Outsourcing: For $625 bucks Indian Publisher can tell you why you won't have a job in 2010

From Bharat Book:

"The India revenues from legal services offshoring are slated to grow from $146 million for the calendar year 2006 to reach $640 million by end 2010. The industry employed around 7,500 people in the legal offshoring space in India as of end 2006. The number of employees is expected to reach 32,000 by end 2010."

"According to Arun Jethmalani, CEO, "While most vendors start by offering lower value services and gradually move up the value chain by demonstrating domain skills and gaining client confidence, there are others who focus on specific high-end services or niches." Adds Neeraja Kandala, analyst and co-author of the report, "High volume services like Document review, eDiscovery, Legal publishing as well as niche areas in Intellectual Property and Contract services will drive future growth in legal services offshoring."
Based on our exhaustive primary research and analysis of this sector, It has identified a "List of frontrunners" which includes Evalueserve, Integreon, OfficeTiger, CPA Global, Mindcrest, Pangea3 and Quislex. We have also identified ''Emerging players'' that have potential to emerge as winners within their chosen niches. These include players like LawScribe, New Galexy, SDD Global Solutions, Tusker Group, Aptara, Lason and Quattro BPO.
The report: "Offshoring Legal Services to India: An Update" provides an in-depth information and analysis of the Indian vendor space along with vendor profiles of all major and upcoming players."

NYT: Hooray! U.S lost 20,000 jobs in April, which is way better than, 21,000!

From the New York Times:

"The American economy shed 20,000 jobs in April, the Labor Department said on Friday in a report that many economists took as powerful evidence that the United States is ensnared in a recession.
It was the fourth consecutive month of decline. But the size of the loss was significantly smaller than many analysts predicted, and the unemployment rate nudged down to 5 percent, sowing hopes that the economy may not suffer as severely as some have feared."

Lazy Sunday Links: India's largest law firm, that isn't a law firm, and the British understand the subprime crisis better than the Americans

All these subprime lawsuits means leaves judges yearning for the good old days of the S&L scandals. [Financial Week]

India largest law firm isn’t exactly a law firm. Financial Post

I posted earlier about the subprime primer, which is a booklet of stick figures, now the BBC has put the subprime crisis in flow charts, because stick figure are much to beneath the British to deal with. BBC News.

Speaking of the British and subprime news, there is a very funny video detailing how the subprime crisis came about in the first place. Really it is pretty funny. YouTube
Switzerland's banking sector, once synonymous with stability and secrecy, not sure anymore if they want to be so secretive, due to stability. AFP

E-Discovery is not just a concept, it is a challenge, a challenge that we have yet to conceptualize. Matt Winstanley

Subprime News: Countrywide Co-Founder Having to Scrape by with a Meager $132 Million in earnings

And now for your heartwarming, good guy story of the day. From the Guardian:

"A key figure behind the US sub-prime mortgage crisis, Angelo Mozilo, made $132m (£61m) last year despite huge losses on unsustainable home loans at his Countrywide Financial empire.
Mozilo, 70, Countrywide's co-founder and chief executive, saw his pay and bonus fall 79% to $10.8m. But he made $121.5m by cashing in stock and share options - transactions that are under investigation by the securities and exchange commission. Before the sub-prime crisis erupted, Countrywide was the top US mortgage lender with 9m loans worth $1.5tn. But as clients failed to keep up repayments, the Californian firm lost $704m and laid off 11,000 staff. Amid rumours of bankruptcy, Countrywide agreed to a takeover by Bank of America in January. BoA plans to scrap the Countrywide name."

Breaking News: Lawyers to benefit from others stupidity, pain

From the NY Times DealBook:

"Investment bankers may be worried about layoffs, but it looks like an awful lot of lawyers stand to benefit from the subprime mortgage meltdown. Isn’t that always the way?
A study released Wednesday by , found that nearly as many subprime-related federal lawsuits were filed in the first quarter of 2008 as in the last six months of 2007: 170 in the three months ending March 31, compared with 181 in the six months ending Dec. 31. Those numbers may well understate the total, because they do not include claims filed in state courts. "

You can read the study from Navigant consulting here. Hat tip to The Posse List for finding this before me. If you are an attorney anywhere in America, and not signed up with The Posse List, you are missing out on so much valuble information about jobs and the legal market. Besides its free.

Slightly Off Topic: Keeping Associates Happy

Here is an interesting article about the new "free agent" mentality of new associates the the Maryland Daily Record:

"Associates who feel that they are doing busy work simply will not stick around, said John Childers, a senior director at Hildebrandt.

'You can sort through all the different training programs and bells and whistles law firms have to make associates happy, but ultimately, it’s about the work,” he said. Associates are “either sent on the document review that lasts forever or they see that interesting assignments that would normally go out to a fourth or fifth year are being hoarded” by non-equity partners. '"