Taking aside the damage, the acceleration rate that COVID-19 has brought to the Virtual Market is commendable. This growth is increasing at a faster speed, and the legal process outsourcing market is expected to reach nearly 16 billion dollars by 2027.
Now, seeing the immense benefits of legal process outsourcing, small enterprises, and large-scale companies are highly relying on LPOs as they provide top-notch and result-oriented solutions at a lower cost.
We can relate this increasing rate of companies’ dependency on LPO services to a real-life example of Smith & Associates, a mid-sized law firm that was facing challenges in managing its growing caseload while maintaining high-quality services.
So, what they did was they partnered with the LPO provider and saw a 40% increase in productivity and a 30 % reduction in their operational cost.
If you love reading books, you must have Richard Susskind’s “The End of Lawyers” on your shelf. In his book, he argues that “the traditional model of legal service delivery is being challenged by alternative providers, and those who fail to adapt may find themselves obsolete.
So, what are the benefits that an LPO can bring to any organization?
This blog is going to cover what you expect to get when you make a partnership with LPO providers.
However, for any query, pricing details, and details about the services, you can contact the Scriber Runner’s experts. Feel free to contact Us.
An Insight into Legal Process Outsourcing
In simplest words, the practice of outsourcing legal work to external legal service providers, often in foreign countries, is commonly known as legal process outsourcing. Outsourcing firms aren’t just limited to handling just one task; they can look after tasks such as document review, legal research, drafting contracts, and patent services.
Are there any benefits companies can get from outsourcing legal tasks?
Yes, there are many; by outsourcing these processes, Legal firms can reduce their cost by up to 30%, increase efficiency, and focus on tasks that need more attention and time.
Benefits of Legal Process Outsourcing
Cost savings
Can there be any other top priority for a company other than reducing the cost of legal tasks? We all know the answer. Therefore, By outsourcing legal work to regions like South Asia, where the labor cost isn’t too high, Companies can easily reduce the cost without compromising the quality of the work.
For example, if you outsource legal research or document review to Middle Eastern or Southeast companies like India and Sri Lanka, the cost will be too lower than hiring equivalent staff in the US or Europe.
Increased efficiency
Though LPO providers often belong to third-world countries, they still have specialized processes and technology in place to streamline your legal work, ultimately reducing the time and resources required to complete tasks.
Do you know what benefits outsourcing would bring to your workflow? This will lead to increased efficiency for your valuable clients.
Access to the latest technology
The companies or organizations whose sole purpose is to provide efficient and smooth services across the world? Don’t you think they will be equipped with the latest tools and technology? They will, and this is the case with the LPOs.
Outsourcing companies use technology that automates many legal processes, such as document review and contract management.
Let’s understand it with one tool called eDiscovery, which is very helpful in the process of collecting, processing, and producing electronically stored information. So, this tool will definitely lead to increased efficiency, improved accuracy, and reduced costs.
Access to Expertise
LPOs often hire retired lawyers and barristers who are higher-ranked legal officers. So hiring them for your legal tasks may bring increased efficiency into your legal tasks.
Think about a company that provides LPO services and has years of experience in contract law. Such a company may be able to handle your draft contracts tasks more accurately and efficiently than a generalist law firm you are already working with.
Scalability
Hiring the company or just some people for a specific period of time to complete particular tasks makes the legal process scalable for companies.
Let’s understand it with an example. We take an example of a firm that is very busy in seclusion. So, for some tasks such as documenting, gathering information, and sorting files, companies can hire people from foreign countries.
This will decrease the workload of a company without having to hire additional staff or disrupt its existing operations.
And the additional benefit is that when the company is having a slower period, the law firm may choose to scale down its use of LPO services, which will ultimately reduce the costs.
Increased flexibility
Having the option to outsource the task you only hand over to the LPOs doesn’t provide you the flexibility.
This means that companies can choose to outsource only those tasks that are essential for meeting their specific needs and goals while retaining control over the rest of their legal operations.
This level of flexibility is particularly important in today’s rapidly changing business environment. You may benefit from outsourcing LPO if your company suddenly expands or if you have an increase in litigation or legal disputes.
Summing It Up
Scriber Runner, in its years of providing outsourcing services, has benefited hundreds of companies by bringing efficiency to their work, reducing costs, and staying up-to-date not only with the latest technology but also with the challenges companies may face in their legal work.
Are you facing any such challenges? Partner with Scriber Runner and gain multiple benefits, such as increased work efficiency, reduced costs, and AI and ML-integrated solutions that address the latest challenges.