When it comes to outsourcing legal tasks, there is often a list of acronyms that tend to show up, sometimes leaving those interested scratching their heads regarding what these terms mean and how they will affect their business needs.
That is why in this blog post, we will go over these different terms, specifically detailing what they stand for and how to determine which outsourcing process is right for you.
Legal process outsourcing, also referred to as legal outsourcing, often refers to the practice of a law firm or other business obtaining legal support services from an outside support services company or law firm.
This legal outsourcing can often lead to significant cost-saving measures, which frees companies or law firms to focus on their work, moving mundane routine tasks to third parties and ultimately reducing workload, cutting costs, and allowing firms to do what they do best.
The primary goal of the BPO is to free up time, cut costs, and allow companies to focus on the core aspects of their business. That is why the most utilized BPO models are the front office and back office.
The front-office BPO focuses on activities that are external to the company, such as customer services and marketing. While, back-office BPO involves the internal aspects of a business, including payroll, billing, and inventory purchasing.
Because the LPO industry aims to support and help law firms and legal practices, there are numerous benefits it can provide a firm, including:
The document review process often involves attorneys or legal staff determining if a legal document is relevant to the case at hand. However, in an LPO, this document review is outsourced to legal professionals working under qualified attorneys at a reasonable cost.
As a result, outsourcing document review is significantly more economical to a company than handling the process in-house. Plus, it saves law firms time and allows key staff to focus on more strategic elements in crucial cases.
Although it may seem smart to highlight how companies will lower their costs and spending, when it comes to finding a client for legal process outsourcing. In truth, it is often better to emphasize what you are offering these clients in terms of security.
That is why when speaking about legal process outsourcing, it is always better to focus on the technology, biometric controls, and day-to-day operations. In addition, going over how an outsourcing team handles confidential information is also a wise strategy since those often interested in an LPO are looking for a provider who can solve their issues, manage risks, and handle human relationships efficiently and confidentially.
As mentioned above, LPO refers to legal process outsourcing or providers who offer legal services to law firms or corporations needing legal help. On the other hand, FPO or finance process outsourcing is when certain financial functions of a company are outsourced to a third-party service provider. These companies outsource these finance functions to concentrate on the priorities of their business.
If you are considering outsourcing and would like to discuss any of these processes further or find out what would work best for your company, contact Back Office Legal today for more information or a free consultation.