Monday, October 11, 2010

It's time-II...

In our last post, we tried to give you a flavor of the strategic importance of global alliances in legal industry. The undeniable rationale behind formulation of suitable and lasting alliances is also applicable to another risk mitigation plan of diversification.

It is interesting to note that while the elite law firms have forever been diversifying their practice areas to keep up with the requirements of the clients and developments in law, there is precious little that has been done in terms of diversification of back-end support and cost cutting measures.

With the coming of age of the Legal Process Outsourcing industry we are increasingly seeing diversification both on the lingual and practice front. One standard problem that the global legal players continuously face while dealing with LPO service providers is of language. The industry with its origin in the English speaking common law world has so far been of little assistance to many European nations. However, this is set for course correction. With the leaders of the industry predicting massive recruitment and 100% growth, expansion plans are in full sway. Many LPOs now aim to conquer the lingual barrier by setting up bases in civil law jurisdictions in order to provide back end support to a new range of clients.

The second diversification has quietly crept in without much ado and fan fare. As the LPO industry has steadily shown its competence from one legal arena to another, it keeps on attracting new portfolios. Beginning with document review to research to case note preparation to patent outsourcing to drafting, the LPO industry now offers a fool proof model with reliable processes to serve the needs of a diverse practice law firm.

This diversification of outsourcing of back office support serves the dual role of insuring against the cyclical nature of legal business by cutting costs; and secondly it enables the outsourcing law firm to aggressively pitch for additional business with its existing resources as a large portion of its standardized legal service is now being taken care of by reliable business processes.

Hence, come this November, it’s time to explore and diversify. We invite you to the Global LPO Conference 2010 to interact with a select group of LPO service providers and find out how the LPO industry is successfully servicing the global law firms across the lingual and practice divide. It’s time...

1 comment:

  1. Intellectual Property Magazine has an article on Outsourcing and its implications for intellectual property rights in its November issue. Might be of interest to you.

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