Why Legal Process Outsourcing (LPO) Is Your Best Option?
The legal industry all throughout the world battled to keep up with the demands of the new normal during the COVID-19 epidemic. The strain on legal departments has come from challenges with budgeting, resource management, and process efficiency. Spending on legal services has increased because of organizational restructuring and evolving regulations. Concerns about cybersecurity, issues with remote work, process workflow optimization, and the adoption of new technologies are among the other hurdles.
The global legal process outsourcing (LPO) market is predicted to reach US$30 billion by 2027. LPOs provide solutions to problems involving people, processes, and technology. Winning a partnership with an LPO can increase in-house skills and flexibility while lowering expenses.
The need for an Legal Process Outsourcing or now Alternate Legal Service Provider (ALSP)
Complex service delivery requirements across business units have been triggered by today’s corporate dynamics. The difficulties faced by corporate legal departments have increased as a result, and they now need to evaluate and put into practice legal outsourcing solutions. Some justifications for law firms to think about outsourcing out their legal procedures include the following:
Costs: Corporate legal spending is skyrocketing because of more regulations and rising litigation costs. As a result, businesses are looking for ways to reduce their legal expenses, and legal departments are under pressure to become more effective and efficient.
Process & People: Legal departments have had difficulty developing a thorough corporate project management competence and the resources required to run their projects successfully. The methods of service delivery that corporate legal teams found to be effective in the past are no longer sufficient to meet the goals and standards for the future.
Technology: As the need for technology and tools to simplify legal work grows, businesses are faced with the dilemma of either creating these tools in-house or hiring an outside source to deliver an all-encompassing or best-in-class technology solution. Legal departments still lack automation and integrated technological solutions in areas like legal case administration, document review, billing, legal word processing, and contract management, further depleting costs and resources.
Law firms and In-House Legal Departments are turning more and more to legal process outsourcing to address these problems. By assisting corporate legal departments in resolving many of these problems through benefits in the areas of people, process, and technology, this choice demonstrates its value to them.
Industry Trends for Legal Process Outsourcing
41 percent of organizations would explore outsourcing a variety of legal function processes, while 33 percent actually do so. This suggests that a sizable fraction of internal legal departments are striving to modernize their processes. 26 percent employ internal teams to manage their tasks.
ALSPs are now used by 71 percent of businesses and 79 percent of law firms to save costs, boost productivity, and take use of cutting-edge technology.
Instead of seeing ALSPs as competitors, both legal firms and corporations have “awakened” to the advantages of working with them. They both are becoming more aware of how ALSPs may boost operational effectiveness and cut costs while yet allowing businesses to hold onto and even increase higher-value jobs.
ALSPs are more frequently used for litigation-related services by Australian and American businesses.
Benefits of LPO or now ALSP
• Lowering costs effectively
• Access to a wealth of legal knowledge
• Faster turnaround time
• increasing the depth of practice
• Staffing that is adaptable for each client case
• Access to cutting-edge technology and unique skills
• Accept business innovation and change
• Achieving work-life harmony
What legal services that are outsourced are most advantageous to law firms, and how do you choose a provider?
Preferably, your legal outsourcing service provider will offer unique solutions that deal with legal problems all the way around. So how exactly does a business pick an outsourcing partner? by evaluating the need for legal outsourcing and researching options for legal work outsourcing that meet your needs.
So how does a company pick an outsourcing partner? Before deciding, take into account the following aspects:
- How much knowledge does the vendor have about your field?
- What technological skill/knowledge does LPO possess?
- Is the service provider home to a team of in-house subject matter experts?
- Can the process be outsourced to produce real, long-term efficiencies?
- What methods do they use to ensure data security and confidentiality?
Comprehensive Legal Support Solutions by Draft n Craft
Draft n Craft Legal Outsourcing is a leading alternate legal service provider supporting attorneys, law firms, and in-house legal departments, insurance companies, and the healthcare industry. Our legal and paralegal support services include – Legal Drafting, Legal Research, Deposition Summary, Medical Records Summary, Contract Lifecycle Management, Multiple Data-Intensive Paralegal Services, Attending Physician Statement (APS) summaries, and more.
Team Draft n Craft has worked with 450+ attorneys, law firms, and corporations from 45+ US States and helped them not only with their Pre-Litigation and Litigation work but also have helped them to maximize their team efficiencies and provided a 24 x 5 working environment with quality support services with utmost security and confidentiality.
If you wish to discuss how Team Draft n Craft can add value to your business, please send us an email at firstname.lastname@example.org to schedule a web meeting or telephone conference.