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45% of law firms considering outsourcing financial business, says Prince OMC

Over 45 per cent of law firms are considering outsourcing the financial function within their business due to pressure, research from Prince OMC reveals.

The legal outsourcing consultancy firm found that 36 per cent of those polled would consider outsourcing IT, while 50 per cent of in-house lawyers think that law firms should use offshoring to cut costs.

Prince OMC partner Jack Diggle says: “In a downturn you’d expect all areas of outsourcing to be of interest, but it seems that the industry’s long-standing resistance to offshoring elements of legal work is withstanding even these tough economic times.

“What we are seeing, however, is an increasing drive towards outsourcing support services and commoditised legal work. There’s pressure from clients to cut costs and also a need for greater internal efficiencies as headcounts fall.”



Deal or no deal

After what has been an extremely drawn out process, Aviva and policyholder advocate Clare Spottiswoode have finally agreed on a renegotiated reattribution deal which sees pay outs to policyholders slashed in half.

Higher learners

Regulation, like many things, is cyclical. Light-touch, prescriptive, principle-based, outcome-based – and now “a regulator to fear”. How many times have we heard these phrases in the past year or two? Does regulation drive market behaviour or is it the reverse? I’ll let you decide.


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