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The legal process outsourcing [LPO] can be defined as a practice in which a law firm or corporation , companies etc. obtains the legal services from external legal firms or service providers.
In countries like usa ,uk ,europe ,australia etc. the corporate houses or companies situated there try to outsource their legal services or work to the countries that are less expensive .
The legal services and lawyers in these countries are very expensive.
The companies and corporate houses in developed countries are outsourcing their legal work and as a result a huge amount of money is being saved that would have been spent on the legal work.
India being a developing country is the best place for these corporate houses and companies to outsource their legal work.Therefore the legal process outsourcing sector is increasing rapidly in india and many investors are desiring to enter in this sector due its enormous growth.
LEGAL PROCESS OUTSOURCING [LPO]
FAQ
Common List Of Questioner That Our Customer Ask From Us -Solved !
Why India is best for legal process outsourcing ?
There are many reasons for india being chosen by leading or developed countries for outsourcing the legal work
1] Legal professionals being available with ease
2] People in India have good command over the english language
3] Better knowledge and exposure to foreign laws and rules.
4] Saving of huge cost or reduction in cost expenses
5] The staffing being available for 24*7
6] Availability of staff with foreign language knowledge and qualification
1] Legal professionals being available with ease
2] People in India have good command over the english language
3] Better knowledge and exposure to foreign laws and rules.
4] Saving of huge cost or reduction in cost expenses
5] The staffing being available for 24*7
6] Availability of staff with foreign language knowledge and qualification
What pricing model BIATConsultant consider for legal process outsourcing ?
The pricing model used by the LPOs are as follows
A] FIXED RATE
Under this model , a fixed rate is being charged for the entire project whatever may be the duration .However there is very little flexibility in prices being allowed as per the market condition.
B] VARIABLE PRICING
Under this kind of pricing model , the pricing depends only on the current market condition and scenario.
C] PAY PER UNIT
Under this model , price is being charged under the pre-decided rates for every part of the project.Therefore every part of the project is priced according to the amount of work and complications involved with it.
D] PROFIT AND RISK SHARING
Under this model, the organization and the firm work like a partnership , and share profit and losses equally.
E] COST PLUS PROFIT
Under this model ,one has to compare the profit involved on the total cost incurred and whether there will be any effect on profit if the business model or some technology changes in the market scenario.
A] FIXED RATE
Under this model , a fixed rate is being charged for the entire project whatever may be the duration .However there is very little flexibility in prices being allowed as per the market condition.
B] VARIABLE PRICING
Under this kind of pricing model , the pricing depends only on the current market condition and scenario.
C] PAY PER UNIT
Under this model , price is being charged under the pre-decided rates for every part of the project.Therefore every part of the project is priced according to the amount of work and complications involved with it.
D] PROFIT AND RISK SHARING
Under this model, the organization and the firm work like a partnership , and share profit and losses equally.
E] COST PLUS PROFIT
Under this model ,one has to compare the profit involved on the total cost incurred and whether there will be any effect on profit if the business model or some technology changes in the market scenario.
How you can measure your outsourcing cost ?
The measuring of outsourcing cost is very important as it provides confirmation whether it will be profitable or not for the company to outsource the legal work.
The following are the steps to check the same and is highlighted below -
A] OUTSOURCING COST ANALYSIS
One can check the outsourcing cost as a total percentage of operational cost and one can easily make analysis through pie charts and other forms making a comparison of outsourcing cost with other business costs being involved.
B] RETURN ON INVESTMENT
The companies outsourcing their work should keep an eye on the market conditions prevailing and also other firms work in order to ensure that it is getting full value for its money involved.
The model of business and pricing keeps changing from time to time and therefore it is mandatory that the newest development be taken care of .
C] SAVING EVALUATION
The company can check how much money it would be saving through outsourcing the legal work or service.One can evaluate saving by estimating the cost of getting legal work in home country with the amount or money being spent through outsourcing the company's work.
The following are the steps to check the same and is highlighted below -
A] OUTSOURCING COST ANALYSIS
One can check the outsourcing cost as a total percentage of operational cost and one can easily make analysis through pie charts and other forms making a comparison of outsourcing cost with other business costs being involved.
B] RETURN ON INVESTMENT
The companies outsourcing their work should keep an eye on the market conditions prevailing and also other firms work in order to ensure that it is getting full value for its money involved.
The model of business and pricing keeps changing from time to time and therefore it is mandatory that the newest development be taken care of .
C] SAVING EVALUATION
The company can check how much money it would be saving through outsourcing the legal work or service.One can evaluate saving by estimating the cost of getting legal work in home country with the amount or money being spent through outsourcing the company's work.
