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| Bankruptcies bring LPO jobs to Indian shores |
By:
John Parker |
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While the global financial meltdown may have seen a pall of gloom descend across sectors, it has brought some good news for the Indian legal process outsourcing (LPO) industry.
The LPO firms doing bankruptcy work reported a brisk rise in business and increased hiring. The economic slowdown in the US has resulted in law departments of corporations revisiting their legal processes and budgets arising from the subprime fallout.
As a result, getting legal work done efficiently and cost-effectively from quality offshore, providers in India has become a compelling option. Consequently, the need for qualified HR has elevated and LPOs are hatching massive recruitment plans. “The subprime crisis and crashing of financial institutions in the West have led corporations to look at cost-cutting in areas, where it had never been done before,” says Anup Bhasin, COO, UnitedLex, a global legal consulting, analytics and outsourcing firm. “Litigation and para-legal work is one such domain. So, lot of back-end operations in the legal sphere is being outsourced to LPOs in India.” The firm is planning to ramp up their staff base from 300 to 1,000 by early 2009.
The global financial crisis precipitated by the issuance of excessive mortgage loans to under-qualified customers and the same financial institutions marketing securities backed by subprime mortgages to investors has led to extensive number of claims and massive financial losses. According to Bhaskar Bagchi, country head, CPA India, recessions and depressions in the US generally don’t reduce the need for legal work, as perceived by many. “Rather, they reduce the tolerance for high legal fees and means more business for offshore markets,” he said, adding, “With developed markets turning extremely volatile, markets like India are fast emerging as better investment destinations.”
Article compiled here : http://www.offshoreoutsourcingworld.com |
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