Cost cutting is a priority these days, and the those who sell outsourced services from abroad are finding willing audiences in areas beyond IT. Financial journalist organizations, for example, have outsourced some work. Basic securities analysis work has been outsourced. And now Wall Street legal departments are considering outsourcing basic work to India-based firms.

"India's legal outsourcing industry has grown in recent years from an experimental endeavor to a small but mainstream part of the global business of law," notes the New York Times. "Cash-conscious" Wall Street banks are among the early adopters for plain vanilla services, such as document review, due diligence and contract management.

India-based firms are said to be taking the next step in the evolution of the market; they are actively recruiting western lawyers to set up shop in India. More than a few financial services lawyers--some who have been out of work--have tossed their resumes into the hat. It could make for an interesting career adventure.

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