Competition from onshore?
Hiring contract review attorneys, temp staffing companies, litigation support companies – these are the various options available for procuring LPO services within US.
Budget 2010-2011: No reason to celebrate?
Finance Minister, Pranab Mukherjee emphasized on ‘inclusive growth’ in this year’s budget. The focus was more on the education, infrastructure and social sector development.
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Microsoft follows Rio Tinto’s footprints
Last year, Rio Tinto, a leading international mining group, created news by announcing its plans to offshore legal services to India. Following the footsteps of Rio Tinto, last week Microsoft announced its plan to send routine legal work to CPA Global.
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Winds of change?
“Rio Tinto legal chief quits for a new role at CPA Global”, read today’s headline. This does come as a surprise but surely great news for CPA Global and the LPO industry.
Investors get interested in LPO
“ICG acquired a minority stake in CPA Global”, read the headline of a news article. Intermediate Capital Group (ICG), an independent investor and fund manager acquired a significant minority stake in a well-known LPO service provider. I was quite excited to read this news piece. Why? Investors taking interest in a segment positively reflects on the “sustainability factor” of the industry.
End of tax breaks! – Can outsourcing be wished away in this era?
US President Barack Obama announced his decision to end tax breaks to American firms that ship out jobs abroad. In his first State of Union address, he said “To encourage… businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of America.”
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Vendor selection – How important is it?
Despite the compelling needs of outsourcing, there have been instances in the recent past where some companies (although for different reasons) have shifted work back to their roots (onshore). This has been primarily seen in verticals including banking, financial services, retail, etc.
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Shakeout in the LPO industry
The LPO industry has not grown as fast as was had estimated earlier. The industry growth rate (CAGR of 40+% over 2003-07) dropped to 28% in 2007-08, and further slipped to 16% for 2008-09.
Wake up call to law firms!
In one of my previous posts, ‘UK Law Firms: Catching up on offshoring‘, I shared my views about UK based law firms opening up to the idea of offshoring. The growing interest amongst the buyer community was also evident at a recent conference that I attended on ‘Legal Process Outsourcing and Offshoring‘, organized by the Lawyer magazine in London.
Gone to the wall!
The year 2008-09 will be remembered for the collapse of Lehman Brothers (the largest bankruptcy in the US history so far!) and also for all the numerous individuals, companies and cities that have withered under the pressure of the financial crisis. There are thousands of companies that have gone bankrupt. A total of 1,306,315 bankruptcy cases filed from June 2008 to June 2009 period (a 35% jump compared to the number of cases filed over the previous year), as per the Administrative Office of the US Courts. And the list of failed companies is only growing longer. Well, that’s the impact of the global economic meltdown, which has seen many corporations closing down due to bankruptcies leading to layoffs across the globe.
