ALM Research Study Finds Nation's Law Firms Currently Focus on U.S. for Outsourcing Needs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- U.S. law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new study of legal outsourcing Legal outsourcing refers to the practice of a law firm obtaining legal support services from an outside law firm or legal support services company. When the outsourced entity is based in another country the practice is sometimes called Offshoring. practices conducted by ALM Research(TM), a leading provider of business intelligence for and about the legal market. The study, released today, surveyed outsourcing of operational and administrative functions of law firms in areas including human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , document production and management, IT support, and finances. Additional information on the report can be obtained by contacting ALM Research at almresearch@alm.com or by calling 888-770-5647. The survey targeted law firm executive directors, managing partners, and CFOs at U.S.-based firms ranging in size from 25 to 2,500 lawyers. The results of the study included the following: * Almost two-thirds of respondents said their firms had outsourced some functions within the past year and more than half reported that their firms had begun outsourcing some functions five or more years ago. * The most frequently outsourced functions were related to documentsComailroom, messenger, and reprographics Duplicating printed materials using various kinds of printing presses and high-speed copiers. . The second-most frequently outsourced functions were administrativeCotravel and food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and . * Less than 20 per cent of firms surveyed outsource IT functions, but many were open to doing so in the future. Very few firms outsource accounting functions or plan to do so in the future. * More than 90 per cent of respondents reported that the companies they employed for outsourcing are located in the continental U.S. * More than 60% of those who outsourced functions said they did so primarily because outsourcing allowed them to focus on core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The survey was conducted by ALM Research with the assistance of J. Mark Santiago, president of the International Co Sourcing Group (www.jmsicg.com), who helped to shape the scope of the research and compose com·pose v. com·posed, com·pos·ing, com·pos·es v.tr. 1. To make up the constituent parts of; constitute or form: the questionnaire. ALM Research offers detailed business information for and about the legal industry, focused on the top U.S. and international law firms. The division's ALM Research Online (www.almresearchonline.com) Web service provides subscribers with direct, on-demand access to ALM's extensive database of surveys, rankings and lists related to law firms and the legal industry. The site also includes the ALM Research Online store where non-subscribers can purchase and download pre-formatted individual law firm reports, selected current-year survey data on an individual basis, and ALM Research reports. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 37 national and regional magazines and newspapers, including The American Lawyer([R]), Corporate Counsel([R]), The National Law Journal([R]) and Real Estate Forum([R]). The company is one of North America's largest producers of conferences and tradeshows for business leaders and the legal profession. ALM's Law.com([R]) is the Web's leading legal news and information network, while ALM's GlobeSt.com([R]) is the Web's leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution. ALM was formed by U.S. Equity Partners, L.P., a private equity fund sponsored by Wasserstein & Co., LP. More information on ALM's businesses and services is available on the Web at www.alm.com. |
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