With Lehman Brothers going bankrupt, following the collapse of a series of other leading institutions, the financial sector is in crisis with jobs lost and markets in turmoil. But in the midst of this chaos, the legal service industry is quietly making an extra buck. The sub-prime meltdown in the US, and the rise in litigation, has increased the amount of legal work being outsourced to India. Revenues in the last six months have gone up more than 100 per cent, according to heads of legal process outsourcing companies in India. Because of rising costs, “companies are actively looking outsource to India, where legal work costs one-tenth of what lawyers charge in the US,” says Sirisha Gummaregula, COO of Quislex. If one company is satisfied with the results of a particular firm, word spreads. “Acceptance by the client and client-referrals have made a big difference to the sector,” she says. Added to that is the fact that with each passing year, legal costs go up at a rate of 5-6 per cent ...
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