5 Benefits of Outsourcing Legal Services to a Law Firm
Many law firms currently outsource legal services the same way other businesses do. Outsourcing simply means using a third party instead of the full-time in-house employee to deliver the required services for a fee. A Small or multibillion law firm may choose to hire to the services of a legal expert to handle their cases both locally and abroad.
Is your law firm wondering whether it should consider outsourcing? You might want to give it a try. Despite the few challenges, outsourcing legal services is a modern model and has numerous benefits to a law firm which you cannot afford to ignore. Below are some of the benefits your law firm is likely to enjoy from outsourcing legal services:
Significant Cost Savings
In addition to the reduced cost of administration, your law firm will greatly benefit from wage differential between outsourced and in-house legal expert. Generally, in-house attorneys are paid almost twice an hourly rate to that of a vendor attorney. The difference in rate may even be bigger when dealing with overseas cases. In fact, legal employees in the UK and the US are some of the highest paid globally. Outsourcing implies that your company will be dealing with lower insurance, human resource management and workers’ compensation costs. This is a substantial cost saving when combined.
Outsourcing gives your law firm an opportunity to access external talent which doesn’t exist within. You can actually hire some of the best lawyers around to represent your client. Ideally, this is someone you may not afford to keep in your payroll. Thanks to the new model, you can always access their services whenever you need it. Furthermore, you no longer have to keep all types of lawyers in your company. For instance, you can choose to outsource a divorce attorney to represent your client when you don’t have one.
Reduced Turnaround Time
Pressing legal projects may at times be tricky based on the available time. This is because you cannot put your in-house legal team to work 24/7. They have to rest. This is possible when you combine local and offshore teams. For instance, the time difference between west coast, the US, and India make it practical to have 24/7 operations.
Outsourcing allows law firms to hire legal services only when it’s needed. This means that you can always plan based on demand. By combining internal and external talent, your firm is able to tailor capabilities and respond to workload demands. Previously, many law firms found it challenging to handle several cases at the same time due to inadequate legal staff. This is never the case anymore since you don’t have to worry about fixed monthly salaries as well as long-term benefits of highly-priced attorneys.
Open to all law firms
There are several privileges enjoyed by larger legal corporations at the expense of small ones. Outsourcing is good news to all. It is particularly beneficial to small legal entities which operate within constrained budgets but still aspire to provide quality legal services.
As the owner of a startup law firm, you can comfortably compete with well-established entities by hiring the best legal experts at an hourly rate. No overheads at all.
You should, however, consider talking to reputable business consultants like WeAccountax before outsourcing. This is essential in understanding and planning for financial aspects of the model.
At weaccountax, we will advise you on tax, payroll, and all accounting issues associated with outsourcing legal services in the UK. Crunch alternative cheap chartered accountants in the UK by simply giving us a call or a chat through our website. Our business experts will be glad to assist you.