Legal process outsourcing has been in practice for a while and has seen tremendous growth over the past few years. Many types of critical as well as noncritical legal processes can be outsourced to the LPO providers. Big law firms benefit immensely from legal process outsourcing. Here is the list of the reasons why LPO services are indispensable for big law firms.
One of the biggest reasons why big law firms outsource the legal processes is because it offers them considerable cost saving. There is a significant difference in the wages paid to the in-house professionals and outsourcing teams. By leveraging on the labour and skill arbitrage, the law firms are able to boost the profits through savings. Very often, what you pay to the outsourcing company is less than half of what you would spend on an in-house team. The money saved can thus be utilized for further growth of the company. Cost saving is an important factor that makes LPO services all but indispensable for big law firms.
Faster Turnaround Time
Outsourcing is the collaboration between the LPO provider and the law firm wherein both work together on certain common objectives. The law firms have to handle various critical projects and often lack manpower to complete them within the stipulated period of time. By delegating the work to the legal outsourcing team they can expand their team and considerably cut down the turnaround time. Many LPO providers offer round the clock services, allowing you to deliver the projects quicker. There is a time difference of nearly 12 hours between the countries like the USA and India. This means there is an active workforce even after the regular office hours.
Access to the Skilled Personnel
Outsourcing the legal processes gives the big firms access to the skilled group of professionals that have the desired expertise to complete the tasks delegated to them. Your law firm may not have the same staff with same level of expertise. This is because LPO professionals are specifically trained to carry out such tasks. If you were to build such skills within your in-house employees, it would take a lot of time and money. Managing the employees will be an extra burden that might weigh you down and draw your focus away from your core business. The other important point is that you could outsource the processes in which your law firm particularly lacks the expertise. For instance, if litigation support is a challenge for you, you could outsource the job and continue your focus on your strengths.
More Time and More Flexibility
Time saving is also one of the biggest benefits of LPO services for big law firms. It is not just about the faster turnaround time but also about the time you actually save. Building an in-house team for certain processes takes a lot of time. You need to hire the professionals, train them and allow them to ramp up before they are able to handle the tasks effectively. As already mentioned, this additional management responsibility takes a good bite out of your time, which you could have dedicated to something more important. By outsourcing legal processes, you need not concern yourself with this long drawn course. This makes you firm more flexible to learn new skills and handle different types of projects.