Friday, March 31, 2006

LPO: And the Moolah flows along

Pangea3, the Legal Process Outsourcing company based out of Bombay has done a consistent job of being in the news in the past one year. But this one is the biggest!

Businesswire reports about the second round of funding for the company. The report with a very encouraging title, "Pangea3 Closes $4 Million Series B Round Led by The GlenRock Group, LLC; Financing Reflects Growing Demand for Outsourced Legal Support Services", quotes the lead investor, "Pangea3 is uniquely positioned to capitalize on the explosive growth in the knowledge process outsourcing market".

This is a very impressive performance for a company that completed one year of operations in India in February 2006.

The report goes further , "The financing round underscores the growing demand for outsourced legal services as a solution to the spiraling costs of outside legal counsel and related support work".

It is interesting to note that US attorneys with an impeccable track record of their own are taking keen interest in funding LPO companies. Pangea3's lead investor in this round is an example.

"As a founder of the firm formerly known as O'Sullivan Graev & Karabell, previously one of New York's most preeminent and top-quality law firms, Larry Graev brings to Pangea3 over 30 years of legal experience, expertise and industry relationships," said David Perla, co-founder and co-CEO of Pangea3.

Sanjay Kamlani, who in my view is the face of Legal Process Outsourcing is quoted as saying, "We are proud to have pioneered an industry that can serve as a high-quality, reduced-cost support solution to the skyrocketing costs of external law firms, litigation and intellectual property protection."

Well with numbers like these, it seems that LPO is the "disruptive technology" of the legal world. Way to go, LPO!