The turnover of legal process outsourcing (LPO) company UnitedLex was $42.8m (Rs 238 crore) in 2011, up from $28.2m the previous year, reported US-based Inc Magazine in its listing of the 500 fastest-growing privately held US companies.
In 2008 the LPO’s turnover was only $3.1m, according to the magazine, with its current employee headcount sitting at 750.
In a press release from UnitedLex today, CEO Dan Reed stated that “over 400 experienced and dedicated employees in India” were providing “higher end services” including litigation-related e-discovery and document review, patent drafting and patent litigation support, contract negotiations and “commitment management”.
Anup Bhasin, UnitedLex’s chief operating officer, India said in the release: “In achieving this feat yet again, our employees, two thirds of whom are based out of India, have played a significant role in servicing the requirements of our clients.”
Legally India reported in 2010 when the company after having been empanelled by UK telecoms major BT, that the LPO was targeting a revenue of $35-40m in the 2011 financial year. The company appears to have exceeded that target according to Inc’s figures.
In 2010 Reed said that UnitedLex employed around 550 lawyers globally, of whom 425 were were based in India.
It is understood that a significant part of UnitedLex’s revenue is derived from licensing its technology and software in the US, which is offered to clients together with the LPO’s legal support.
Pangea3, India’s largest pureplay LPO by headcounts, currently employs 850 lawyers and was sold to Thomson Reuters in 2010 for around $35-40m at an annual revenue of between $25m and $30m, according to the Business Standard.
India’s largest law firm, Amarchand Mangaldas, is understood to be targeting turnover of Rs 1,000 crore ($203m) by 2017, although an estimate by RSG Consulting in 2010 estimated the firm’s then turnover figure at $40m (Rs 181 crore).
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Regarding the industry itself, the grain has separated from the chaff, with the leaders breaking away from the pack. A few years ago, there were several self proclaimed leaders in the LPO industry, each claiming to be the best. One small time also ran had a penchant for shooting from its hip. Its principal did a hi fi when he got a $100 project; yodeled a la Tarzan when he got a $200 project; did an "aeroplane run" a la Shoaib Akhtar when he gets a $300 project; did cart-wheels when he got a $400 project; and issued press releases and went around chest thumping informing all and sundry who cared to listen to him, if he gets a $500 + project. It was akin to lifting a little pin and yakking away how you smashed the world weight lifting record. Needless to say, everyone got sick and tired of his antics, though they provided occasional entertainment.
Interesting that you have mentioned AMSS's projected revenues as well. Not sure what the analogy is. LPOs are in business largely because they subsidize their services, and bill in the range of $20-$30 an hour. On the contrary, even a green horn at Amarchand bills in the range of $200 an hour. The nature of services and the clientele too are poles apart.
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