Tuesday, September 30, 2008

America Tells Wall Street To Go Shove It



The corporate and legal elite are shipping our jobs to India and they want us to flip the bill for this economic bailout monstrosity?

Geetanjali Jhala writing for DNA India asserts that in the midst of the sub-prime meltdown in the US, the legal service industry in India is quietly making an extra buck.

"But in the midst of this chaos, the legal service industry is quietly making an extra buck. The sub-prime meltdown in the US, and the rise in litigation, has increased the amount of legal work being outsourced to India. Revenues in the last six months have gone up more than 100 per cent, according to heads of legal process outsourcing companies in India.

Because of rising costs, “companies are actively looking outsource to India, where legal work costs one-tenth of what lawyers charge in the US,” says Sirisha Gummaregula, COO of Quislex. If one company is satisfied with the results of a particular firm, word spreads. “Acceptance by the client and client-referrals have made a big difference to the sector,” she says. Added to that is the fact that with each passing year, legal costs go up at a rate of 5-6 per cent a year, says Alok Aggarwal, CEO of Evalueserve. Agrees Sanjay Kamlani of Pangea3: “Recession and the events leading up to it have created a lot of additional legal work for Indian firms.” This includes legal analytics, litigation, electronic discovery, due diligence work, risk assessments, research document drafting, bankruptcy, filing and processing.

“With Lehman Brothers, we are looking forward to more bankruptcy and M&A related work coming our way as the recession sets in. “We’re definitely going to be working with companies like Lehman, Merrill and Morgan,” says Anthony Alex, VP, legal services at Pangea3."

26 comments:

Anonymous said...

"They are shipping *OUR* jobs"

LOL. Temps don't have jobs, they have TEMPORARY ASSIGNMENTS.

Anonymous said...

Bankers and lawyers have jobs.

Anonymous said...

Bankers have jobs? lol, you are just a retard roach boy.

It is clear, however, that legal temp jobs are evaporating from NYC. Notice that agencies like Clutch which act as American fronts for their Indian operations, will survive and thrive. Other agenices will not be so lucky.

It's a bad time for contract attorneys, but they are not alone. The sick part is, once the economy improves, there will still be no contract work.

Anyone with a clue knew 6 months to a year ago that this was on the way. It has now come to fruition, there are literally no jobs for contract attorneys in NYC.

They have exported the work to India. The same evil swine that greedily destroyed the economy, have happily gutted the legal profession and thrown debt crippled attorneys out into the streets.

Just one more reason to oppose the bailout and vote against every Congress Person that votes for it.

Anonymous said...

Sallie Mae is just as bad, if not worse than Freddie and Fannie ever were. Just like rising gas prices and interest rates caused homeowners to stop paying on their mortgages, with all this outsourcing going on, Gen X/Y will soon be defaulting on their loans in massive numbers. It's the next shoe of the credit crisis that hasn't fallen yet. I'm sure Albert Lord knows this, and I am sure there is colorful accounting going on within the ranks of these student loan lenders.

Anonymous said...

When 80% of law grads have no jobs and start immediately defaulting on the $100+ loans upon graduation will there be a bailout?

Of course not! It's only for the rich, not toileteers.

Anonymous said...

Of course there will be a bailout, roach boy. Most of the debt is federally backed and guaranteed.

Anonymous said...

I kid you not, I met this guy who collects degrees. He has an MBA, a JD, and two other bs degrees I can't remember the names of. He owes over 250K in student loans! He has been quite creative in his use of deferments and forebearances over the years, but who is kidding who? He will NEVER be able to pay all that shit off. Americans are going to be in for another surprise when all of this higher education shit hits the fan.

Luong Dong said...

Does this mean more sluttty Temps?

Anonymous said...

Roach moron, the bulk of toileteers' debt from private loan companies.

There will be no bailouts for the toilteers, they will have to pay off the debt until they croak.

The loan companies may be bailed out, but loans are sold off anyone way.

Anonymous said...

David Perla should have his citizenship revoked.

Anonymous said...

“We’re definitely going to be working with companies like Lehman, Merrill and Morgan,”
___________________________________

Doing what? Those firms need serious reorg counsel, not doc reviewers--this guy has nothing to offer them.

