Sudden influxes in file volume and unexpected projects can upset the balance of your law firm’s workload. To manage your fluctuating workflow and keep your staff focused on core competencies, legal process outsourcing (LPO) may be a good solution for getting reliable support.
But finding the right vendor to manage your legal processes can be a challenge – especially if you don’t ask the right questions. As you research and interview LPO vendors, the following questions will help you identify whether or not the provider is a good fit for your firm:
1. What experience do you have in managing a law firm’s legal processes?
When interviewing a potential vendor, ask whether or not the company has extensive experience in LPO. The answer should instill confidence that this vendor can bring a fresh perspective to your firm, help identify areas for process improvement and highlight gaps that need to be filled. An experienced LPO vendor will want to do all that and more in order to manage your legal processes most efficiently.
If you’re with a creditors’ rights law firm, look for an LPO provider that has extensive experience in the default industry. The right partner will understand the complexities of this highly regulated environment.
2. What approach will you take when setting up and managing our files?
Handing over your files to an LPO vendor can feel risky, so it’s important to know the vendor has good processes in place. Ask how the team will set up and manage your files, so you know what to expect.
For example, when we take on new law firms for LPO services, we walk them through our high-level implementation process. This includes identifying goals and objectives, learning the firm’s business processes and performing a proof of concept to ensure our deliverable matches the firm’s expectations. We also draft detailed procedures, process flows and training materials that we present to clients for approval.
3. What is your pricing model?
When it comes to pricing, the way your LPO provider chooses to bill has a significant impact on your budgeting and ROI. Typical models include: monthly fee with minimum volume requirements, per-resource (similar to traditional staffing agencies) and per-piece – paying by work volume.
At Firm Solutions, we offer a per-piece pricing model so you only pay for what you use. This is a unique approach in the industry and allows you to manage volume volatility, giving you the most value from your investment.
4. What makes your LPO services compliant with mortgage servicers’ requirements?
If you’re with a creditors’ rights law firm, this is a critical question. Servicer and investor requirements continue to become more rigorous. It’s important to find an LPO vendor that can simplify the complexities of compliance.
We make it easy for creditors’ rights firms to remain compliant in our highly regulated environment by implementing practices such as providing credibility packets you can send directly to your clients – this packet verifies our position as a compliant third-party vendor. And because of stringent servicer regulations, all of our legal and business process resources are based in the U.S.
When it comes to balancing your firm’s workload and maximizing cost-efficiency, asking the right questions will help you find an LPO provider with the potential to drive successful transformations at your firm.
At Firm Solutions, our extensive background and expertise in the legal and default industries has positioned us as a preferred LPO partner for many law firms nationwide. Contact us today for an initial assessment