Faces economic challenges that it had never imagined in the last quarter of 2008, even a few months ago. How are companies going to handle and survive the credit, demand and growth constraints? What is the impact of the economic downturn on lawyers and law firms serving the business community? It is a clear fact that companies can only look at the modification of two revenue streams, revenue and expenditure, in order to increase profitability. Learn more at Stroleny Law, P.A.
In order to survive, customers of law firms will take the hatchet to expenses if revenue is down and not expected to increase markedly in the near term. Legal fees are going to be subject to extreme scrutiny. While still a nascent industry, legal outsourcing is gaining momentum, being taken into account in more corporate boardrooms. As the pressure to outsource builds, attorneys consider whether or not they should accept or resist outsourcing legal work offshore. Why would a U.S. law firm even want to consider legal outsourcing in the face of global economic challenges coupled with the increasing loss of American jobs? Are there valid reasons why every U.S. legal firm should consider targeted legal outsourcing?
I received an email several weeks ago from an attorney who was considering outsourcing some of his law firm’s legal work. He asked for my advice as to what he should tell his partners in the face of resistance and challenges from many in his law firm that wanted to maintain the status quo. Why should the company outsource offshore legal work, a practise seen by some as adventurous and risky, instead of staying the course, doing it’ the way we’ve always done it.’ I answered him with the top ten reasons why selective legal outsourcing should be considered by every law firm: Outsourcing certain legal work to qualified suppliers in India will result in the outsourcing law firm’s overhead being significantly lower.