Archive for the ‘Lawyer’ Category

New Report Finds that Legal Outsourcing Improves Services & Reduces Costs

October 31st, 2014 By Virtual Paralegal Services

A recent report based on research of U.S.-based law firms revealed that nearly 9 out of 10 large law firms and approximately 60% of mid-sized firms outsource one or more office functions. In addition, roughly 33% indicated that they planned on engaging in additional outsourcing opportunities within the next two years.

90% of firms reported that their services improved with legal outsourcing

Outsourcing a particular aspect of legal services, whether it be document review, paralegal services, legal research, or due diligence, means that one particular aspect of a practice is being handled by a company that specializes in the service that a firm needs assistance with. While it may be the first time a firm has had a case requiring a copyright search, an outsourcing company who provides that service will have staff with years of experience handling that task. This translates to faster, more efficient service and cost savings for law firms.

Law firms are often busy places where staff members’ attention is pulled in many different directions. When a particular aspect of, i.e., litigation is outsourced, law firm staff have one less item to concentrate on. With less to worry about, staff can concentrate on performing their core tasks at a higher service level. Therefore, not only is the work that is being outsourced done more efficiently, but law firm staff can perform their core duties more effectively.

89% enjoyed access to industry best practices

To remain competitive and best serve their clients, outsourcing firms must pay attention to best practices in their industries. They must pay attention to trends, new technology, changes in the law, and remain on the cutting edge of industry.

Law firms who outsource have access to industry best practices through their association with outsourcing firms. Law firm staff can concentrate on their core job duties and count on a reputable outsourcing firm to keep them informed of important changes and industry best practices.

85% cited cost savings as a result of outsourcing

Outsourcing companies engage individuals with skilled expertise who are able to work on tasks in an efficient manner while producing quality results. In addition, law firms save on the costs associated with having to hire a full time staff person to handle tasks that can be done on a project basis through legal outsourcing.

The increasingly competitive legal market means that clients are becoming more cost-conscious and may shop around for the most competitive rates before settling on a law firm. This creates pressure on firms to increase productivity while decreasing costs. Outsourcing tasks that require specialized skills is one way to increase productivity while saving money on training in house and reducing overhead costs.

Interested in Outsourcing?

Virtual Paralegal Services provides support for businesses and law firms in many different capacities. From commercial real estate transactions to litigation support and secured lending, our experienced paralegals will work closely with your business and deliver quality paralegal services. Contact us today to learn more about our services.

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VPS Sponsors New York State Bar Association CLE – Starting A Practice in New York

May 20th, 2014 By Virtual Paralegal Services

VPS supports many solo and small law firms across the United States. This full day event worth 7.5 MCLE credits was held for attorneys practicing in New York with varying levels of experience from newly admitted to senior attorneys moving out on their own. The program covered very practical issues facing small law firms including: finances, ethical considerations, marketing strategies, malpractice insurance, and staffing considerations. For more information regarding malpractice insurance, visit dannagracey.com.
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The Importance of Annual Maintenance

March 15th, 2014 By Virtual Paralegal Services

In order to maintain the limited liability protection afforded legal entities organized under the laws of a jurisdiction, entities must follow certain legal requirements pursuant to the laws of its state of formation. Failure to follow these legal requirements may cause a court to “pierce the corporate veil” by treating the obligations and liabilities of the entity as the obligation and liabilities of its stockholders or members. Many times this results from failure to do any of the following:

  • Supply it with Adequate Resources
  • Observe Corporate Formalities such as Holding Annual
  • Meetings of Stockholders and Directors
  • Keep Separate Record Books Of the Corporation
  • Distinguish Corporate Assets From Personal Assets
  • Issue Stock

To learn more about the importance of annual maintenance, view the Importance of Annual Maintenance

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