Outsourcing- Theres Money To Be Saved For Every Type Of Company
A new report has indicated that a growing number of British law firms are looking
to outsource certain functions to third-party providers, in an attempt to cut costs in the same way that many other businesses have been doing.According to a survey from Connect2Law, 77.3% of solicitors polled considered outsourcing as crucial in their efforts to ward off competition from new entrants to the market, with IT and human resources, in particular, singled out as most ripe for being contracted out.
Outsourcing business functions will be the key to survival for many firms in the new legal landscape, and the dynamic ones recognise the huge advantages it offers, said Connect2Law Head Charles Layfield. New entrants are on the horizon and to survive firms need to be more efficient.
However, only 51.8% of firms had so far outsourced administrative duties and Mr Layfield warned that many lawyers remain reluctant to transfer functions to third-parties. He added that third parties can do these jobs better and more efficiently, consequently freeing legal professionals up to focus on their area of expertise.
Last month, outsourcing giant Capita confirmed it had acquired HR software specialist Cedar in a deal worth 15m, too, so it seems businesses are continuing to make the most out of outsourcing.
Another company to announce its just finalized outsourcing plans is Brigewater Associates, the worlds largest hedge fund. This week saw the company agree to outsource its back-office functions, in particular its administration workload, to financial group BNY Mellon, in an effort to cut spending and managed with restricted budgets.
Earlier this week, Bridgewater issued a lay-off note to the Connecticut Labor Department to confirm it was planning to make 91 workers redundant at its Westport headquarters. However, it stipulated that all of those employees would subsequently be re-hired by BNY Mellon, should they wish to be, resulting in no employees actually being without a job.
Bridgewater is transitioning certain back office functions to a third-party partner, spokesman Alexei Nabarro explained. In conjunction with that transition, 91 employees will now be employed by the outsource partner, but retain their jobs in Westport.
Bridgewaters risk and business analysts, software developers and architects are among those who are set to make the transition to BNY Mellon. The hedge fund is currently looking to fill 18 open vacancies, and anyone hired to occupy these roles will also be transferred.
The announcement came not long after London-based rival, Man Group, revealed plans to cut 400 jobs, which is more than double the number of redundancies originally anticipated. This follows its recent takeover of GLG and an outsourcing agreement with Citigroup. This is, of course, great news for the many outsourcing companies out there.
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