BOSSPEAK: It’s Destination India in LPO Space
Q: How big is the opportunity for India in LPO space? A: Globally, the legal services industry is estimated to be about $250 billion, of which US and UK account for 77% and 18% respectively. Hence, major attention is on US. In US, the top 200 law firms spend $20 billion on legal support services, half of which is outsourceable.
Q: What is the outlook for LPO in India? A: From legal transcription a few years ago, LPOs are taking up high-end works like contract review and monitoring, IPR issues, legal research, and so on. India’s LPO industry size grew to $146 million with around 1,800 legal professionals in 2006 and conservative estimates put the market size at about$640 million with the sector employing 24,000 attorneys by 2010.
Read the full article here.