Monday, December 22, 2008

The ABA Is Killing Us



The document reviewers have already been cooked and carved up for Thanksgiving.

Think you can run off to shitlaw to avoid the slaughter? Think again. The Indian LPO's are now aggressively going after the foreclosure banks and insurance companies for work.

"Another firm, Pangea3 LLC., says its revenues in India doubled in size in the first quarter, and doubled again since then.

Firms have already started handling related reviews of bank assets. UnitedLex, for example, has seen this area of its business grow by 50% since late March, according to Ajay Agrawal, founder and chief solutions officer. 'There are millions of assets shuffling hands, and a lot of work,' says Agrawal, who specialized in asset-backed securities as a lawyer in the US.

It’s not just the highly technical work of reviewing complex derivatives that offshorers are gunning for. Home foreclosures and individual bankruptcies have generally been processed by local lawyers. Bits of the work, on loans held by banks with captive centres in India, have previously moved offshore. But now, with almost 280,000 foreclosures in October alone according to RealtyTrac Inc., up 25% from the same month last year, and up 5% from the month before, even after several states mandated delays on foreclosures, the momentum for offshoring has clearly been building up.

'Volume is a huge driver over the past 18 months, and it still has not plateaued,' says Agrawal, who claims that the foreclosure and bankruptcy processing business at UnitedLex took off at the beginning of the year, and has doubled every quarter since.

Bangalore-based Clutch Group is aggressively pitching itself for a newer piece of this market on foreclosures, one that requires court intervention and typically hasn’t come offshore yet. Lenders spend around $1,000 on this type of foreclosure in the US, and the firm estimates that around 60% of the work done before the lawyers file the case is now segregated and can be brought to India."


http://www.livemint.com/2008/11/26010816/In-downturn-litigation-bonanz.html

14 comments:

Anonymous said...

This will all eventually come to an end. Indians are cheaters, they cheat on everything, taxes, in business, on exams, in government applications. Something big will happen because of sleazy Indians and the work will come back.

Jonathan said...

How many people do you know in the last ten years who ordered a Dell computer only to experience Indian customer service and swear never to buy a Dell again? Sometimes cheaper isn't better.

Anonymous said...

waste of time. complete.

trollop said...

Tom, you have to court this temp attorney from CA--I think she is you soulmate. As the commenter says, she is calmer, more open minded, and could be great for you. Did I mention, she also a freak? You need a headline: temp attorneys whoring for extra bucks.

http://anonymouscontractlawyer.blogspot.com/2008_03_01_archive.html




"Side gig one

In the initial post I mentioned I have side gigs. The one I am currently doing is as a model for an adult website. This one has a particular niche--people (primarily men) who dig seeing women in old-fashioned lingerie posing ala pin-ups. I was not expecting how much I would enjoy this particular behavior. Bras without underwire, barter belts more substantial than Victoria's Secret, full-coverage nylon panties, full slips--I feel very feminine.
Last shoot I wore a crinoline petticoat with the bra, garter belt, stockings and panties. There was much less posing and much more touching. The photographer is a TV male. His touch was gentle at first, light strokes and teasing forays under the straps of the garter. Quite an experience.

Anonymous said...

U.S. Attorney Director - based in India (Midtown)
Reply to: IKSresumes@gmail.com [?]
Date: 2008-12-22, 12:34PM EST


Leading international LPO company serving top U.S. and U.K. corporations and firms seeks experienced, licensed U.S. attorney to direct work performed by attorney teams in India. This is a great opportunity for attorney with strong experience and credentials to become an active member of a growing company in a cutting edge industry.

We are interested in candidates with at least 5 years experience in a variety of litigation settings specifically including supervision of e-Discovery document review projects. Position is based in India where you will be involved in training and hiring Indian lawyers for litigation support teams as well as other legal support work required by clients (e.g., fact based research, patent support work, insurance claim subrogation).

Currently, there is one other experienced D.C. licensed lawyer on staff in India as well as U.S. licensed lawyers at client sites in the US. Travel to UK based client sites may be required.

Minimum Requirements include: US Law license (any state), 2-3 years
performing document reviews, 1-2 years experience supervising document
reviews and competence in more than one document management, litigation specific, software programs.

We prefer candidates with law firm associate experience and experience living and working outside the United States. Strong management skills and excellent people skills are necessary to work with our great teams.

Please include your compensation requirements with your application. Package will include health and life insurance, 15 days annual leave, as well as performance based consideration.

Submit applications to:

IKSresumes@gmail.com

Anonymous said...

A lady has to do what a lady has to do. At least they can't outsource the "oldest profession" to India.

Anonymous said...

Well, the market in NYC is now non-existent. Vinmar had a gig with 50 attorneys at a law firm. They announced it as a three week project, hours 9 to 9 daily, every day except the holidays.

The project started on a thursday by Friday night they were already running out of work and sent everyone home at 8:30 pm. On Saturday, they were sent home at 3:00 pm. No work sunday.

On Sunday half of the attorneys were terminated. The rest showed up on Monday. On Monday night, rumors are, that more were let go.

So much for a three week project, how about a three day project.

Happy Holidays!

I bet there are tons of reviews going on in Mumbai. What a disgrace, we've outsourced our country.

Anonymous said...

Anyone know the site she poses on? just sayin'...

Anonymous said...

Good to see some comments by few stupid people those who don't understand the market dynamics and only go by emotions. I know our economy is in deep s***, we are loosing jobs but that doesn't have to do anything with outsourcing, read some economics, science and newspapers. John

Anonymous said...

you are a chimp. outsourcing have EVERYTHING to do with it. When th economy is down, we should have more work from all of the law suits. It is now be done in India.
Hence, no work for us.

Get it?

Anonymous said...

Doesn't it seem strange that the supposedly burgeoning and robust Indian LPO market is represented in every article on the subject by Pangea3 LLC? If the market is really doing so well, shouldn't we be hearing from a variety of market players at this point?

Anonymous said...

Calm down brothers and sisters, there's a HUGE storm of sub-prime litigation, bankruptcy work, and DOJ investigations on the horizon and it will start in early January.

And It won't be done by Indians.

Just remember to thank your unemployed Wall Street criminal pals for the upcoming 1-3 years of document review when they take your order at McDonalds.

Anonymous said...

Lets not fight. Lets find out the site that anonymous blogger posts on. Can't we all unite in the christmas spirit and find this website!

Anonymous said...

9:30 I agree with you. I think you are right. There is a ton of work coming in January. They have new legal budgets for the year too. Supposedly there have been many filings. It can be seen on Westlaw.