Legal Process Outsourcing Market Size By Service (Contract Drafting, Compliance Assistance, E-Discovery, Review & Management, Patent Support, Litigation Support), By Location (Offshore, Onshore), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Apr 2017 | Report ID: GMI179 | Authors: Preeti Wadhwani, Saloni Gankar
Legal Process Outsourcing Market size exceeded USD 3 billion in 2016 and is poised to witness over 35% growth from 2017 to 2024.
Get more details on this report - Request Free Sample PDF
The emergence of advanced technologies, such as artificial intelligence and natural language processing, is providing faster and reliable methods in the legal process outsourcing market. Due diligence and legal analytics are some of the tasks witnessing the increasing penetration by artificial intelligence technologies. In due diligence, for instance, AI tools can help in uncovering the background information before entering into a contract or an agreement. Lawyers can use win & loss rates, judge’s history, and other trends analyzed with the help of AI tools using data points.
One of the major factors hampering the use of legal process outsourcing services is the risk associated with confidentiality and losing of sensitive data. The companies need to avoid data loss to prevent valuable company information such as patents, client portfolios, and others. The issues regarding the work quality, when the outsourcing services provider is not well experienced and does not have proper processes to work in outsourcing relationships, can considerably affect business operations. It can further result in lower work output, delays, and inaccurate analyzing of data.
|Base Year:||2016||Market Size in 2016:||3 Billion (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||35%||2024 Value Projection:||40 Billion (USD)|
|Pages:||120||Tables, Charts & Figures:||87|
|Geographies covered (18):||U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Czech Republic, China, India, Japan, South Korea, Australia, Philippines, Brazil, Mexico, South Africa|
|Segments covered:||Service, Location and Region|
|Companies covered (19):||ADEC Group, Bodhi Global Services, Clairvolex, Clutch Group, Cobra Legal Solutions, CPA Global Ltd, Epson Electronics America, Inc., Exigent, Evalueserve, Infosys Limited, Integreon Managed Solutions, Legal Advantage, Lexplosion Solutions Pvt. Ltd., LexSphere, LEX Outsourcing, Quislex, Pangea, Mindcrest, UnitedLex,|
Litigation services are gaining traction in the legal process outsourcing market owing to the increasing need to provide additional assistance for cost-effective and timely outcome of legal cases. Some of the tasks managed in litigation services include faster access to documents for an in-house team, document preparations, efficient client support, and others. Preparing & filing chronologies, drafting summons & complaints, and maintaining schedules are some of the tasks being majorly outsourced by organizations.
The patent support includes patent analysis & landscaping, clearances, patent specifications, and other tasks, which can be tedious for the in-house team of organizations and affect the company’s high priority work. The patent support service providers help in easy monitoring and securing processes, playing a vital role in avoiding the conflicts of interests and other concerns for organizations.
Onshore services are being considerably used in the LPO industry. The onshore services provide certain benefits to organizations such as higher compatibility with the work culture and better & deep domain understanding. Moreover, onshore service providers work in close customer proximity, improving the reliability of work.
Higher costs associated with outsourcing legal processes to onshore service providers are making organizations to prefer offshore services. The countries including the U.S. and the UK are largely outsourcing their services to countries including India, China, the Philippines, and others. Lower wage rates and the availability of skilled lawyers are enabling organizations for offshore outsourcing. Companies and legal firms are looking for strategic options to increase the customer base and maintain the quality of work.
Get more details on this report - Request Free Sample PDF
Asia Pacific is a highly dominating region in the legal process outsourcing market owing to the large amount of outsourcing done by the companies in the U.S. and the UK to countries including India, China, and others. India, for instance, contributes to a very high share in the legal process outsourcing industry owing to the availability of a large number of legal professionals and large legal outsourcing service providers such as Infosys BPM, Bodhi Global Services (P) Ltd, and others. The firms in the country also offer services, such as on-shore, near-shore, and offshore capabilities, according to the client’s requirements for a more comfortable working relationship.
Favourable government policies and initiatives have highly influenced Business Process Outsourcing (BPO) and ITES service sectors in the country. The Ministry of Electronics and Information Technology (MeitY) of the government of India has provided the ‘India BPO Promotion Scheme’ to increase BPO and ITES operations in the country, creating further opportunities for legal process outsourcing companies.
Competitive Market Share
CPA Global Ltd, UnitedLex Corporation, Integreon, Inc., Pangea3 LLC, Axiom Law, Elevate Services Inc., Epson Electronics America, Inc., LexSphere, Infosys Limited, Integreon Managed Solutions, Legal Advantage, Lexplosion Solutions Pvt. Ltd., and Mindcrest, Cobra Legal Solutions are some of the major companies providing legal process outsourcing services.
The companies are focusing on business expansion and strengthening their global presence. In October 2018, Cobra Legal Solutions announced the opening of its new center in Austin, Texas for the expansion of the company’s global footprint. The company is aiming to provide scalable discovery solutions and other legal services to its clients. In June 2019, the Intellectual Property and asset management solutions firm, Clairvolex IP Solutions Pvt. Ltd. raised USD 3.5 million in series B funding by Walden Riverwood Capital, which is a California-based venture capital firm. The company is looking forward to boosting the penetration of new products & services and increasing its presence in the European and the U.S. market.
LPO Industry Background
The legal process outsourcing (LPO) market is witnessing lucrative growth due to the inclination of larger law firms and legal departments in organizations to minimize the costs required to manage legal processes. These services are obtained by law firms to obtain support from outside firms, particularly from low-wage markets to reduce costs. Some of the tasks majorly transferred to LPO providers are legal documentations, data entry services, legal research activities, and others. Time consuming and tiring activities are making several organizations to adopt legal process outsourcing services.
Patent-related services are among the earlier tasks transferred to LPO providers by companies and law firms for obtaining legal support. The increasing need to manage documentation tasks and reduce time & costs has boosted the adoption of outsourcing services by a number of companies. Large corporates are facing growing challenges to keep legal expenses low, creating a greater need to outsource certain tasks to cut the costs. The outsourcing has significantly helped the companies to get the needed expertise regarding specific legal processes, such as litigation services, patent analysing, e-discovery, and others, which are not available with in-house legal teams. The abundant availability of talented lawyers at lower wages attracted a greater number of corporates to use outsourcing services.
Frequently Asked Questions (FAQ) :
Why Global Market Insights, Inc.?
- GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.
Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.
An interactive business analytics platform; designed to assist clients in accessing and analyzing market data on real-time basis.Start Your Free Trial