I am a finance and legal professional with over 15 years of continuous professional experience at a senior level. I am planning to set up my own office of LPO in my hometown Guwahati, Assam. As I have no knowledge of setting up any new business model, I want some experts to guide me to build my own and provide me with some of the most required information and guidance. I have a team of around 20-30 tenured legal professionals specializing in different subject lines.
I want to know what the minimum qualifications, investment, and requirements are to set up an LPO office in India.
From India, New Delhi
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1I want to know what the minimum qualifications, investment, and requirements are to set up an LPO office in India.
From India, New Delhi
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Please discuss briefly the modus operandi of your firm's operation and the legal professionals as individuals, as well as the type of services your LPO is designed to provide and for which type of clients. Are these legal professionals registered with the Bar Council of the district, state, or India? Also, clarify whether the business will be onshore or offshore.
From India, Delhi
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From India, Delhi
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Good to hear from Mr. Dhingra,
My idea to set up this professional line lies in a structure where this office will be the outsource partner in corporate legal affairs for both onshore and offshore clients. All the legal professionals are registered lawyers (mostly registered under the Guwahati High Court), corporate officials, and also include senior-level government retired personnel, with a willingness to be part of a joined corporate structure of their own & that too in the native location. The areas on which I will be presently focusing are: i) Corporate solutions, ii) Litigation solutions, iii) Intellectual property solutions, iv) M&A, v) Legal secretarial services. Following that, we will also expand into other legal fields like data validation and legal audits.
Regards,
Hrishikesh Sarma
From India, New Delhi
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My idea to set up this professional line lies in a structure where this office will be the outsource partner in corporate legal affairs for both onshore and offshore clients. All the legal professionals are registered lawyers (mostly registered under the Guwahati High Court), corporate officials, and also include senior-level government retired personnel, with a willingness to be part of a joined corporate structure of their own & that too in the native location. The areas on which I will be presently focusing are: i) Corporate solutions, ii) Litigation solutions, iii) Intellectual property solutions, iv) M&A, v) Legal secretarial services. Following that, we will also expand into other legal fields like data validation and legal audits.
Regards,
Hrishikesh Sarma
From India, New Delhi
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Dear Hrishikesh,
You may please provide some more clarifications on the following points:
1) Are you also a registered practicing lawyer or a working or retired finance professional with a law qualification?
2) Will your associates be your employees or on a hire basis on a case-to-case basis?
3) Have you prepared a business plan or not?
If you think some information is of a confidential nature, which you don't prefer to share on this open forum, you can feel free to send details to our email at [dcgroup1962@gmail.com].
From India, Delhi
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You may please provide some more clarifications on the following points:
1) Are you also a registered practicing lawyer or a working or retired finance professional with a law qualification?
2) Will your associates be your employees or on a hire basis on a case-to-case basis?
3) Have you prepared a business plan or not?
If you think some information is of a confidential nature, which you don't prefer to share on this open forum, you can feel free to send details to our email at [dcgroup1962@gmail.com].
From India, Delhi
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Hello Mr. Dhingra,
Sorry for the late response.
Based on your aforementioned queries, please mark my following responses:
Q1) Are you also a registered practicing lawyer or a working or retired finance professional with a law qualification?
Response: I am presently a senior-level finance and legal professional working with a US-based healthcare MNC.
Q2) Will your associates be your employees or on a hire basis on a case-to-case basis?
Response: Most of my associates are presently practicing lawyers, retired government officers, etc. At the present onset, their remuneration will be on a case-to-case basis. Once my complete setup is operational, they are all interested in joining my company on its rolls.
Q3) Have you prepared a business plan or not?
Response: I haven't prepared any full-fledged business plan as such. It is just what clicked in my mind, and so I want to build such a structure based on my experience over the years. Also, there are supporting people or associates who have shown interest in such a setup.
I hope I have responded to your queries as per your requirement.
Please get back to me if you have any further queries.
Regards,
Hrishikesh Sarma
From India, New Delhi
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Sorry for the late response.
Based on your aforementioned queries, please mark my following responses:
Q1) Are you also a registered practicing lawyer or a working or retired finance professional with a law qualification?
Response: I am presently a senior-level finance and legal professional working with a US-based healthcare MNC.
Q2) Will your associates be your employees or on a hire basis on a case-to-case basis?
Response: Most of my associates are presently practicing lawyers, retired government officers, etc. At the present onset, their remuneration will be on a case-to-case basis. Once my complete setup is operational, they are all interested in joining my company on its rolls.
Q3) Have you prepared a business plan or not?
Response: I haven't prepared any full-fledged business plan as such. It is just what clicked in my mind, and so I want to build such a structure based on my experience over the years. Also, there are supporting people or associates who have shown interest in such a setup.
I hope I have responded to your queries as per your requirement.
Please get back to me if you have any further queries.
Regards,
Hrishikesh Sarma
From India, New Delhi
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Sorry, but if you have no idea how to go about this and expect other people to tell you, then you are headed for disaster.
Take a step back and do some research on this FIRST. Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
What is going to be different about you and your business? How are you going to find clients when all the other similar businesses around you are seeking the same clients? How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in your area that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Take a step back and do some research on this FIRST. Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
What is going to be different about you and your business? How are you going to find clients when all the other similar businesses around you are seeking the same clients? How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in your area that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses and are now desperately seeking clients, etc., because the business is failing. I guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Dear Hrishikesh,
Never mind if you are late in response. You can go ahead with your plan to open an LPO. However, an exhaustive and perfect business plan is a must to start with. If you intend for practicing lawyers to be your employees, that may not be possible. They can be part of the group as consultants on a case-to-case fee basis.
Best of luck.
From India, Delhi
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Never mind if you are late in response. You can go ahead with your plan to open an LPO. However, an exhaustive and perfect business plan is a must to start with. If you intend for practicing lawyers to be your employees, that may not be possible. They can be part of the group as consultants on a case-to-case fee basis.
Best of luck.
From India, Delhi
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