TechNavio Announces the Publication of its Report – Legal Process Outsourcing Market in India 2010–2014
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.
The report also discusses that the key challenges faced by the LPO market in India are the need to improve quality, further investment in LPO infrastructure, and a higher level of control.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key players.