Monthly Archives: February 2014

Entering a New Market? Use Business Translation Services

Posted on February 28, 2014

Most companies, irrespective of the size or nature of their business, always have long-term goals.  If your business plans on taking over an overseas organization or entering a new country/market, then what you need is an expert business translation of your website and other marketing material.

Why is business translation important?

Business translation is important area that you cannot afford to ignore. If you were to expand your business into a new country, then translation services becomes integral, as more than one-third of your prospective customer base would be speaking a different language. If you do not translate your advertisements or website, then you may miss out on a huge chunk of possible revenue.

Going the extra mile by translating your business material can also help you promote and establish your brand. When potential customers see that your company is making an effort to reach out to them, they will be more likely to respond to your brand and may even speak positively about your company to their family, friends and co-workers.

Being able to reach out to new customers in their native language is critical to the growth of your business. Prospective customers are more likely to have a positive response towards your product/service if they understand what is being sold to them. Your advertising campaign (online or print) is likely to be more successful if you use a translation service. If you are to hire native workers to work in your company, then they need to be aware of your expectations. The best way to describe your requirements is again by translating your documents. Continue reading →

5 Reasons Why Bookkeeping is Important for your Business

Posted on February 21, 2014

Let’s face it! Bookkeeping is integral part of any business – small, mid-size, or large. However, this accounting process is very often neglected by companies. In fact, according to recent surveys, some businesses fail to make a mark mainly because of poor financial management, improper bookkeeping, or having no accounting records/books at hand.

Have you been paying little or no attention to your books? Failing to balance your books can have a direct adverse effect on how your business performs. Here are the top five reasons why your business needs to get the focus back onto bookkeeping:

Continue reading →

Four Critical Success Factors in LPO

Posted on February 14, 2014

If your Law Firm or Legal Department has tried outsourcing legal services in the past, then you will know that establishing a working partnership with an LPO service provider is a process. Regular communication and good understanding are critical to a successful working partnership. Here are four critical success factors that can ensure that you enjoy a successful LPO outsourcing partnership with your service provider:

1. Identify your legal requirements: Discuss with your team and understand exactly what you need to outsource. Based on your requirements, you can finalize on a service provider who can match your expectations. For example, if your law firm wishes to reduce your legal spend, but does not know what exactly to outsource, you will first need to discuss about the various legal functions that are costing your firm the extra dollars. Once, you understand your pain points, you can come up with a perfect legal solution that exactly fits your needs.

2. Avoid scope creep: Every time you hire a legal service provider on a project, you will need to scope the project thoroughly.  This will help your legal firm to avoid scope creep. A scope creep is when a client asks for a per-document rate without defining exactly what they mean by a “document”. Is it a master service agreement or a single piece of paper? By scoping thoroughly right from the first meeting and by working closely with the service provider, your legal firm can ensure that there are no surprises.  Continue reading →

Top 4 Advantages of Outsourcing Legal Services

Posted on February 7, 2014

In the recent past, the legal services industry has seen a huge shift in the delivery model for legal services. With the emergence of LPO or legal process outsourcing, attorneys, paralegals, and other legal professionals are sending their legal work overseas. The year 2013 witnessed more and more legal firms outsourcing to increase flexibility, reduce cost and expand their in-house capabilities. The following is a list of the top four advantages that your legal firm can leverage by offshoring legal work to India:

  1. Effectively minimize cost

    One of the biggest advantages of outsourcing legal services is the huge cost savings. By outsourcing legal services, firms can reduce their cost structures through labor arbitrage (the difference in wages between outside vendors and in-house legal personnel) and reap the benefits of low costs. For example, hiring an in-house attorney might cost your legal firm $150 an hour while an external vendor might cost you only $75/hour.

  2. Get access to external talent

    Outsourcing legal services paves the way for firms to get access to high-level legal talent and nice expertise that otherwise does not exist in the firm. For example, if your firm lacks expertise in litigation support, you can easily outsource litigation support like document reviewing and coding. Accessing external legal talent is also very useful for small firms to fill in their gaps and tap into global legal expertise. Outsourcing locations like India and China boast a large pool of skilled legal professionals.

  3. Cut down on turnaround time

    By using the services of external personnel, you can expand your internal team and reduce the turnaround time for critical legal projects. With the effective combination of an offshore and onshore team, your legal firm will be able to complete projects within a short time frame. For example, with the 12-hour time difference between the U.S and India, an offshore legal team can work during the night and complete your project by morning.

  4. Enjoy better flexibility

    When you employ a combination of external talent and in-house skills, your law firm can tailor its capabilities in response to your customers’ demands. By outsourcing legal work, your firm can quickly scale up for difficult projects, thereby helping you stay on par with large firms. Flexible staffing can also enable your law firm to avoid the fixed cost of salaries.

Read more about Law Office Management, Litigation Support, Legal Drafting, and Legal Document Review.

Can you think of any other benefit of outsourcing LPO services? Leave your comments in the box below and we will be happy to respond to you. We, at Flatworld Solutions, love to hear from you!

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