'Lanka could be a premium LPO destination'
Sri Lanka has the capacity to be a premium Legal Process Outsourcing
(LPO) destination due to its vast potential and human resources it has
USA based Attorney-at-Law and Professor of Legal Studies, Rafael Brown
told guests at the launch of Sri Lanka's first LPO educational program
conducted by Vezarto LPO Academy at the BMICH last week.
Prof. Brown said that LPO has the potential to be the third largest
foreign exchange earner for the country adding value to human capital.
The global LPO is a multi-million dollar industry with many countries
operating back offices.
"We need to focus on the economic benefits of developing LPOs in the
country. Sri Lanka's strategic location and skilled workforce with
English literacy skills could be a leading outsourcing destination," he
said. Legal process outsourcing is the practice of a law firm or
corporation obtaining legal support services from an outside law firm or
legal support services company, the LPO provider.
The most commonly offered services are agency work, document review,
legal research and writing, drafting of pleadings and briefs and patent
services.
The key benefit of outsourcing is the cost saving factor. Companies
obtain support services from a outside firms to save on the cost it
would incur in its own country. Corporates in the USA and the UK
outsource work to other countries since it is cheaper.
Sri Lanka and India are outsourcing destinations. Currently around 12
LPOs operate in the country. Sri Lanka’s Business Process Outsourcing,
now termed as Knowledge Process Outsourcing is a growing industry with
an annual revenue of a round US$ 700 million. Director, Vezarto Legal
Consultants, Attorney-at-Law Sanjeewa Dasanayake said LPO is a novel
concept to Sri Lanka but it has huge capacity to be a vibrant export
industry bringing in the much needed foreign exchange to the country.
“As a home grown LPO firm, Vezarto has strived to become a premium
LPO in the world during the past two years. However, the lack of trained
personnel in the LPO field is a major drawback to get on to the next
level of growth,” Dasanayake said.
Vezarto has commenced enrolling students for the first batch of the
LPO course which will be conducted at the BMICH.
- LF |