5 LPO Benefits to Win the Australian Legal Market

LPO benefits australian legal market

The legal profession is changing, and law firms in Australia must find opportunities to meet the demands of the new normal. This includes capitalising on LPO benefits to win in the Australian legal market.

Legal process outsourcing (LPO) is already a common practice within the legal profession. In fact, the global LPO market is forecasted to reach USD$61.71 billion by 2027. Moreover, leveraging LPO helped law firms worldwide adapt and thrive amidst organisational restructuring and changing legislation during the pandemic.

In Australia, a recent report found that LPO is the 3rd most popular NewLaw business model adopted in 2021. However, despite its growing popularity in the Australian legal market, some legal practitioners still hesitate utilising LPO. Moreover, the same report showed that 73% of in-house legal counsel have never used LPO services.

Like the rest of the world, the Australian legal market is changing. The challenges of the new normal and remote work have also impacted the functions of legal practitioners. In addition, there is increasing pressure to innovate and implement digital transformation strategies for flexible services delivery. Hence, engaging with a trusted LPO provider can help your firm become more competitive and profitable in the new normal.

To find out why LPO is the solution for your firm, we’ve looked at 5 LPO benefits to win in the Australian legal market:

1. Optimised and innovative processes

Utilising new technology can improve legal services delivery. However, legal practitioners have little time to research on the technological options to optimise their processes. Moreover, their limited budget hinder law firms from implementing the tools and software they need to automate non-revenue generating tasks.

LPO gives law firms access to innovative technology without the additional overhead costs. Whether you need a sophisticated cloud-based collaboration platform or a document review software, LPO providers can deploy the resources in your firm. Moreover, LPO providers offer the advantage of an end-to-end technology solutions – from advice to integration and maintenance.

Technology also increases the ability of legal firms and practitioners to create value for their clients. With the right tools in place, you can promote better collaboration, transparency, access to information on legal matters, and efficiency. Thus, giving you the opportunity to provide your clients not only the most beneficial legal advice, but also a seamless experience.

2. Going and staying lean

Rising regulations and litigation expenses are causing legal costs to increase. Moreover, the emergence of alternative legal service providers (ALSPs) and virtual firms has empowered buyers to demand for low-cost legal services. Hence, firms are pressured to look for areas to cut costs – often at the expense of their employees.

LPO helps firms streamline back-office and legal functions without breaking the bank. Delegating administrative work to outsourced legal specialists enables you to provide the most beneficial legal advice while containing costs. Moreover, leveraging the skills of your outsourced staff enables your firm to build strong client relationships.

Outsourcing not only helps your firm run lean, but also results in cost savings, which you can pass on to your clients. Offering high-value legal advice at a lower cost can help you create a positive emotional connection with your clients. Thus, you can improve affinity and build trust and brand loyalty.

LPO benefits australian legal market

3. Providing business and financial advice

Increasing demand for legal services in the areas of transactional practices is reshaping the Australian legal market. In particular, the surge in mergers and acquisitions (M&A) is driving the growth of the financial services side of the legal practice. Hence, the role of legal practitioners is changing – from trusted legal advisor to the broader and crucial business advisor.

LPO helps firms go beyond traditional legal guidance and focus on higher-value activities. Outsourcing frees your in-house staff from time-consuming back-office tasks to have more client-facing time. Moreover, they can have a more strategic role in helping your clients grow their business.

Outsourcing gives you access to a large pool of experienced talents who can work as efficiently as your in-house staff. Moreover, your outsourced staff come equipped with the necessary technical skills necessary to boost the capabilities of your firm. Thus, you can solve your clients’ legal matters more effectively, focus on industry-specific consulting and provide valuable advisory services.

4. Supported Talent Retention

Despite the increasing profitability of the Australian legal market, there is a growing shortage of legal talents. Firms in the US and London are offering huge salaries to associates who are willing to work abroad. Thus, local firms are pressured to offer competitive salaries to keep their ranks and attract job candidates.

LPO streamlines legal processes to help firms move away from manual tasks. Outsourcing the “unwanted” time-consuming work can give your in-house resources time to focus on improving their core competencies. Moreover, access to better technology can save you time, so you can focus on creating value for your team.

Providing continuous education and development and utilising LPO services can improve your firm’s ability to acquire and retain talents. Moreover, you can ensure a dynamic and collaborative work culture and promote stability and loyalty within your team. Thus, you can offer your clients not only high-level services, but also diverse expertise and experience.

LPO benefits australian legal market

5. Heightened Cybersecurity protocols

Cybersecurity has been a growing concern globally, especially with the world population’s dependence on online transactions. From buying groceries and paying bills, to work and education – everything and everyone is now online. Unfortunately, cybercriminals are taking advantage of our need to make online transactions to extort money. Even more concerning is that there is a growing shortage of cybersecurity skills in Australia.

LPO not only offers firms access to advanced technology, but also to sophisticated cybersecurity – at no extra cost. Outsourcing to a trusted LPO provider gives you the benefits of a Managed Service Provider (MSP) relationship. This means you can also outsource all your software and hardware needs, including cybersecurity, from your LPO provider.

In general, outsourcing providers already have strict cybersecurity protocols in place to protect their clients’ data, especially during disruptions. However, with the increasing number of cyberattacks and threats, they strengthened their cybersecurity and deployed more advanced protocols and certificates. Thus, you are assured that your and your clients’ important data are safe and secured.

How to enjoy LPO benefits and win in the Australian legal market?

Indeed, LPO can provide end-to-end solutions to matters encompassing people, processes, and technology. A good LPO provider helps firms boost their in-house efficiency and skills, and enables them to easily scale when necessary. More importantly, LPO helps create more value for both clients and staff, which results in a beautiful lasting relationship.

DBA Legal Outsourcing Pty Ltd is an incorporated legal practice in New South Wales, Australia. We provide legal and paralegal services in the areas of property law and conveyancing, family law, wills and estates and loans and mortgages.

Our team is comprised of solicitors, experienced paralegals, and document specialists equipped with innovative and advanced technological skills. We ensure that all your outsourced tasks are completed in a timely manner and meet the standard regulatory requirement. Moreover, we have an in-house team of software engineers to guarantee the highest level of data security and privacy.

We can help your firm remain competitive and profitable, and give you peace of mind that your data is safe. In addition, our team can support your efforts to improve agility and flexibility and upskilling your in-house staff. More importantly, we can transform your firm so you can be poised to advance in the global legal industry. This in turn allows you to focus more complex legal issues and still allow for the transactional legal work to be completed by the likes of DBA Legal Outsourcing Pty Ltd.

5 Cybersecurity Tips for SMEs

5 Cybersecurity Tips for SMEs

Their limited capacity and resources to protect themselves makes SMEs most vulnerable to cyberattacks, so we offer these 5 cybersecurity tips for SMEs to help boost their online security. Read our blog!

Read More »