November 15, 2005
India could absorb 79,000 jobs in legal outsourcing by 2015: Forrester Research
India is one of the leading outsourcing destinations for companies based in the US, and the major beneficiary have been the IT and call center industries. However, a highly potential market that is yet to be taken advantage of in the Indian market is legal outsourcing. According to a study by Forrester Research, the current annual value of legal outsourcing to India is at about US$80 million, but this can rise to US$4 billion, and would provide 79,000 jobs by 2015. This makes the present job absorption in this sphere—which is a mere 12,000—appear miniscule.
The benefit for the outsourcing companies in the US would translate to a cost saving of about 10-20 percent. The potential of the Indian resources to absorb the increasing demand in legal outsourcing is because India enjoys the economic advantages of wage difference and less perks and overheads. There is also the advantage of working in different time zones, which allows for working around the clock. Yahoo Australia and New Zealand news reports:
So far, the legal services work consisted of paralegal, secretarial, and litigation support. However, according to the financial consulting firm, Fulcrum Financial Inquiry, Indian firms now offered more valuable services, including contract review and monitoring, document review for due diligence, patent drafting, simple filings and legal research.
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