New Delhi: Indian law firms are exploring all the possible options to tap the multi-billion dollar growth prospects of ‘legal process outsourcing’ in India. The firms are looking at country’s premier engineering institutes—IITs to attract talent.
The legal process outsourcing (LPO) business in India is expected to grow to $5 billion in less than 5-years, though it was nearly non-existent till a few months back.
The Indian law firms are expecting crucial processes like patent drafting being outsourced to India. With a shortage of required talent being a major hurdle, the firms are rushing to Indian Institutes of Technology and other premier engineering colleges in the country for hiring.
Recently, the country's leading LPO firm Pangea3 recruited 30 graduates from the current academic session at various IITs.
The IITians hired by Pangea3 are "very excited about the opportunity to work with innovative ideas at the cutting edge of technology for Silicon Valley companies," the company's CEO Sanjay Kamlani told PTI.
Exposure available in LPOs is much wider as compared to the one available at R&D division of organisations, Kamlani claimed.
In a bid to attract IIT graduates to this new avenue, the law firms are believed to be offering a starting salary of close to Rs 10 lakh per annum.
The LPO industry is eyeing to hire IITians for high-end jobs like patent application and process prosecution of products, which are being outsourced from a number of sectors like IT, telecom, pharma and electronics.
With excerpts from PTI
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