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:
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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:
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.
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.
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.
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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