The legal industry is one of the fastest-growing industries in the last few decades. The reason behind such a development is the increased crime rate and various other immoral actions by humans. People nowadays visit the court more than they visit any health care center. It has been observed that people are hiring lawyers for minuscule issues such as a fight among two neighbors to gigantic crimes such as rape or murder. With regard to the rules of Economics when there is an increase in the demand, the price of the demanded commodity will also increase, this is the current scenario for the legal industry. The lawyers are demanding higher consultation fees than what they would before, and seemingly the clients are agreeing to their demand. Therefore, helping in the growth of the legal industry at a faster pace.
Key Legal Industry Trends to Watch Out for in 2020
The various changes occurring globally and the advancement of technology, has left an impact on both, advocates and their clients. Some of the top trends to be observed in the upcoming year 2020 can be summed up as follows:
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 of 2013 witnessed more and more legal firms outsourcing in order 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 the 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 of a large pool of skilled legal professionals. Continue reading