LPO Industry - A Brief
Start of this decade saw the beginning of new chapter in legal process outsourcing emanating from the wings of its predecessor business process outsourcing (BPO) industry. However, unlike BPO, it requires greater expertise and knowledge of legal and industry domain to execute the processes successfully. Legal process outsourcing means outsourcing or off-shoring of legal work to locations like India, the Philippines, and Sri Lanka. This legal work is mostly sent by law firms and legal departments based in the US, UK, and other high cost destinations. Companies typically realize benefits like access to talent pool, cost savings, increase in quality, and more productivity.
In the beginning, LPO industry mostly consisted of low-end work like legal transcription and document review. But soon as law firms and legal departments gained more confidence in the process and procedure of legal outsourcing, they started sending high-end legal work including patent drafting and legal research as well. To perform this task, knowledge workers are required to have expertise like analytical skills and domain knowledge. Therefore, this type of work is typically performed by the lawyers, IP experts, and paralegals. Currently, LPO industry is growing at an average rate of 30% per year and is expected to offer employment to about 2,00,000 by 2020 in India.
Why LPO
According to a report by Leading Research firm, Indian LPO industry is expected to grow up to US $ 9 billion by 2020. However, one of the key barriers to this growth is the lack of trained manpower available in India. India produces more than 80,000 lawyers yearly, but most of these lawyers are deficient of skills making them unemployable for the LPO industry. On top of that, a majority of lawyers hold wrong notions about the future of and career growth in the LPO industry. To extrapolate this problem further, LPO companies have relatively lower learning and development budgets. This means that these lawyers need to be taught on the core skills to make them employable for the industry.
Although, Indian law is inherited from the British legal system and thus is similar to the US and UK legal systems; however, there are certain granularities which makes it different in practice from them. Further, employees are required to be well-versed with the legal procedural differences including expertise in online legal databases, real cases, needs of buyer law firms, and cultural differences. Along with these skills, students should also have excellent verbal communication and team skill-set. Our well experienced faculty at Mylawyers.in Training ensures that you are groomed in all the necessary areas required to succeed in a challenging environment in the legal outsourcing industry.
Legal Research and Legal Back-Office Service
We provide cost-effective legal research to both law firms and corporate legal departments across jurisdictions and in various areas of law, including real estate, securities law, insurance law and corporate law. Our attorneys also perform primary and secondary legal research to assist in your case preparation. Furthermore, our offshore attorneys attend our industry leading LPO and corporate legal training program before they receive approval to work on your project
| Subject Matter Research |
Our team of subject matter experts (finance, technology, telecom, medical and biotechnology) performs focused legal research for our clients. We can perform intellectual property research across these fields for our clients because we have access to individuals with demonstrable subject matter knowledge. |
| Legal Analysis, Writing |
We can handle your legal writing, including drafting and review, because our professionals are screened through our legal training program to possess advanced reading and writing skills. For example, we are able to translate dense securities related subject matter documents into plain English, provide annotation services,. |
| Legal Brief Writing |
Our industry leading training program, knowledge transfer methodology, and hybrid attorney model allows our attorneys to craft legal briefs in almost any area of law. As a result of our inherent time zone efficiencies, your turnaround time is compressed while you see savings of 50% compared to other providers. |
| Case Law Research |
Our attorneys use Lexis and Westlaw to research case law and perform secondary legal research for our clients and submit analysis of issues important critical in case preparation. Our case law research is provided to our clients in summarized form, complete with the full-text option for the relevant cases. |
| Statute Research |
Our team researches statutes that impact corporations across various industries, including retail, manufacturing, securities, insurance, medical, energy, technology and compliance. For example, we have provided our clients with research on document retention statutes in the securities industry across all fifty states. |
| Compliance Research |
We research compliance regulations in our clients’ industries and provide them with regular updates and research to help maintain compliance. We also provide consulting on Sarbanes-Oxley regulations and assist our clients by identifying risks and gaps between existing processes and compliance regulations. |