Law is a vital part of modern-day business needs as is Finance. However the quantity of work and fees are being affected during the global meltdown, the legal industry remains unaffected as legal services are required at every stage of business. Legal Process Outsourcing (LPO) is the latest entry into the legal industry and is experiencing enormous project queries across the globe. LPO is the next generation of high-end BPO attracting international law firms to set up joint units in India. Even the corporate sector is not lagging behind in order to deploy Indian talent.
Growth Areas- The key growth area in the near future includes document review or electronic discovery, intellectual property offerings and other legal support services. Additionally, existing LPO players have started focusing on the rewarding Australasian, South East Asian, Japanese and Korean legal markets.
Like any other outsourcing player, an LPO cuts down the costs and takes the pressure off the client. Manpower is the strong point of any outsourcing service provider and for an LPO; this is the most crucial thing to offer. This is one of the high demand segments is patent search which needs a strong technical background (engineering, biotechnology, pharma and other sciences), legal support and legal research.
Skills Required- Candidates needs to be a law graduate to work in an LPO and he/she must have an excellent communication and analytical skills with a meticulous eye for detail.
Remuneration- Obviously, the salaried are highly rewarding and have increased in the past three years. A fresh law graduate from a good institute can earn upto five lakh per year in an established LPO, without any bonus. Salaries are in accordance with one’s experience and since LPO is a budding industry, any prior work experience is taken into account.
Future Prospects- Future is bright for those LPO providers who can show that their clients will benefit in terms of a reduced client cost, fixed manpower, better utilization of client’s infrastructure, comparable level of service by the LPO provider, and so on. Additionally, the present economic condition, the business is coming to those providers who can adapt themselves to the new demands of market and its clients.