Social media presents new challenges for in-house counsel when responding to discovery requests. There are numerous social media sites today, such as Twitter, Facebook, and LinkedIn, and all have different retention policies. This makes it difficult to assess the size of the data and its content, when it must be collected and reviewed for legal and investigatory matters.
General Counsel of major corporations around the world continue to worry about the costs and uncertainties surrounding preservation of electronically stored data and the impact of social media on the e-discovery process. With the volume of discovery-eligible documents skyrocketing, the complexity and cost of litigation have increased exponentially.
According to the newly published survey, “Future of Legal Process Outsourcing (LPO),” 87% of in-house counsel noted that it is more difficult to manage legal risks related to company data than compared to five years ago. Additionally, 69% of those surveyed say they have seen an increase in spending on managing legal risk and compliance over the last five years. The survey was conducted by UK legal journal Legal Business in partnership with Clutch Group in December 2013 and received responses from over 200 senior in-house lawyers in the UK, Asia, and the US.
Israel is an emerging global outsourcing destination. The combination of its socioeconomic stability and a business-friendly political system makes Israel a preferred outsourcing provider for many western companies. While Israel does not offer the same deep cost savings as India, outsourcing to Israel still yields competitive prices when compared to US companies. And, with a number of US-educated and licensed attorneys moving to Israel, the country has become a logical legal process outsourcing (LPO) partner. Here are some the main reasons for Israel’s rise in the outsourcing industry.
With compliance requirements on the rise in many industry sectors, the demands on in-house compliance teams have intensified. The Dodd-Frank Wall Street Reform and Consumer Protection Act, U.S. health care reform, the Foreign Account Tax Compliance Act, and the Markets in Financial Instruments Directive II are just a few of the regulatory developments that have resulted in increased compliance responsibilities. Add to this other rules in areas such as product safety, quality, and anti-money laundering and in-house legal teams are under a lot of pressure.
Given sweeping patent reform in the US and Europe coupled with exponential growth in the global IP industry, the Global Outsourcing Association for Lawyers (GOAL) is producing an international conference to address IP legal support services. The Global IP Outsourcing Conference will take place on 17-18 February 2014 at the Bar Association of San Francisco in California, USA. The conference will gather IP lawyers from in-house and private practice, legal process outsourcing (LPO) experts, and government representatives to discuss issues and opportunities related to “The Role of LPO in Navigating the Patent Reform Storm.”
Following the global financial crisis, businesses are facing increased regulatory compliance pressures. To tighten regulatory oversight in the UK, the UK government restructured financial regulation and divided the Financial Services Authority (FSA) into two regulatory bodies -- the Financial Conduct Authority and the Prudential Regulatory Authority. Across the pond, the US enacted the Dodd–Frank Wall Street Reform and Consumer Protection Act, which changed the American financial regulatory environment and almost every part of the nation's financial services industry. In the wake of these sweeping regulatory reforms, companies in regulated industries, such as finance and healthcare, must be hyper-diligent with their compliance programs.
The theme of GOAL’S upcoming Global LPO Conference, 21-22 January 2014, in New Delhi, India is “Legal Process Outsourcing (LPO) Evolution Becomes Legal Industry Revolution.” As the origin of LPO, India remains one of the world's best legal support destinations for both in-house and outside counsel. Today, in addition to offering traditional benefits such as lower cost services, Indian LPOs have taken a leadership position in advancing the global legal outsourcing industry by packaging multiple capabilities into sophisticated, end-to-end solutions. This is, indeed, creating a revolution in the legal outsourcing sector!
Legal Process Outsourcing (LPO) is a widely accepted practice that offers strategic, operational and financial benefits. However, changes in the LPO industry have made regulatory risk management more important than ever for those corporations or law firms considering outsourcing. LPO clients should weigh both the benefits and risks of outsourcing in the context of the legal industry’s regulatory framework.
According to Legal Week Intelligence’s 2013 Client Satisfaction Survey, in-house counsel are most interested in receiving quality legal advice and services from their law firms. Out of a possible high score of 10, survey respondents gave a score of 9.5 when rating the importance of “the standard of legal advice” provided. Service delivery came in second, rated at 9. Cost was not as important and was the only rating to decrease in importance from last year, down to 7.6 from 7.7.
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