A UK legal process outsourcing company has obtained an equity investment of double the amount it was seeking to fund ambitious expansion plans, using the ‘crowdfunding’ method of appealing to investors.
The legal process outsourcing industry is currently worth $2.4bn worldwide and is set to expand into higher value, more complex work, according to research conducted by the London School of Economics.
Mahy: something that somebody should have thought of before
Using ex-City lawyer parents looking to return to practice is a way for in-house lawyers and law firms to onshore services that many people are saying should be offshored, a former FTSE 100 general counsel said this week.
Our regular round-up of news includes Quindell Portfolio’s latest acquisition, Simmons & Simmons moving City work to Bristol, the SRA’s City adviser joining Obelisk Legal, the Law Society withdrawing its PII broker list, and much more besides.
An innovative legal outsourcing business that uses former City solicitors to provide law firms and in-house departments with temporary support is set for a massive expansion, aiming to grow from 60 to 500 by the end of the year.
The fallout from the financial crisis as well as growing threats from the legal process outsourcing industry is making it even more difficult for legal practices to juggle client expectations and fee income, says Peter Collins. Many are looking to manage their own resources more effectively.
The narrowing gap between wages paid in the UK and in booming Asian economies mean offshore legal process outsourcing providers are facing a growing threat from law firms setting up their own onshore operations, an LPO consultancy has claimed.
Our regular news in brief round-up reveals that Jonathan Gulliford, one of the architects of Co-operative Legal Services, is leaving the company this week. Meanwhile, the first ABS has won an innovation award, general counsel are cool on LPO, and Lord Justice Jackson says his reforms could boost lawyers’ work.
The spiralling costs of legal services is prompting some leading general counsel to consider a “production line” approach to handling legal work, with more companies looking to go offshore or in-house, according to new research from an Oxford professor.
Plans to clarify the ethics of outsourcing work to lawyers and non-lawyers, and the circumstances in which outsourcing would be wrong, are to be put to the American Bar Association (ABA). The “initial draft proposals” go further than an initial draft published last year.