LPO News

The Hong Kong and Shanghai Banking Corporation is preparing an offshore legal function to relocate the voluminous and labor intensive legal tasks to Asia. A team of four lawyers has been set up in its global service center in Kuala Lumpur, Malaysia. There are indications that such back-offices might be opened in other Asian jurisdictions as well. It is understood to be the first UK financial institution to make the move.

Keith Ford, the corporate banking head of HSBC, revealed that a team of lawyers was being trained in UK law under the tutelage of a senior in house counsel.

“We send out the most straightforward and practical work; the queries are of a routine nature rather than any complex issues. The project has freed up other onshore lawyers to do more challenging legal work.”

“We have been encouraged by the results and are currently training the lawyers in Kuala Lumpur and looking to make some further local hires shortly. Overall, however, we are undertaking the project at a considered pace, wanting to ensure that we succeed in managing one type of work offshore before migrating others.”

This appears to be a largely unprecedented move and reflects upon the changing trends of business in the UK industry.

Source: Legalweek.com