Law Firms Get Ready For LPO 3.0 In 2014
Corporate legal departments are longtime advocates of LPO, but law firms have been slow to fully appreciate the benefits of LPO.
(firmenpresse) - The global legal industry is moving into its next phase of maturity, and the legal process outsourcing (LPO) sector is on a parallel course. LPO is evolving into a legal service solution focused on integrated service delivery rather than a system that handles discreet, low cost, lower risk tasks. Today, LPO providers are combining all the key components of specialization, experience, collaborative leadership, analytics, talent, project management and technology – and it is working!
Law Firms Are Slow Adopters
Corporate legal departments are longtime advocates of LPO, but law firms have been slow to fully appreciate the benefits of LPO. However, law firms are coming to the stark realization that to thrive in an ever-changed business environment, they need to view outsourcing legal and business support services as a strategic tool that will help them build and maintain a competitive edge. UK-based law firms have been ahead of the learning curve, and recent research indicates that over half of the UK’s top 30 law firms utilize some form of LPO or have set up their own low-cost centers. The rest of the global law firm market is getting on board slowing but surely, in large part to meet their clients’ expectations.
Today, law firms are acknowledging that legal outsourcing allows for improved client service and a more innovative pricing model, while enabling lawyers to concentrate on higher end work. Law firms are also expressing a high level of satisfaction with their outsourcing experiences, and firm clients are equally pleased.
Some Hurdles to Overcome
It’s not entirely a rosy picture. Legal Process Outsourcing has issues to address in order to fully win over law firms. Many law firms continue to be concerned about quality control, confidentiality and data security, while others believe that outsourcing could change the overall nature of the legal profession. Despite these issues, many analysts report that this is all part of the LPO development process – growing pains of an emerging industry – and we will see a new generation of LPO in 2014 and beyond.
Legal Process Outsourcing 3.0
Next generation LPOs will have the experience to overcome law firm concerns and recast their value proposition in more meaningful terms for law firm management. LPO providers will embrace new strategic collaborations with law firms as well as corporate legal teams, BPOs and specialty vendors. This will create innovative, comprehensive legal solutions such as process management systems, new analytics platforms, and contract management technology. LPOs will also aim to become more embedded in the law firm/client relationship, so they can maximize their value for all parties involved and be an integral part of the broader legal ecosystem.
Law firms increasingly understand that in order to achieve real industry-wide change, corporate legal and compliance departments, LPO providers, and BPO providers must all work together in a streamlined and cost-effective operating model. LPOs have understood this for some time and are taking definitive steps to make this a reality for the next generation of legal outsourcing. The next few years should be an interesting time in the LPO sector.
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The Global Outsourcing Association of Lawyers (GOAL) is the world’s first membership-based, non-political international organization for the legal outsourcing industry. Founded and mentored by global legal and outsourcing experts, GOAL’s mission is to promote the welfare, interests, education, and professional development of all parties involved in today’s legal process outsourcing (LPO) industry. GOAL has earned a global reputation among LPO leaders as the ideal platform to build and cultivate a robust global business network. From New Delhi to New York, GOAL has created a community of global lawyers and outsourcing experts designed for the exchange of ideas, guidance, training, best practices, and business development. As a world authority on LPO issues, GOAL produces and organizes collaborative, high-value events such as international conferences, webinars training and master classes, and promotes business networking opportunities to foster valuable business connections. The organization also provides educational, advisory and networking forums to buyers looking to outsource legal work.
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Datum: 31.03.2014 - 08:14 Uhr
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