Offshore Outsourcing emerged as businessMonday, March 13, 2006
Before some years, the term Offshore Outsourcing emerged as business phenomenon of the present-day world. Now the Offshoring industry became the backbone for Indian service sectors. By providing services in Software Development, technology and manufacturing outsourcing in the last fiscal, India earned 6 to 7 billion dollars. According to one report study, the benefit of the Outsourcing firms in the America would translate into a cost cutting or save about twelve to fifteen per cent. With the potential of India Outsourcing resources to absorb the increasing demand in legal offshore work is because it enjoys the economic advantages of the overheads and wage difference.
In the newly born sector of Offshore Outsourcing the most important challenge is the need for Indian lawyers to pass American Bar exams, the conflict of interest rules and laws of data security. As far as ability of Indian employee regarding handling the foreign legal jobs are concerned, it should be noted that the nature of jobs at the lower level is almost the same, so no special qualification is required to handle it.
The work that was outsourced to India in the beginning is of secretarial nature and including some patent drafting, legal research, contract review and monitoring. Experts were hoping to receive high end sophisticated contracts, which requires a strong legal base of international standards that is set to expand with the enlarging knowledge of Indians regarding the foreign laws.
Growth of Offshore Outsourcing sector
There are a plenty of hurdles that can hamper the growth of Offshore Outsourcing sector, but with the optimism prevalent in the legal organizational business the outlook changes with specialization. Look at the example of the law conforming Indian Advocates Act that deals with the professional conduct of lawyers and does not support work for other nations. Even, for specific laws governing organizations and trade in securities, which hugely differ from one nation to nation, may resist to paralegal and secretarial work.
Certain branches of the law, which are on a global nature, like Intellectual Property laws of patents or trademarks can give legal process Software Development providers, on the other side of it. Due to the effect of optimism which establishes Business Process Outsourcing organizations but also several legal companies, we find that they throw themselves openly to the lucrative opportunity available. In fact, American firm was one of the first to set up its captive BPO in India. Other technological organizations, too, farmed out to work for their Indian captive units. Because of strong political opposition in the America against Offshore Outsourcing as it may affect the livelihood of their attorneys and may also serve as a road-block. Despite of that legal firms feeling, that are more willing to do offshore their work of jobs in India. That is because like other BPO sector, Indian employees come cheap, the rates are barely 12 – 14 per cent of that.