September 30, 2011: New opportunities available for Indian service providers who are into legal process outsourcing.
It is the Marketingpublishers.com which has come up with new finding in favor of Indian legal outsourcing service providers. According to the latest findings of Marketingpublishers.com Indian LPO industry is expected to reach a total growth of around $4 billion in the coming four years and also to reach the top position in this particular industry.
LPO seems to be one among the fastest growing domain within the Knowledge Process Outsourcing sector.
The report gives essential details on why US and UK companies should depend on offshore such as India for legal outsourcing process. It also elaborates the details on the advantages of various services provided by the vendors. Marketingpublishers.com extended the study to find out the key players in the industry and threats & opportunity for these players. Suggestions are also given on how to enter the market and what strategies are to be followed by the fresh entrants. As the scope in the sector is very huge there are many companies which are focusing on tapping the demand for legal service in the overseas.
One of the key reasons why developed economies are look at emerging economies like India is the scarcity in knowledge professionals in the working age group. Around 61 million workers are retiring in US and UK, which is expected to create a scarcity of at least 5 million workers in Knowledge Professional services.
According to Marketingpublishers.com it is not just cost efficiency that the service buyers are attracted of, there are immense opportunities available in the offshore. For instance Indian offshore vendors have pool of the best talents in legal process globally. The companies are very well aware of the risk factor in outsourcing legal works and thus very particular in selecting the destinations. As far as Indian Business Process outsourcing industry is concern there are strict rule and regulations followed to maintain standard data and information security. As a result companies more comfortable in depending on offshore such as India apart from depending on near shore.
Some of the advantages which Indian legal process outsourcing companies host are lawyers trained in English language, legal education in English and tradition of independent judiciary. Moreover there is also freedom of press and common law system which are considered as remarkable advantages of the offshore. In Indian there are more than 200,000 graduates passing out from legal colleges every year. By end of 2015 it is anticipated that the legal processing sector will generate employment for around 1 lakh people
The report titled Indian Legal Process Outsourcing Market contains crucial findings about the sector and also included topics such as reason for outsourcing to India, business services by Indian vendors and much more. Other details are on various services such as intellectual property service and service catalogue of Indian LPO which includes information on the services provided by the sector and its advantages. The detailed report is available at a price of $2,400.