According to the author:
- LPO started as a low end work which was mainly transcription. Now in India LPO has changed into a highly knowledge intensive work.
- The advantages that Indian LPO’s enjoy are:
- Time zone
Large English speaking population - Awareness of law doctrines
- Low cost of labour
- Attorneys qualified from US and UK
- Support provided by Indian LPO vendors round the clock
- Quality of work done by Indians
- Legal process outsourcing providers in India now offer end to end solutions in legal domain than one off services.
- Small LPO providers were forced to shut down as they were not able to reach a scale where they can operate profitably.
- Small LPO clubbed with other LPO suppliers to prevent complete shutdown.
- LPO industry in india is dominated by large players who are capable of making large investments.
- In 2010, Microsoft has entered into a contract with Integreon Managed Solutions for LPO services.
- It is estimated that the LPO market will be worth $699 million in 2012, $880 million in 2013, and $1,109 million in 2014. The compound annual growth rate will be 26 per cent. The LPO market today amounts to $554 million and the estimate show a huge growth potential in the coming years. It is also estimated that LPO industry will generate 79,000 job opportunities in India by 2015. The LPO industry currently employees 250000 employees in India at present.
With this, business owners should invest in their people across all departments as each department plays a crucial role in the success of every business.
