It’s difficult to pick up a newspaper or listen to the news these days without being exposed to reports of the cost-of-living crisis. Whilst the focus has been on the impact of rising fuel and food prices for families, these economic factors have a significant impact on businesses too.
The Bank of England has said it expects inflation to “reach around 8% this Spring” and thinks this could go even higher later in the year.
The reasons for the current volatile economic outlook are complex and largely global in nature but there are things we can all do to ameliorate some of the consequences of rising prices.
Just as people at home are looking for money-saving ideas to help their domestic budgets go further, businesses also need to re-assess whether they are doing things in the most cost-effective way?
There are some fixed costs like heating and lighting which can’t be reduced that easily. However, there are other outgoings where savings could be made.
Salary inflation in the legal market
The legal sector has been experiencing extreme competition for lawyers recently. This has inevitably pushed up remuneration packages to unprecedented levels in some areas. For some small to mid-sized firms, this has effectively priced them out of the recruitment market.
It’s not just lawyers for whom costs are rising – Support staff are also in short supply with annual salary increases expected.
How can Global BPO help law firms with soaring costs?
Instead of engaging with a lengthy and costly recruitment and on-boarding process requiring significant HR resource, we can provide the appropriate skilled personnel from our established pool of experts.
We offer a huge range of services including P.A support, document production, risk and compliance management, court bundles and document review (eDiscovery, due diligence, data subject access requests and internal investigations).
We are extremely responsive. Our range of legal process services can be provided very quickly to meet law firms’ fluctuating needs – be those as a result of a short-notice court deadline, a new client win or just an unexpected change in the work pipeline.
We pride ourselves on working in partnership with our clients and their in-house teams to ensure a seamless, efficient and high-quality service.
Not only does this overcome the current difficulties in the labour market, it also enables law firms to scale-down quickly when the need is no longer there.
We deal with all the administration and management of our staff, relieving our clients of the need to commit time and resources.
Typically, our clients achieve costs savings of between 40% and 60% when compared to keeping work in-house.
Get in touch
Your law firm may not have considered partnered services before but now might be the right time. For more information and to find out how we could assist you, contact our Client Manager, Suzie Young, at: firstname.lastname@example.org. We are always happy to chat on a confidential basis and with no obligation.