Hinduja TMT and Fox Mandal Little - an Indian firm providing legal outsourcing services to multinational companies and international law firms
The Indian IT industry's ambitions of becoming the primary destination for legal process outsourcing may fall short as myriad issues ranging from dearth of professionals to lack of cost arbitrage would clamp it down.
India's contribution to the $250-billion Legal Process Outsourcing business will nearly double to 6-7 per cent by 2010, an Assocham study said.
The demand for buses largely remained robust in 2023, driven by the increasing need for public mobility and replacement. Ashok Leyland Limited (ALL) recorded a 64 per cent year-on-year increase in sales of medium and heavy commercial vehicle (MHCV) buses during the April-to-December period of 2023 to 11,216 units. Volvo Eicher Commercial Vehicles (VECV) posted 24.7 per cent sales growth between April and December for light and medium-duty buses, and 36.9 per cent growth for heavy-duty buses.
Outsourcing is gradually becoming the backbone of Indian service sectors. In the last fiscal India earned $6.7 billion by providing services in software, technology and manufacturing outsourcing.
US-based CPA Global, a legal process outsourcing firm, will set up its third centre in India and hire 1,450 people over the next two years.
Lokendra Tomar, chief operating officer of India's largest integrated KPO, Integreon, talks about career opportunities for young grads in the sector.
Firms are flooded with credit crisis-related litigation jobs from American law companies.
Through Legal Process Outsourcing, law graduates can help clients maintain profitability and reduce risk by standardising the legal work in a project-oriented manner
The report states that India is presently the leading geography for legal outsourcing with over 85 per cent of offshore legal outsourcing vendors are primarily or exclusively located in India. According to the report, South Africa will emerge as the strongest LPO destination for 2010, particularly with UK clients.
The outsourcing industry believes the growth of the LPO 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. 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.
An Indian legal professional who takes home Rs 25,000 a month earns a tiny fraction of the Rs 10,000 an hour that his counterpart in the US earns.
Here comes a trend that presents great opportunities for the country's legal eagles.
The JV company, tipped to be named Centric LPO would provide legal outsourcing services to multinational corporations and international law firms.
With the demand for lower costs in process driven activities and a move away from the high rate, billable hours of legal services, AI platforms are being used internationally in many legal tasks.
'What we are going to see is a large number of white collar jobs getting lost.' 'Job loss can drive people to depression, drugs, alcoholism and even suicide as there is no one to turn to when they are down.' 'There is no in-between now -- things go from a luxurious lifestyle to no lifestyle.'
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