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Legal process outsourcing biz to boom
Vimukt Dave in Mumbai, Rajkot | March 23, 2009 15:54 IST
Last Updated: March 23, 2009 16:18 IST
Thanks to the US recession, the Indian legal process outsourcing industry is all set to experience a boom, say experts. According to the industry experts, when a company files for bankruptcy protection or various forms of bailouts take place in the US, there arises a need for legal work associated with such events.
And the latest trend in the outsourcing market is an increase in legal support services, they say.
The outsourcing industry believes the growth of LPO under the prevailing circumstances is expected to be between 50 and 100 per cent. Forrester Research, an independent technology and market research company, has projected the offshoring of 29,000 legal jobs by the end of the year and as many as 79,000 by 2015.
Forrester Research has tipped the Indian LPO market to reach $4 billion by 2015. The industry has witnessed growth from approximately $60 million in 2005 to $146 million in 2006, cites Forrester Research. The country is coming up with new offerings of LPO to bring the outsourcing advantages in the form of value addition, cost reduction and time operations
According to RVS Global Solutions, a company offering services in areas of BPO and LPO, the LPO industry is growing and is globally recognised as the 'next big thing.' The global legal off shoring industry is projected to touch $4.5 billion by 2010, it says.
According to FM Legal Circle, an LPO founded by one of the largest Indian law firms, Fox Mandal Little, "Looking at the growing scope of work in LPOs, the company has plans to increase its headcount and strengthen its leadership across the globe.