U.S. losing legal work to overseas firms
Some firms also oursourcing wide range of work
But what if major corporations decided it was cheaper working with lawyers in India?
The practice already has begun. And the Wilmington-based DuPont Co. is recognized as a pioneer in the growing trend.
The legal offshoring industry is estimated to be about $60 million to $80 million today -- tiny in comparison with the estimated $225 billion U.S. legal industry -- but it has the potential to grow up to $4.7 billion by 2011-12 in India alone, according to a report by Crisil Research and Information Services.
The cost of working with lawyers in India averages $50 to $70 an hour, compared with an American lawyer with the equivalent experience who would get paid $200 or more. An Indian lawyer working as a temp would cost $20 or less, where as one in this country would cost up to $70 an hour.
As more work shifts to legal companies abroad, the number of jobs lost in the United States is expected to jump from about 23,000 this year to about 79,000 in 2015, according to a 2004 report by Forrester Research.
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Unfortunately, this is the sign of the times...
2 comments:
I saw on the news where an architect went over to India, hired architects for 15K and outsourced back to the US where he would have to pay 70k starting pay for architects. This guy is making money hand over fist, his India workers are buying homes, cars etc on 15k-25K and living really well (in India). So it's not the low paying jobs going over seas, so it makes you wonder why get a degree anymore? They can go overseas and get degreed people for less. No education is not the answer. Gerbil needs to get real here or there will be no jobs left.
It is all to do with profitability for the corporation and its shareholders. If a company can outsourced certain jobs overseas in which pay much cheaper labor and keep those workers overseas in a larger lifestyle acording to their average cost of living and downsize the U.S. workers and put profitability in the pockets of the executives, company, and shareholders, companies will do that unfortunately.. The Gerbil changed the rukes in corporation and allow them a lot more power than people don't realize.. Congress needs to have a bill to end the abuse power of corporations..
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