The global legal industry, like any other industry, has been significantly impacted by the economic slowdown. The legal industry has gone through budget cuts, layoffs and cost pressures over the period of one year that has resulted in a change in the operating dynamics of the global legal industry.
The impact of recession on the global legal industry has had a spillover effect on the legal process outsourcing (LPO) industry in India. The growth in the Indian legal process outsourcing industry as compared to the past three to four years has slowed down temporarily. Theoffshore legal services industry that was growing at a CAGR of 40+% over the last four years till 2007 dropped to 28% for 2007-08 and further tapered off to 16% for 2008-09. The revenues from the offshore legal services industry were $320 m for 2008 and expected to reach $440 m by 2010.
The report discusses the changing dynamics of the legal services marketplace and impact on the offshore industry. The report also provides an analysis of the Indian vendor landscape and trends and insights in the offshoring industry. The report is designed to help:
- Law Firms, Corporations, Lawyers, Legal publishers looking to outsource/offshore
- Outsourcing consultants evaluate and compare the offerings of vendors
- Offshore Legal service providers to assess their competitive environment
- Venture capital and private equity firms looking for investment opportunities
- Researchers looking for detailed information on legal services outsourcing
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