LPO-What is it, and how it works out for legal firms?
Did you know that 48% of law firms in the 2019 Altman Weil Survey have mentioned that they use contract lawyers? A significant percentage of law firms use part-time lawyers' services while 24.1% of law firms’ have reported outsourcing non-lawyer functions.
As the industry trends suggest, the expectations of law firms' clients are going above and beyond the traditional offerings of service and support. With this, more legal firms are opting for legal process outsourcing to remain competitive and increase profits.
In this write-up, we will understand what Legal Process Outsourcing primarily means and how it is emerging as the best option for legal firms in today’s times.
Running a law firm is no cakewalk as it involves looking into multiple tasks competing for attention at the same time. While prioritizing tasks always helps, a legal firm needs to think beyond to address the above concern and shift focus from meeting regular deadlines to cost-saving solutions that help it stay a step ahead of its competitors.
Legal process outsourcing helps leverage this situation and thereby become the cost-saving and time-saving option for legal firms.
As a legal firm decides to opt for legal process outsourcing, discrete legal services are moved to external professionals. With this, the dedicated team gets the bandwidth to focus on getting new business for the firm. Eventually, with the delegation of regular research, drafting and paralegal tasks, workload gets less significantly, giving the legal firm time to focus on the existing client associations.
How LPO’s help legal firms in leveraging business?
If you are a law firm, you know you have made the ultimate choice to win the moment you sign up for LPO. By doing so, you are increasing capacity, deciding to focus on your law firm's strengths and increasing your profits.
Besides the above, below are the top 5 reasons why LPO’s work out for legal firms:
Expanding your service offering to clients: As you take up LPO services, you no longer need a dedicated in-house resource for specific services you can outsource.
Getting experts for your job as and when needed: With LPO’s you may reach out for expert assistance based on your firms’ requirement. This is a no-hassle deal as you have access to the best talent and skill basis the case requirement.
Lowering cost of legal services: Cost-saving is a benefit Law firms opting for LPO’s enjoy. This further can impact your price, which eventually would lead to your clients' delight.
The long term association with your clients will follow suit.
Achieving work life balance: We have discussed in the last section how LPO’s are instrumental in reducing workload and eventually gives law firms the much needed time to focus on business advancement. Who would mind getting a little more time for pursuing one's hobbies and interests or strike a balance between work and home/personal commitments?
While LPO takes care of your daily tasks, you get to pursue all of the above.
Differentiating your law firm: You know LPO is the way to go if you wish to increase the firms’ capacity without increasing the firms’ overhead. In the process, your law firm gets differentiated from the rest as you make the choice.
To conclude, Legal Process Outsourcing is one of the best introductions in the legal domain for all legal firms juggling multiple tasks in recent times. It is the present and future of legal firms towards their expansion and growth in the industry.