According to Fronterion Managing Principal, 2011 is to witness an uptrend in legal outsourcing. It is expected that the legal outsourcing business prevails huge future scope and many outsourcing firms are concentrating LPO business. In the past few years many US based companies has turned into outsourcing legal process. These US based companies depend on Indian service providers for services such as document review and legal research.
Today the trend in Legal Process Outsourcing (LPO) is very high and here we are about to look into top 10 trends in the LPO.
1. Changing professionalism
Legal Process Outsourcing is widely accepted by many companies today. The number of firms engaging themselves in legal outsourcing is increasing rapidly. It is expected that by 2011 globalize legal service providers will tap a huge market and new business contracts.
2. Enterprise approach
It is understood that depending on the Legal service providers is much better than depending on in house or departmental shared services. LPO is well equipped to provide the best quality services and efficient research findings.
3. LPOs expanding to Onshore
2011 will also witness the Legal processing service providers expanding in the onshore market. This is again a positive trend as US based companies will be benefited with the onshore units. Problems such as cultural difference and ethical issues will be eliminated by onshore units
4. Demand for LPO services geographically
There are also expectations on the rise of demand for LPO services geographically and jurisdictionally as the trend is expanding in many places such as US and Pacific Northwest market.
5. Progressive value proposition
As demand is increasing it is quite true that the competition in the sector will also increase gradually. LPO service providers must concentrate on delivering unique service to remain competitive in the market.
6. Wide application of technology
Technological advancement is a basic requirement for any business. As demand for LPO is increasing, it is expected that more application of technology will also be seen. To deliver high quality service and to maintain unique identity it is essential that any company must have some technical support.
7. Positive Vendor landscape
Another important trend to be seen is dynamic LPO vendor landscape. As the vendors are growing and spreading the business strongly it is expected that there will be an increase in the positive trends in the sector.
8. Wide acceptance
The growing trend will result more scope for LPO service providers as it is expected that more companies will accept legal outsourcing. Companies are becoming more conscious on the requirement of outsourcing there legal process to an outside vendor who is highly skilled in delivering the best solution for the business.
9. Unique model or approach
If the service provider can develop an elegant model for delivering the services then it could make the firm more efficient and help them to stand out in the crowd as no other model has been developed till data. This will be an added benefit.
10. Ethical guidance
Moreover form all the service providers should be updated with the ethical/legal guidance by various sources such as the ABA’s commission, SRA and Law Society
It could be anticipated that we can see more global companies adopting the service of LPOs in the near future resulting in high business in the sector.