| Someone rightly cited, "law is both a business and a | | | | be tapped. |
| profession". Meaning thereby, to run the business in the | | | | Challenges In The Game |
| legal industry, one need not necessarily be a lawyer. It | | | | The entrepreneurs should understand and thoroughly |
| is well known that Entrepreneurship is the driver of | | | | analyze the challenges that are associated with the |
| growth. It helps creating innovative organizations which | | | | LPO industry before entering in to it. Few of them can |
| help in providing the foundation for structuring a | | | | be elucidated as follow:o Confidentiality issueso |
| nation’s competitiveness. Legal Process | | | | Abdication of responsibilityo Understanding client |
| Outsourcing is a booming area for entrepreneurs with | | | | needso Risk managemento Quality assuranceso |
| the required heat. | | | | Sourcing right peopleo Training and retention |
| Outlining The LPO Industry | | | | LPO is low capital intensive industry with great |
| LPOs have emerged as a perfect solution to the | | | | potential. However, there are few points of concerns |
| in-house legal departments of large multinational | | | | that have to be taken care of while entering in to the |
| corporations and law firms looking to cut on their costs, | | | | game of legal process outsourcing. They are: |
| especially in this crisis time. Recession might have | | | | • Investments in the right ratio |
| come as a misfortune globally, but for the LPO industry | | | | • Imperative strategic working |
| it is an opportunity never seen before. The current | | | | • Alliances in the game |
| market size of LPO industry is estimated to be $550 | | | | • Strong team of people |
| million and is expected to grow to $ 1.5 billion by 2010. | | | | Conclusion |
| The LPO business, however, is not just about lawyers. | | | | This is the right time for entrepreneurs exploring new |
| It does involve technology and marketing. With an | | | | business opportunities to set the foot on the sand. |
| advantage in technology and knowledge of how the | | | | Entrepreneurs can tap the LPO opportunities and can |
| legal outsourcing industry works, BPOs and ITOs have | | | | emerge as the ‘Lord Of the Game’ by taking |
| turned out to be worthy forerunners to the LPOs as | | | | care of client concerns and seeking help of consultants |
| far as technology is concerned. Some BPOs have | | | | like KPO Consultants by using their expertise of setting |
| actually taken to it on seeing the huge gains waiting to | | | | up LPO businesses in the industry. |