New survey of corporate counsel on legal process outsourcing shows that “80 percent said they expect to see the LPO industry expand and improve its services over the next five years.” And LPO’s also received credit for their data analytics capabilities: “Some 37 percent also believed that LPOs are better equipped than law firms are to leverage advanced technology and use data and risk analytics.”
Meanwhile, professional fees were cited as reason for decline in bankruptcy filings. At a recent conference, “several restructuring professionals said the increased cost of filing for bankruptcy has neutered it as a tool for collapsing companies to use.”
On-shoring of law firm back office functions continues. This time, Kansas City gets the nod.
U.K. Takeover Code’s naming and put-up-or-shut-up (PUSU) disclosure requirements “means providing more visibility on the quantum of fees in different scenarios and much more emphasis on risk-sharing, with abort/success arrangements and other fee structures. It also means moving away from hourly rates, the need for a more commercial approach and greater empathy with clients’ needs.” There’s more data on deal fees here.
British telco giant changes vendors as part of “next stage of our LPO story,” with a strategy similar to what we espouse at Right-Tasking, by “taking steps to free up their in-house lawyers to focus on high-level legal work, is part of BT’s efforts to streamline the ‘who’ and ‘how’ of its legal function by systematically delegating tasks to the most appropriate team member and accelerating response times.”
Another big bank sees financial results hit hard by increased legal costs.
U.S. government cuts spending on outside legal services.