RECENT LPO & CORPRATE LEGALTRENDS AND PROSPECTS
• Number of Legal jobs likely to be outsourced (Source: Forrester Research, 2004 study) – Forrester research predicted in 2004 that some 489,000 US legal jobs will be outsourced to low cost regions by 2015
– Out of that 80,000 will go to India by 2015. Current number is around 14,000
• Current India market potential is $4 billion. Currently only 2% or $80 million of this market is tapped by Indian providers.
• NASSCOM (Indian outsourcing industry group) researched in 2004 that the then revenue from legal outsourcing was between $5 million to $15 million and forecasted that it will reach $300 million by 2010.
• In 2004, Association of Corporate Counsel (ACC) conducted a survey of 167 US chief legal officers and found that only about 2% of the respondents were off shoring work. Another 8% expressed interest in off shoring work in the near future.
• Value Notes, an Indian research firm has predicted 24,000 LPO and Captive Corporate Legal jobs to be created in major metros for Indian lawyers by 2010. It is a ten fold increase from the current numbers.
• Global spending on legal services is around $250 billion. Out of this about $170 billion is US alone (68%) (Source: Forrester Research, 2004 study)
• Total Addressable Market (TAM) for legal outsourcing is estimated to be $111.2 billion (Source: Forrester Research, 2004 study)
Courtesy
Training Coordinator
Lawwave