As a law firm owner, there are several important decisions that you must make. To in-house or not to in-house is one of the more potent ones. Doing everything in-house may give you a certain sense of control to review and oversee everything, step by step. But outsourcing legal services may add to the bandwidth of your existing staff while reducing costs by 40-60%. Not to mention the amount of time you’d end up saving in the process! We understand if you are torn between two opposing thoughts right now. Hopefully, by the end of this blog post, you will be able to make up your mind! So, stay tuned!
Should you Consider Outsourcing Paralegal Services?
Now, consider the following scenario: Let’s say that your prestigious law firm has attracted a new client. And the new client is the defendant in a high-profile lawsuit. Defending a case where millions of dollars are at stake will require considerable research. And let’s say the only paralegal in your firm is on long-term leave. What would you do?
Would you call up the top recruiting agencies in the country and delve into a desperate headhunt for an indispensable resource? If you do, what will you do with this additional resource once the case is addressed? And, what happens when your existing paralegal comes back from their sabbatical? It will just complicate matters to a great extent, would it not?
Well, desperate times, desperate measures, you will say. But that’s not all. To meet an immediate need like this, you can always outsource legal services to an experienced and trustworthy service provider. You will end up saving time and avoiding a ton of unnecessary costs to the company!
Benefits Of Outsourcing Paralegal Services
By outsourcing, law firms can increase revenue and reduce overhead costs. Staff attorneys are expensive; they charge a high hourly rate. To maximize your resources, pawn off lower-value tasks to a legal services provider. Offshoring can get you reductions like firm costs, payroll taxes, physical office space expenses, and health insurance benefits. And it can significantly add to a firm’s profitability.
Increase In Revenue
Every major business decision impacts your firm’s profitability in one way or another. By choosing to outsource legal services to a trusted vendor, you are making a call that will tip the scales in your favor. Are you wondering how so? Let us explain:
The thing is: paralegals usually cost you less than licensed attorneys. Therefore, by offshoring paralegal services, you get to delegate some of the less-specialized work to them. This way, you can not only save your client’s money but also improve their firm’s bottom line.
Additionally, by outsourcing, you give your law firm the ability to experience greater financial freedom. Most outsourcing companies offer flexible pricing structures. And you don’t have to stay stuck with a paralegal on payroll where there is not enough work to be delegated. Also, outsourced paralegals are not entitled to any employee benefits from you. You pay them strictly based on the output.
Adjusting Staff Fluctuations
Paralegals play a vital role in any law firm. They serve as valuable resources by helping attorneys lay the groundwork for exquisite legal services. A good deal of their responsibility deals with research, and there is no saying when and on which will they come in handy. But the question is: how many paralegals should you hire?
If you have too many, you would not know what to do with them when there is not enough work. Because paralegals are not attorneys and may not have any formal law schooling. However, you cannot get stingy with hiring paralegals because if you have too few paralegals, your attorneys will be left to find most of the needles in the haystack themselves. It will take their focus away from working cases and may also affect your law firm’s productivity. Your revenue will soon take a hit even before you realize it. The solution to the staff fluctuation issue seems to lie in outsourcing paralegal services.
Outsourcing paralegal services seems to have an inconspicuous benefit. It can future-proof your business against unforeseen workloads. Won’t it be brilliant if you could have a team of extended employees who you can leverage at any time depending upon the workload? The good thing is, you do not have to pay them when there isn’t enough work. This kind of flexibility can improve the prospects of your business.
That way, when unprecedented opportunities come knocking at your door, you will not have to turn it down just because you are not equipped. Also, your extended team of outsourced paralegals can come in handy when your regular team is on vacation or emergency leaves.
To sum it up, outsourcing helps protect your firm from unexpected future developments. Life at a legal firm can never get too predictable. The legal industry is prone to disruptions, and a robust law firm must know how to arrange for contingencies within short notice. To build on your firm’s productivity and profitability, turn to paralegal outsourcing services today!