Onshore and offshore outsourcing is transforming the legal services industry.
The legal services industry is experiencing a shift in the delivery model for legal services. It involves outsourcing the work of attorneys, paralegals and other legal professionals to companies located either domestically within the country or overseas. Both onshore and offshore outsourcing is transforming legal services as legal services companies are looking to minimize costs and increase their in-house capabilities. For instance, many companies in the US and the UK outsource legal services to countries such as India, the Philippines and South Korea where employees earn 30 to 70% lower wages, thus boosting the profits of legal services companies.
LEGAL SERVICES MARKET TO GROW TO $786 BILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
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The Business Research Company expects the legal services market to grow to $786 billion in 2020. The Americas was the largest region in the legal services market in 2016, accounting for $394 billion or 58.5% market share. This was due to rise in number of mergers and acquisitions and increased demand for legal services in areas of litigation, tax and finance.
The chart below shows the year-on-year growth of the global legal services market during 2016 - 2020.
According to The Business Research Company’s Professional Services Consultant, Oliver Guirdham, many domestic law firms are entering into new markets, collaborating with foreign counsels to offer wide range of services, thereby eliminating boundaries on the geographic scope of law practice. Globalization is gaining momentum due to rapid growth in internet, automation of legal processes and developments in data security. Many clients now have globalized their operations and thus require more sophisticated and internationally-oriented legal service providers with global reach.
Deloitte was the largest company in the legal services market with revenues of $6.7 billion from tax and legal services. Deloitte’s growth strategy is to acquire companies offering legal services to increase its revenues from the legal division. For instance, the company acquired KD Johns & Co., an Australian tax, law and business advisory firm.
Legal services companies advise clients (individuals or corporations) about their legal rights and responsibilities, and represent clients in civil or criminal cases, business transactions and other matters in which legal advice and other assistance are sought. Legal services include
Offices of Lawyers comprise establishments that provide expertise in a range or in specific areas of law such as criminal law, corporate law, family and estate law, patent law, real estate law and tax law.
Title Abstract And Settlement Offices primarily engage in researching public land records to gather information relating to real estate, preparing documents for the transfer of title financing and settlement, conducting final real estate settlements and closings and filing legal and other documents relating to the sale of real estate.
Offices Of Notaries comprise establishments that involve in drafting, approving and executing legal documents such as real estate transactions wills, contracts.
The various types of laws predominantly followed in most countries include
Criminal Law is a system of laws concerned with punishment of individuals who commit crime related to traffic, public order, property and people.
Civil Law is a system of laws to resolve issues that occur between individuals and groups related to contract, employment and family.
The various types of legal professionals in the legal services industry include
Solicitors are legal professionals who provide legal advice and support to clients. Solicitors include individuals, groups, private companies and public sector organizations. Solicitor’s role may vary depending on the rules and regulations of a country. For instance, in the UK, Solicitors undertake the general aspects of giving legal advice and conducting legal proceedings.
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Barristers provide specialist legal advice and they represent individuals and organizations in tribunals and trials through written legal advice.
Lawyers is a generic term used to describe an individual who is a licensed legal practitioner qualified to give legal advice in one or more areas of law.
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