The Legal Process Outsourcing Market in India to Grow at a CAGR Of 27.7 Percent Over the Period 2010-2014 According to this Report
One of the key factors contributing to this market growth is favorable government policies. The LPO market in India has also been witnessing increasing technology applications. However, business ethics and client interest could pose a challenge to the growth of this market.
Key vendors dominating this market space include Bodhi Global Services Pvt. Ltd., Integreon, CPA Global Ltd., and Pangea3.
Commenting on the report, an analyst from TechNavio’s IT Services team said, Today, India has become the hub for LPO services. It is the biggest market globally. The major source for its consistency of high-quality work has been the skilled labor pool, and the implementation of various quality control measures by Indian companies to ensure a high-quality service; which attracts various MNCs for outsourcing projects. The labor rate for a highly skilled labor force in India is very economical as compared to their counterparts in the US and UK. Also the legal system present in India is very similar to that of the US and UK; hence, there exists a better understanding of each client’s requirements.
According to the report, the Government of India has recognized the potential of LPO in the economic development of the country. The pace at which the LPO market in India is growing, and the ability to sustain growth has made the Government aware of the immense employment opportunities. Hence, the Government has taken remarkable measures in the liberation and deregulation of policies, such as reducing licensing requirements, accessible foreign technologies, removal of restriction on investments, and promoting outsourcing through foreign direct investment in 100 percent equity of firms in LPO. The rapid growth and increasing number of law firms has made LPO a lucrative career for lawyers.