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Legally Speaking: What You Need to Know About Legal Process Outsourcing--and How to Get Started

Sponsored By EquaTerra

Topics:: Finance & Risk Management > Outsourcing; Professional Services > Legal Services

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Abstract:: When it comes to outsourcing, some business functions have been mostly untouchable. But today, as companies continue to aggressively cut operating costs, they're looking at all spend areas -- even those that were once sacrosanct. One of those former sacred cows is the legal department, where spending on internal and external counsel can be as high as 3 percent of sales, depending on company size and industry. Corporate attorneys face pressure not only to reduce costs but also to run their function as a contributing business. Law firms, likewise, are under downward pressure from clients to reduce the high cost of e-discovery, document review and other legal and administrative services - all amid a recessionary loss of revenue. Clients, unwilling to pay standard billable hours for routine work are now looking for alternate avenues to provide efficiencies in all areas of law. As a result of these challenges, corporate legal departments are increasingly exploring LPO to reduce costs.

DETAILS

Sponsored by: EquaTerra

Released: July 06, 2010

Length: 7 pages

Format: PDF (200 kb)

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