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Virtual law firms and LPO

The LPO industry has increased substantially over recent years. This increase can be attributed to factors such as higher efficiency levels with the aid of cost effective process. This growing trend is observed to influence the business models of the law firms. The entire outsourcing concept revolves round the cost-effectiveness, product efficiency and profitability. With product efficiency as the chief objective to be achieved in the course of business; the need arises for reconsidering the traditional business models based on hourly billing rate and the pyramidal structure with many associates and fewer partners. Virtual law firms have evolved as a result...

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LPO industry continues to grow along with gc confidence in quality of work.

The U.S. legal industry remains flat despite an industry uptick globally. In contrast, the U.S. legal outsourcing market is growing, with legal outsourcing providers (LPOs) winning more work from larger clients who appreciate quality product delivery and cost savings. In the midst of this LPO boom, corporate legal departments have become more educated buyers of outsourced legal services. According to the report “Legal Process Outsourcing 2013-14,” an inside perspective for buyers of legal services, on average 47% of companies outsource 11 – 30% of their legal work to LPOs. By working with LPOs, in-house legal teams are able to reduce budgets...

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