Legal Process Outsourcing (LPO) may be the newest kid around the ITes (IT-enabled services) block and contains already notched up impressive statistics. Players are scattered all over the world-the providers mostly are located in countries like India, the Philippines, Israel, and individuals in South America and also the service-seekers are mainly the developed nations around the globe.
This industry increased from the necessity of lawyers or corporations to acquire legal support services from another legal firm or perhaps a company that are experts in supplying these types of services. The help typically provided by a LPO firm are reviewing legal documents, transporting out legal searching, compiling research and analysis documents, supplying patents-related services, and drafting pleading documents and legal briefs.
The LPO market is still in the nascent stages however the profits it’s received are phenomenal. According to data which was on April 2010, greater than 5,000 professionals were working in this subject in India and Philippines plus they rake up annual revenues of USD 300 million. The workforce is anticipated to improve to 18,000 through the year 2015 and they’ll lead USD 960 million towards the coffers.
The prosperity of the LPO firms comes from the truth that you pay a small fraction of how much of an attorney within an industrialized nation charges you for doing the documentation work. Thus lawyers frequently delegate the job.
A fascinating trend continues to be observed within this arena: increasingly more firms are demanding private services. Because of this, LPO firms have mushroomed to supply specialized “back-door” and “near-shore” services.