Richard Raysman of Holland & Knight LLP Discusses New Developments and Legal Issues in Outsourcing with LegalMinds.TV
In this exclusive interview with LegalMinds.TV, Holland & Knight LLP partner Richard Raysman discusses how the pressure to reduce costs and improve profitability and operating efficiencies have led outsourcing to become a $50 billion industry. But while growing at an annual rate of 29% until the the recent credit crisis, the industry has increasingly come under legal, economic, regulatory and policy scrutiny.
According to Raysman, it’s not just companies outsourcing their IT and business processes which has fueled the growth of the industry. Public companies like HP (NYSE:HPQ), Dell (NASDAQ:DELL), Xerox (NYSE:XRX) and IBM (NYSE:IBM) have all made significant acquisitions in outsourcing as a means to increase revenues and profitability as well as to become more competitive as outsourcing had continued to grow.” This has become more important in the face of competition from Indian companies such as Wipro (NYSE:WIT), Cognizant (NASDAQ:CTSH( and Infosys (NASDAQ: INFYP.
While the original models for outsourcing were focused on Information Technology, “the trend now is towards Business Process Outsourcing, or ‘BPO,’ says Raysman, “which includes back-office processes like finance and accounting, tax, benefits and human resources.” He adds, “the benefit is not only reducing the costs of providing these services, but in allowing companies to focus on the companies’ performance in their core competencies.”
However, many factors have caused a recent decline in outsourcing. In this interview with LegalMindsTV, Raysman discusses the impact that legal and regulatory issues have had on outsourcing, as well as key business consideration such as managing the risks involved and protection of a company’s intellectual property.
Raysman points out that as companies increase outsourcing, they’ve also increased their risks — from the financial risks involved in loss of data or violations of customer privacy to protecting any competitive advantage in their processes or intellectual property.
“There’s a very high risk in outsourcing” says Raysman. “It’s not necessarily a panacea that cures all ills.”
Published by LegalMinds Media LLC, LegalMindsTV (www.legalminds.tv) features exclusive video interviews with leading legal experts focused on key issues in securities regulation, intellectual property, corporate finance, litigation, private equity, environmental, real estate and tax law, etc. In addition to providing timely content for corporate executives, board members and their counsel, LegalMindsTV offers a unique marketing platform for top attorneys and law firms.
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