Indian law firms stand to benefit from LPO boom
India could be considered as a growth industry so far too, but legal process outsourcing or LPO is expected to reach up to $20 billion by 2015. One of the biggest driving forces for the success of law schools is that it absorbs many of the 15,000 right. graduates that India produces each year.
Nasscom estimates that around 700 Indian lawyers are currently reaping the benefit of the LPO boom, debating and documenting the brilliant consequences of globalization, patent entertainment and pharmacy family disputes. Law firms in India, Gurgaon, Noida, Bangalore and Mumbai outsource the legal requirements of various multinational companies in the US and Europe.
It is the first time the conference has discussed the law and legal framework, discussed by the US-based Center for American and International and Society of Indian Law Firms (SILF) conference.
Legal outsourcing to India started out as a low-level job that typically included transcription. But now it’s history. Now, just like other BPO (Business Process Outsourcing) activities, Indian legal services are also affordable and efficient. So everything from drafting patent applications, legal research, pre-litigation documentation, advising clients, analyzing drafted documents, drafting software license agreements to drafting distribution agreements , is outsourced to India.
Currently, there are around 100 large and small law firms in India that are dedicated to serving their clients in the US, UK and other European countries.
Indian lawyers prepare pleadings and provide research support related to litigation. In addition, they go through patent applications.
As far as competition is concerned, Indian lawyers are cheaper for a foreign firm to do than a firm in India as compared to an American law firm. The Services Export Promotion Council, set up by the Union Ministry of Commerce, is also investigating various issues related to LPOs.
During the jointly organized three-day conference, the issue of security was discussed under the auspices of the Indo-American Chamber of Commerce; the concern about the protection of the confidentiality clause was addressed.