Many stories on offshore legal services lack hard data. Today, one exception.
Bloomberg reports on the experience of one Chicago company:
Bruce Masterson, chief operating officer of Socrates Media LLC, asked his outside counsel to customize a residential lease for all 50 U.S. states in 2003. The firm’s estimate: about $400,000. He rejected that price tag and hired QuisLex, in Hyderabad, India, which did it for $45,000.
Pangea3 co-CEO David Perla (whom we interviewed here) notes the two options available:
“Some firms are coming to us because in-house clients suggested it or pressured them,” Perla said. “Others want to come to the client first and offer a solution.”
I’d suggest that the proactive approach is better in the long run.
Excellent reporting from Bloomberg, who is trying to break the Thomson/West–Lexis/Nexis hammerlock on providing premium legal information services.