New Delhi: The IIT success story continues to inspire many an employer, the latest being the legal outsourcing industry.
Looking to capture the multi-billion dollar growth prospects in legal process outsourcing business, law firms are exploring the IIT talent pool.
Studies show the hitherto non-existent LPO business in India is expected to grow to $5 bn in less than five years and it’s the shortage of required talent that’s the biggest stumbling block in this growth story.
Hence, law firms are rushing to Indian Institutes of Technology and other premier engineering colleges in the country for hiring purposes, so that they can tackle the niche outsourced works like patent drafting etc.
PTI reports that the country's leading LPO firm Pangea3 recently recruited 30 graduates from the current academic session at various IITs.
The company’s CEO Sanjay Kamlani assures that the IITians hired are all "very excited about the opportunity to work with innovative ideas at the cutting edge of technology for Silicon Valley companies”.
Such is the demand for skilled graduates that the law firms are offering a starting salary of close to Rs 10 lakh per annum for IITians who can help them in the fields of high-end jobs like patent application and process prosecution of products.
These technical jobs include analysing and the subsequent draft papers for complex works like claims made by inventor, mapping, making patent illustrations, proof published patent applications and issued patents and also conducting patent related studies.
In August 2006, PTI reports that a study conducted by Crisil Research and Information Services said that Indian law firms could earn up to $4.7 billion by 2011 by tapping into the massive $25 billion United States legal off-shoring business.
It is also estimated that 60 per cent of all legal work including patent prosecution will be outsourced to India by 2016.
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