Speakers at a recent seminar organised by the London branch of US law firm, Latham & Watkins, suggested that the UK legal community is set to benefit from the trend towards outsourcing back office functions which is sweeping the financial services industry.
According to a Law Gazette report, Deloitte Touche Tohmasu research director, Chris Gentle told those attending the seminar that over the coming few years, some £189 billion of the financial service industry's cost base is expected to move overseas to countries such as India, Australia, China, South Africa, and Malaysia.
Also speaking at the seminar was Mike Corran, director of strategic resourcing at Lloyds TSB, who suggested that lawyers are set to benefit from the increased need for legal advice before, during, and after outsourcing moves.
"You need to find a lawyer who has experience of outsourcing because they are a huge support to the enterprise," he explained.
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