With the increasing number of small players entering the market, Legal Process Outsourcing Industry seems to be flooded with manpower! Will it meet the same fate as the BPO industry?
LPO industry, after navigating through a cold and lonely journey of about 5 years, has now crossed a $100mn mark! Just in about 3 years there has been an immense leap regarding the number of LPOs in the country, since by the virtue of confidence developed, industry players are all gearing up in foreign markets and there is definitely no stopping them! But the question arises, is their rapid growth a matter of concern? Will LPO industry too join the same empathy of BPO sector and get stabilized with this rapid influx!
My take on this is a strong “NO”. Most of normally tend to confuse between the LPO and BPO sector. The difference is much more than difference of alphabets-‘L’ and ‘B’. Legal outsourcing involves not just any ordinary job which can be done by any ordinary high school student. It thrives on a highly technical staff of lawyers and engineers who are solely responsible to execute all the work that is outsourced! So when the number of law graduates being churned out every year is stable, the industry, which is fast growing now, will stabilize after some point of time stabalise.
Secondly, legal documents and reviews outsourced are highly confidential in nature, so once a client is pitched in, normally he would hesitate to shift his loyalties to another firm due to matters of faith and confidentiality. So again, the growing LPO firms can make new clients but definitely not snatch away the existing clients from the established LPOs.
Hence LPOs are here to stay!
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