Top Five Middle Office Trends for Law Firms
In law firms, middle office services support the practice of law. Typical services include document processing, marketing/creative services, risk and compliance, research/library services, and administrative support. These services are critical to law firm operation, and firms are exploring ways to improve service quality while reducing the often-high cost of the middle office.
Outsourcing may provide the best of both worlds: highly skilled service teams at market value. Major outsourcing trends demonstrate how law firms are meeting this significant challenge.
Middle Office Outsourcing Trends
Sandpiper Partners recently published a survey, “Trends in Law Firm Outsourcing”, that identified 10 major trends in outsourced services for law firms. Epiq middle office services highlights the top five among its clients:
Proactively share learning and trends. No outsourcing provider can innovate and improve in a vacuum. Epiq shares field learning with their clients, and in turn gains insights from client experiences and expectations.
Reduce costs. Law firms cannot cripple support services with draconian cuts, so the answer is to maintain services quality while providing them less expensively. For example, housing middle office services in a mid-town NYC office is extremely expensive. By outsourcing services to a less expensive location, the law firm retains critical support services at a much lower cost.
Reduce headcount. Reducing headcount is related to reducing overall support costs. Labor is the single most expensive budget item for traditional middle office services, thanks largely to employees with long tenure and salaries well above market value. Outsourcing enables firms to hire experienced staff at very reasonable employment costs.
Invest in talent. Many law firms encounter skillset deficiencies in their document processing workgroups. Those shifting to an outsourced service can benefit from associates who are already highly trained on all document processing software.
Increase marketing spend. More law firms are investing in marketing to stay competitive, but many lack the bandwidth, knowledge or budget to maintain this function in-house. Some reach out to costly agencies who may not be experienced with the specifics of marketing legal services. This is often particularly true around the AmLaw 200, which has a marketing budget, but prefers not to make heavy investments in in-house staff. Epiq offers marketing services to these clients, specializing them to the unique needs of the legal industry.
Epiq Middle Office Services for Law Firms
Law firms are looking for ways to improve client services while increasing revenue and profits. It’s a challenging balance to achieve. Outsourcing is an important factor, but choosing the right outsourcer is critical to success. Epiq middle office services consistently demonstrates high cost savings, proactive sharing, and highly effective process improvement to its clients. Click here to learn more about Epiq's middle office solutions for law firms.