Foreclosures are a bane to thousands of homeowners. But to some, it represents an opportunity to earn huge profits. This is exactly the case of legal process outsourcers (LPO) which provide support services to law firms specializing in bankruptcy and foreclosure defense.
With the increasing number of bank REO properties flooding the housing market across the country, LPO has become one of the growing industries today. LPO services are seeing tripled growth on their annual revenues despite the recession which caused massive layoffs and profit losses in other industries.
In the legal industry, law firms are not spared from the devastating effects of the economic crisis. But not with firms providing bankruptcy and foreclosure defense. As bank REO properties continue to spread across the country, law firms specializing in bankruptcy and foreclosure defense are experiencing a surge in demand for their legal services.
And more and more law firms are turning to LPOs to provide support for their rapidly increasing caseloads. Sarasota, Florida-based AmStar Litigation Support, a provider of LPO services, said that the company’s growth and profitability are fueled by the economic crisis.
AmStar President Ken Rhodes explained that economic factors are driving the increase in the number of people needing professional legal work, especially in bank REO properties prevention.
He added that lawyers, swamped with caseloads and the need to increase firm efficiencies, turn to LPOs as an effective way to sustain quality and higher production levels without jeopardizing the needs and requirements of their clients.
A market researcher projected the rapid growth of the LPO industry which is expected to create more than 79,000 jobs worldwide by 2015. Furthermore, LPOs are expected to grow from next year’s $640 million revenues to $4 billion five years after.
An estimate made by the U.S. Census Bureau put the revenues generated by the country’s legal services industry to be around $184 billion. This would benefit LPO servicers in terms of job creation and potential business growth.
An LPO handles various legal services for a law firm specializing in bank REO properties prevention, including, but not limited to case management, medical records review, billing management, legal research, contract management and expert witness services.
Joseph Smith has been educating buyers on the finer points of Bank REO Properties at
BankForeclosuresSale .com for over five years.
