across the world
How Outsourcing Legal Services Can Help You Save Time And Money?
Outsourcing legal services has emerged as a leading phenomenon in the legal trade as a result of the paradigm shift across the globe. Exporting legal services to cost-effective markets overseas is known as Legal Process Outsourcing (LPO).
This new model allows the paralegal, attorneys and other legal professionals to outsource their work to external vendors in their vicinity and overseas. It has materialized as a popular concept and continues to grow strong among law firms and corporate legal departments, who are constantly trying to minimize their operating cost, escalates flexibility and focuses more on their in-house competencies.
Globalization, economic changes, internet growth, automation of processes and use of new technology tools are some factors that have powered legal process outsourcing in the recent times. Many companies, irrespective of their size are outsourcing legal services to specialized vendors around the world.
Below are several ways how it can save time and increase profitability:
Cost Optimization: Outsourcing the legal functions helps in reducing the cost drastically. Organizations can optimize their cost structures through labor arbitrage- the wage differential value between the in-house legal team and specialized vendors. The firms can reap incredible cost benefits and allow them to invest more in their core business. For example, due to the lower infrastructure costs in India, their legal employees operate at 30-70 percent lower wages as compared to employees in the U.S. and U.K. markets.
Proficiency: Outsourcing legal services to external vendors enables firms to reach out to specialized individuals and benefit from their niche expertise that is not available within the firm. If a litigation firm lacks the proper knowledge they can outsource certain aspects of litigation support. For example, document evaluation and coding to adept professionals. Reaching out to external talent is beneficial for small boutique firms to fill the loopholes in core competencies. Legal outsourcing also allows domestic firms to utilize the pool of global expertise. Destinations like India and China comprise of a large, highly- trained and enthusiastic labor force, ensuring a pool of proficient workforce.
Turnaround Time: Utilizing external workforce can increase internal bandwidth to decrease turnaround time for pressing legal assignments. An amalgamation of in-house and outsourced teams can enable organizations to complete a project in a shorter span of time. For example, the time differential of twelve hours between the U.S. West Coast and India allows 24/7 operations. An offshore team can finish the remainder of the work during the night and submit it in the morning.
Resilience: Hiring a group of in-house and external talent allows organizations and law firms to modify their proficiency in response to an assignment and client requirements. Small and medium-sized firms are more likely to experience workflow challenges. These firms may find it more problematic to spread inconsistencies due to the lower count of attorneys, support staff and clients. Legal outsourcing services level the playing field for them with larger firms. Resilient staffing reduces overhead cost; outsourcing to external vendors allows law firms to diminish fixed costs in terms of salaries and benefits associated with an in-house permanent attorney.
India is currently the largest LPO destination. Therefore, the outsourcing of legal services to an external vendor will help in tracking the costs compared to sustaining a team for litigation support. Beyond cost optimization, legal process outsourcing bids multiple advantages, including access to external talent, 24/7 accessibility and the ability to scale up or cut back operations promptly.
Are you facing a shortage of law professionals in your legal firm? Is it getting difficult for you to find talent nearby? Here, outsourcing can be the best suitable option for you. Outsource your legal process to Cogneesol and get complete support in dealing with legal matters. Call us today at +1-646-688-2821 or drop a mail at email@example.com.
How Insurance Backoffice Providers Help Insurers Bridge Talent GapRead More
Biggest Legal Profession Challenges in 2022Read More
10 Money-Wasting Business Accounting Mistakes You Must AvoidRead More
Real Estate Accounting – Common Mistakes to AvoidRead More
How Outsourcing Can Upgrade your Insurance Business Virtues?Read More
Insurance BPO: The New Imperative for Insurance CompaniesRead More