Legal Process Outsourcing (LPO) and the Great Recession
The economic recession (the Great Recession) of 2008 and 2009 resulted in a sharp drop in international trade, impacting the entire global economy. Recent studies by BTI Consulting Group and Hildebrandt-Citi Private Bank reported that 2008 and 2009 were among the worst years for the legal market in the United States during the last 50 years with billable rates and realised rates dropping by almost 10% (after including inflation). On the other side of the Atlantic Ocean too, the Great Recession took its toll; the Clementi proposals in the United Kingdom are further expected to change the way the law firms operate, forcing them to become more efficient and competitive. In light of the recent developments mentioned above, Evalueserve forecasts a revenue growth of 26% percent for the LPO-industry between 2010 and 2015. Even during the recession, the LPO sector grew by 40% each year. Currently, there are over 5,200 professionals in the LPO industry in India and the Philippines, contributing an annual revenue of USD 300 million, and this is expected to reach 18,000 professionals with an annual revenue of USD 960 million by December 2015.
You can access the full article at Evalueserve's website
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