U.S financial crisis brings more business for Indian LPOs
By
siliconindia news bureau
New Delhi: Indian legal process outsourcing (LPO) sector is currently experiencing a positive effect of U.S. financial crisis as bankruptcy filing incidents as that of the major investment firm Lehman Brothers make many corporate houses and investment banks to shift their credit crisis-related work to lawyers in India as it is a more viable and cost-effective option, reported The economic Times.
With more international firms turn to India for LPO, the sector is expected to witness a surge in business. Major LPOs such as Pangea3, Quislex and Mindcrest have seen a significant increase in the number of outsourced projects in the last few months.
Antony Alex, Pangea3 VP Legal Services, said, "The demand for LPOs is on the rise as legal work related to bankruptcies in the global market has increased." Experts also opine that turmoil in the financial sector is driving more legal outsourcing to India.
"Since appointing a lawyer is expensive overseas, especially in the U.S. and UK, it is natural for corporate to shift higher value work to India at this time of crisis," said a source.
Presently, there are over 200 LPOs in India and the number is expected to rise in next few years. The Industry has grown at over 60 percent year-on-year . The market stood at Rs 630 crore in 2007.
According to a study by research firm Value Notes, revenue form offshoring legal services in India will reach over Rs.2,770 crore with job opportunities of 24,000 by the end of 2010.
With more international firms turn to India for LPO, the sector is expected to witness a surge in business. Major LPOs such as Pangea3, Quislex and Mindcrest have seen a significant increase in the number of outsourced projects in the last few months.
Antony Alex, Pangea3 VP Legal Services, said, "The demand for LPOs is on the rise as legal work related to bankruptcies in the global market has increased." Experts also opine that turmoil in the financial sector is driving more legal outsourcing to India.
"Since appointing a lawyer is expensive overseas, especially in the U.S. and UK, it is natural for corporate to shift higher value work to India at this time of crisis," said a source.
Presently, there are over 200 LPOs in India and the number is expected to rise in next few years. The Industry has grown at over 60 percent year-on-year . The market stood at Rs 630 crore in 2007.
According to a study by research firm Value Notes, revenue form offshoring legal services in India will reach over Rs.2,770 crore with job opportunities of 24,000 by the end of 2010.
Reader's comments(2)
1
this paticular situation turn as apart of our country growth
as will as our legal field also and we hope this pasitive sigan properly
utlize
and contune this growth i am llb student hyd
as will as our legal field also and we hope this pasitive sigan properly
utlize
and contune this growth i am llb student hyd
Posted by:
reddy
2
Flip side- U.S govt. now in an attempt to revive the down surge in economy can
intervenve and put some bottelenecks on the road of Outsource business to other
countries(Specifically Asian).Thereby, hitting a growth saga of BPO,KPO,LPO
etc....
intervenve and put some bottelenecks on the road of Outsource business to other
countries(Specifically Asian).Thereby, hitting a growth saga of BPO,KPO,LPO
etc....
Posted by:
C.A Jitin
- Terror puts India among 20 most dangerous places
- Expatriate CEOs still feel safe in Mumbai
- Deccan Mujahideen email threatens Delhi
- UK's work-permit norms to affect Indian IT staff
- Expatriate CEOs still feel safe in Mumbai
- Inflation will moderate: Chidambaram
- Karnataka firms seek licence for modern weapons
- Taj hotel premises handed back to Tata group
- Air India cuts fares on all domestic routes
- Inflation will moderate: Chidambaram
- Terror puts India among 20 most dangerous places
- Mumbai terror: IT clients cancel Bangalore visits
- 'Terrorists have no religion; politicians, act responsibly'
- 'Mumbai terror strikes meant to hit Indian economy'
- Online social media comes alive during Mumbai attacks
- MNCs pay more to Indian staff
- Future CEOs may emerge from HR departments
- 'IT industry raised India's international image'
- Former PM V.P. Singh, the Mandal messiah, dies
- Bad bosses can give heart attacks to men




