Get ready for offshoring boom in $250 billion Legal Services business

The Forrester study estimated that jobs in India in the field which was poised to increase dramatically from about $80 million annually to approximately $4 billion, would grow to 29,000 in 2008, 35,000 by 2010, and 79,000 by 2015.

In 2005, $250 billion was spent on legal services globally, with the U.S. accounting for $170 billion, according to Forrester Research (Via Chief Executive). With outsourced legal services running just 25 to 70 percent of the cost of domestic legal services, an offshoring boom will translate into billions of dollars of legal expenses saved per year.

India is particular hot spot in legal service outsourcing because Law school in India is taught exclusively in English, so its lawyers speak the language fluently. And because India ’s legal system, based on British Common Law, is similar to that of the the U.S. , Indian lawyers are able to grasp its intricacies with little additional training. The country’s law schools graduate 75,000 lawyers annually, which means there is an abundance of highly trained lawyers there—many of whom are attracted to outsourcing firms for their highly competitive salaries, sophisticated work and merit-based career advancement opportunities.

At present the number of jobs in legal outsourcing in India stood less than 12,000.

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