August 29, 2006
Legal Process Outsourcing: A $25 billion business waiting to happen
In an older post, I had mentioned a Forrester report, which prophesied that India would absorb 79,000 legal jobs by 2015. This theory is now gaining potency because, by all accounts, legal outsourcing is catching up in a big way and becoming a sizeable part of the total outsourcing business in India.
According to CRISIL Research, Legal process outsourcing is a high-potential value-added service area, and India's vantage position is particularly suited to this business module. There is no dearth of law graduates in the country, and infrastructure facilities also lend positively to legal process outsourcing. India is capable of providing the required legal expertise and infrastructure at a cost far lower than would be required in the US scenario. This has attracted several large to medium-sized law firms and corporates in the US to shift business processes to India.
According to Sudhir Nair who heads CRISIL:
The combined revenues from the private law firms and the corporations are estimated at around $4.7 billion. As the industry matures, we expect a substantial increase in the Indian LPOs targeting US corporations.
The Indian LPOs must now realize that it is possible to capture anything up to $2 billion of the global LPO market, provided the industry is able to ramp up its total lawyer strength.
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