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Business service provider Laureate Legal Services (LLS) has secured £25m of funding from private equity house Lyceum Capital as it seeks to take advantage of the upsurge in legal outsourcing work.
LLS was formed six months ago and is in discussion with a number of firms to provide legal process outsourcing (LPO) and back office processing (BPO) work. It expects to sign its first contract “in the coming months”.
Chief executive Hugh Morris said LLS differed from other outsourcing companies as it is able to offer both onshore and offshore solutions to firms.
He said: “They’re looking for innovative ways to transform and streamline their current business models and while outsourcing is widely recognised as an effective route to margin enhancement, current offerings are underdeveloped, too prescriptive or just not up to the standards demanded by the profession.”
The deal is the latest evidence of Lyceum’s involvement in the legal sector.
The private equity house set up a dedicated committee, headed by former Clifford Chance managing partner Tony Williams and law professor Richard Susskins, to look into possible investment into the sector last year following the passing of the Legal Services Act (10 March 2008).