increased efficiency and more time to focus on their core tasks, legal process outsourcing firms are all set to take center stage in the BPO arena.