Check out any legal report, and you will see for yourself how the LPO market is poised to reach the ‘billions’ market by 2026 – with a CAGR of 31.6%!
This itself is an evidence of how vital legal process outsourcing services have become and in which all areas it has only enhanced the legal landscape.
But, how do you know ‘what’ jobs to delegate? Also, is it assured that these jobs will be well performed by the concerned parties? Let us discuss the same with you and update you right away –
What jobs should be given to legal process services?
Here are the list of jobs that are best delegated to the outsourcing services –
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Legal Research
This is another area for outsourcing. When you outsource the job to the concerned parties, you not only utilize advanced technology for completing the job, but also can do an in-depth research – thereby improving the accuracy levels and the standards of efficiency.
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Reviewing of documents
A monotonous job, but one of the most crucial ones for sure – reviewing documents can easily be handed over to legal process outsourcing since they are experts at doing the same. The American Bar Association stated that it could amount up to a massive portion of the litigation costs and therefore, the outsourcing services not only reduce the costs, but also limit the amount of time within which the job is completed.
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Carrying out E-discovery
This is one of the most essential legal facets when it comes to – investigating and litigation. Connect with any survey results, you will see for yourself how Ediscovery can make up to 30% of the costs. Hence, this is another of the jobs that you can easily outsource to the concerned party. Additionally, it is not about reducing the total costs, but also about improving the turnaround times since outsourced services can promptly respond to the legal challenges.
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Managing contracts
Do you know that the International Association for Contract & Commercial Management (IACCM) states that agencies which can streamline their contract management related policies can actually save a hefty amount of their contract costs? That’s precisely where you need legal process outsourcing services – which assist in drafting, reviewing and monitoring the contracts!
With the contracts diligently taken care of, the in-house team can happily concentrate on the other necessary aspects.
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Regulatory Support and Compliance issues
Given that regulatory scrutiny is increasing with every passing day, getting a detailed compliance report is a must! And that is when you require outsourcing services. In fact, a Deloitte report categorically states that 86% of the agencies want specific compliance reports.
Outsourcing services, navigate the concerned regulatory frameworks and offer a range of compliance services and risk assessments. In this way, the level of penalties is reduced vehemently and the overall budget remains limited which only assists the legal firm in the long run.
Parting words
As you can already see for yourself how many benefits legal process outsourcing has, without a doubt, it is imperative that you capitalize on it and take things in your stride. After all, it is quite natural that when you delegate such tasks to the concerned parties and rather concentrate on the core legal functions, the chances of your returns increase drastically. That in the long run, helps upgrade the quality of work that your firm does and finally its reputation.
