Canadian market finally opens to legal process outsourcing
The onset of LPO has finally begun in Canada. The Canadian businesses have now embraced the practice of LPO. The statics suggest that the revenue generated in 2010 was $ 640 million and this could reach to $ 4 billion by 2015.
The cost of legal advice in India is minimal as compared to that in Canada. According to the Canadian Bar Association, an hour of legal advice cost around $ 200 Canadian Dollars as compared to $ 25 US in India which is as low as four times that of Canada. This huge price difference makes India a suitable destination for LPO business.
Reduced cost is the sole concern of the customers worldwide. Be it the recent economic crisis or any other reason, this has proved to be a blessing in disguise for the LPO industry.
The greatest advantage of the LPO is the time difference between the client and the service provider. This gives LPOs the advantage of working round the clock and the turnaround time is minimum. Another added advantage is that the clients can have the legal advice in their home country as well as in an offshore country.
India contains a huge chunk of qualified lawyers whose field of expertise is varied and their language of work is common English which add-ons to the advantages of off shoring the legal services to the English speaking countries.
LPO services has become more than a decade old, but due to various apprehensions of adopting new practices, the Canadian companies are now taking a plunge into hiring LPO service providers. The proven track record and success of the LPOs has bolstered the Canadian companies to hire LPO for their legal support services.
2006 was the year when the first Canadian company adopted legal process outsourcing. It was then followed by a few other companies, moving their business to partners in India or the Philippines. The companies agree that their decision of hiring a LPO was time saving and cost effective move for them.
The conservative Canada has now come out of its nutshell and begun to smell the flavor of the nascent LPO industry.