There probably aren't a 100 sufficiently senior and experienced bankruptcy lawyers in this country who can handle the process of a bunch of insolvent investment banks trying to offload their junk CMOs and CDOs on to the Treasury; he certainly isn't going to find anybody in Mumbai who can handle any greater part of that process than stapling petitions together.

Litigation of the complexity coming down the pike is not going to be handled on any serious level by off-shored "lawyers." Of course, it won't be handled by doc reviewers here either, but Perla is just talking smack.

Anonymous said...

Why should the jobs not go to the most efficient service provider? If you can't do something as efficiently (i.e. your wage demands are higher for an equal amount of work relative to India), there is no economically rational reason for society to have you do it. You should do something else instead, or move to India.

Anonymous said...

11:13 You should move to Mumbai.

Anonymous said...

11:48: You are right, I should move to Mumbai, if I wanted to do basic doc review. If you want to be in the fashion industry, you go to New York; if you want to be in show business, you go to LA. You go where the jobs are, or you have no one besides yourself to blame.

Anonymous said...

Oh really? The free market dictates that our shit jobs should move to India? Well, the free market also dictates that Wall Street should fall hard and fast. Unfortunately, unlike those fat cats, we aren't eligible for some government bailout. This is all such bullshit.

Anonymous said...

12:29: We all get the government we deserve.

Anonymous said...

Even if you agree w/ the bailout (which I do), you can't argue with the logic of 12:29. Leaves a funny taste in your mouth (please not juvenile comments).

Anonymous said...

There are going to be so many shareholder lawsuits that there will be plenty of work to go around. There is an AIG class action already in the works and that doc review will take years and employ hundreds of us. The DoJ (which is investing AIG) will be hiring temps to work on their review too and they cant outsource!

Anonymous said...

But hangover remedies are now covered by company health plans:
From the bailout bill:

the treatment limitations applicable to such mental health or substance use disorder benefits are no more restrictive than the predominant treatment limitations applied to substantially all medical and surgical benefits covered by the plan (or coverage) and there are no separate treatment limitations that are applicable only with respect to mental health or substance use disorder benefits.

Anonymous said...

re: 10:45 and 4:32 bloggers.....
good luck on the AIG sh-h suit. Regardless of the fact that someone has filed a class action suit, the issue is how far will it go? Are you aware of recent USSCt ruling on shareholder suits.......
the 10:45 blogger seems far more aware of "reality"........things will change as the emerging market downturns continues in countries such as India......in addition to when a privilege call is missed, docs do not meet deadline, and reviewers display an inability to distinquish relevant from irrelevant bc/ they do not have the substantive training, or are required to issue spot across 6 differing substantive areas, that intersect around 1-2 single facts........I doubt many fo the Indian law grads have prior experience working in investment banks, working on complex M&A deals, tax planning etc., accounting, etc. etc. nor understand the FRCP as to evidence for white collar crime. I think the issue is being hyped, and the fact there are no contract attorney jobs as less to do with India and more to do with the fact clients are containing their costs and settling and/or arbitrating.

http://www.forsythnews.com/news/article/683/ said...

10:24

Luong Dong should change his name. I got caught sucking dick and had to spend a day in a shitty Atlanta jail.

Yes, Tom the Tit, it was just like your basement. The walls were varnished with loogies, Anita was my warden, the world is just so unfair, WAAAAAAAAAAAAAAAAAAH.

Boach Roy said...

Anita, Anita, Anita, Anita.

O bring back that emerald, Anita.

Anonymous said...

All agencies involved in outsourcing should be blacklisted by contract attorneys. I'll start the blacklist w/ Strategic Legal, which has a partnership with Quislex:

http://www.strategiclegal.com/offshoreLegalServices.php

Friend said...

Learn derivatives.

Nate Jefferson said...

Good for them! We uppity Americans want more than we deserve.

Anonymous said...

Why should the jobs not go to the most efficient service provider?

Oh please--the desperate willingness to work for 5 rupees and a bowl of curry is not the same thing as being the "most efficient service provider." Just call Citibank or Dell customer service to get a little flavor of all the "efficiency" off-shoring has brought us so far.

There is no workforce on the planet earth as productive as America's. This isn't about "efficiency"; it's about pushing down wages--period.