US bailout holds promise of legal outsourcing deals

[OhioChick]

Source: Financial Express India

Oct 28, 2008 at 0015 hrs IST

The financial crisis in the US may open up a Y2K-like opportunity for India’s legal processing outsourcing (LPO) firms. The $700-billion US treasury bailout package will mean a steady stream of ancillary work—in legal and financial analysis of the troubled assets—to LPOs in India.

LPOs across India FE spoke with have senior managers who had worked with large global legal firms, and are betting on substantial legal work filtering to India.

“This opportunity has the potential of being the Y2K for the legal offshoring sector”, says Ajay Agrawal, chief solutions officer of UnitedLex, a 300-staff legal process & consultancy firm in Gurgaon. Agrawal expects work like “analysing the eligibility and value of the troubled assets on behalf of the treasury department” to be key growth drivers for the sector.

Sirisha Gummaregula, chief operating officer of QuisLex, a Hyderabad-based legal outsourcing firm says, “Analysis of contracts outstanding with banks going through mergers, and review of contracts describing assets of banks going through bankruptcy are some of the work LPOs are positioned to do.”

Gummaregula equates the current scenario to the time the Sarbanes Oxley Act was passed in 2002, saying, “Anytime a new control, evaluation or review issue comes up, such as the one to deal with the financial market meltdown now, there will always be additional work for professional service providers.”





Read more: http://www.financialexpress.com/news/US-bailout-holds-promise-of-legal-outsourcing-deals/378627/

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Legal work being outsourced to India now...

[msongs]

1. bailout = 700 billion scam against honest taxpayers nt

[Nickster]

2. Glad they worked some commonsense protections into that money. Glad I'm sending my tax dollars to

pay non-taxpayers for their work that potential tax payers could be doing.

[acmavm]

3. Ah, outsourcing. So glad all my tax money goes straight out of the

country, one way or another. Lord knows, those in foreign countries need it more than we do.

:sarcasm:

[Azlady]

4. I can not believe this -

WHY are our tax dollars going overseas! This so ticks me off!

[LongTomH]

5. A lot of the tax cut money went overseas!

The investor class has been told to invest in Asia since the 1990's. After all, China's economic growth is about 3 times that of the US.

[superconnected]

6. People on DU believed we honestly needed to bail out the credit industry....

[mike_c]

7. only the gullible ones did....

Many knew better.

[depakid]

8. People around the world knew we (and they) had to deal with the problems

That includes Obama and Paul Krugman in the states, Gordon Brown and Alistair Darling in Britain, and Kevin Rudd and Wayne Swan of Australia.

[superconnected]

11. With a check that goes to no one in particular and yet everyone

and no real oversight.

[Zhade]

13. Suckers did, the rest of us knew better and were ignored - or derided.

NT!

[lovuian]

9. We need to do legal processing here if they think Americans

who are needing work and jobless rate is huge can't compete with America well
obviously there is more here than meets the eye

like maybe India will hide some things that legally need to be seen by AMERICANS

[OhioChick]

10. You make an interesting point. n/t

[Zhade]

12. "Thank god it passed!"

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl: