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  Time Is Ripe For LPO Industry In India!

Indian legal process outsourcing industry is growing at over 40 per cent per annum.

The $146 million legal services offshoring industry in India is growing at a tremendous pace. Even as other segments in the KPO space such as publishing, media services, analytics services are growing at 30 per cent to 35 per cent per annum, legal services takes the lead and is growing at over 40 per cent per annum, as per the ValueNotes' latest report, Offshoring Legal Services to India: An Update. The report examines the evolution and maturity of the LPO industry, covers key emerging trends in the Indian legal services offshoring industry and how these might shape up the industry in the near future.
Several large, mid-size and small companies are entering the legal process outsourcing space, and the industry is progressing towards more innovative business models and offerings by the earlier entrants, in an attempt to differentiate themselves from the pack.
The formation of an LPO Trade Association in India is a significant move towards strengthening the industry. Vendors are jointly organising conferences and events in the US to showcase their abilities and portray India as the top LPO destination. Funding from VC/PE firms has also started coming in.
Having reached a certain maturity level in terms of service offerings, most players in this space are developing scale and widening their scope of offerings. At the same time, they are fighting challenges such as rising wages, training and depreciating dollar revenues. The race to acquire capabilities and clients will trigger several inorganic growth actions by ambitious vendors.

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Recent developments are an indication of a maturing industry. The current growth rates are also promising and provide significant opportunity for future growth. However, cautions analyst Neeraja Kandala, "to sustain growth and profitability, in a sector with almost no entry barriers, every LPO vendor needs to implement a well-defined strategy. The winners will be those who can build the tallest and most imaginable barriers to entry in their respective niches."