The city seems to be gaining from the US credit crisis and an estimated 100 legal process outsourcing (LPO) firms have mushroomed in the last one year according to a report published in the Times of India.

Companies in the US and Europe, in order to cut costs, are searching for cheap and good quality legal aid and LPO firms are gaining from this increased demand. According to industry estimates, companies gain anywhere between 50 to 75% of their costs on legal services once their work is outsourced.

Interestingly, around 70% of the LPO companies have come up in the past five months of the global crisis. The growth of the industry under the prevailing circumstances is expected to be between a whopping 50 and 100%.

"There is tremendous growth in the market because the industry is more stable with clients from the US and UK thinking that LPOs are a good option to reduce costs and get good quality legal services," the paper quoted Quislex, CEO, Ram Vasudevan. "Some companies have saved as much as $9,00,000 per deal just because they outsourced the work. There is no loss for clients if the LPO is reliable," he added.

Many big LPOs offer a variety of services, including legal help in mergers and acquisitions, contract analysis, contract procurement and litigation analysis.