One of the Major Benefits of Outsourcing Legal Services is the considerable cost savings. In recent times the legal services have taken a considerable shift in the legal services delivery model.
The Legal Process Outsourcing or the LPO, the attorneys and some other legal professionals have been sending their legal services to other countries overseas.
Like the legal firms in India receive they outsource mostly from the Australian and US firms. This turns out good for both foreign firms who get to their work done at a much lower cost than anywhere else and it also allows Indian firms to work and have a business and work with International clients and their firms.
In the year 2013 witnessed a large number of legal outsourcing firms which increased the flexibility and also reduced costs and showed a better chance in their in-house capabilities. There are many Benefits if a Foreign Legal Firm leverages their legal work to India.
Here is the list of Top 5 Benefits of Outsourced Legal Services:
Minimizes the Cost: The Biggest Advantages of Outsourcing Legal Services is Cost savings. The firms can reduce their structures cost through labour arbitrage and have the benefits of the low cast.
The vast difference between Labour costs between India and US firms can save plenty of money which can lead to huge costs savings. It may cost your legal firm $200 an hour for hiring an in-house attorney.
If you choose to hire an external vendor, it may cost you $80 an hour, which is far less than hiring an in-house attorney. Cost Savings are essential for firms who use Outsourcing Legal Services.
New Technology and Service Access: The in-house lawyers get special access to the high-end Service, Technology, Research tools and Storage services provided by the legal process outsourcing LPO. These are some of the significant Benefits of Outsourced Legal Services.
The service providers who have a speciality in litigation support also help out and support in work like transcription, documentation, document storage etc. They are getting access to trained professionals who look after the external affairs in a given time or less in small costs.
When there is an advantage of having a large number of professionals with talent, it increases the quality of the services and the scope of the Outsourcing firm.
By using these services, the workload of the in-house professionals reduces and they focus more on other important work instead of wasting time and cost in trying to handle everything. The clients use this opportunity and reap the benefits of these services.
Fast Services: You can reduce the turnaround time for legal projects by expanding the internal team with the services of an external person.
If there is a perfect combination of Offshore and Onshore team, it will ease down the works of your legal firms, and they will be able to complete the projects within a small period.
These fast services around the clock help out in getting the work done on time which is helpful and essential to firms.
There is a 12 hour time difference between the US firms and the legal firms in India so an offshore legal team can work during when its night time and complete the client’s project by the morning time.
Better Flexibility: By Outsourcing legal work, the firm you own can quickly be ready for a challenging project, with staying on the same level as the large firms.
If you put up a combination of in-house skill sand the external talent, the law firm can specially tailor its capabilities according to the client’s demands. Advantages of having a flexible staff can enable the law firm to avoid the costs of the fixed salaries.
By having flexible employees, the law firm avoids fixed costs which are in the form of the Salaries and Advantages that are provided only for the permanent employees.
When the Outsourcing Legal Services works with an Outsourced legal firm, the workload of the service buyer decreases on a significant level which helps them focus more on their primary business.
External Talent Access: Access to foreign talent can save time and money both. Small firms usually get access to external skills help which is useful to fill in the gaps of the internal competencies.
The idea of Outsourcing the legal work to the external vendors which allow the organizations and firms to get and high access to more exceptional talent and expertise in a niche which is very hard to exist within their firm.
With going offshore legally, it allows the domestic firms to jump into global expertise. Countries like India and China who have a large number of the population show a considerable amount of motivated and trained labour and a large number of workers who are qualified to work on foreign firms.