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Legal Process Outsourcing (LPO) Market Size
- Report ID: GMI179
- Published Date: Jun 2021
- Report Format: PDF
Legal Process Outsourcing Market Size
Legal Process Outsourcing (LPO) Market size exceeded USD 8 billion in 2020 and is expected to grow at over 22% CAGR from 2021 to 2027. High demand for precise legal assistance at affordable costs is likely to drive the industry growth
The high cost of legal services in Europe, the U.S., and the UK will boost the LPO market demand. Rising number of businesses and law firms in these regions are outsourcing their legal work to countries that provide these services at affordable prices. These services are gaining popularity among corporate legal firms and law firms aiming to reduce their operational costs and focus more on their core businesses & competencies.
Outsourcing legal tasks aid in cost savings while ensuring high-quality services are offered by experienced law professionals. For instance, India’s legal services are comparatively low-priced and cost up to 70% less than U.S. legal firms. As businesses focus on maximizing profitability, the demand for these solutions will augment the market revenue.
The legal industry has gone through cost pressures, layoffs, and budget cuts over the period of one year, resulting in a change in the dynamics of the global market. The growth in the legal process outsourcing (LPO) industry as compared to the past few years has slowed down temporarily. Several LPO companies found that their infrastructure was not well equipped or optimized to handle the shift to work-from-home.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Legal Process Outsourcing Market Size in 2020: | 8 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 22% |
| 2027 Value Projection: | 30 Billion (USD) |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 208 |
| Segments covered: | Service, Location, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The pandemic encouraged the companies to adjust their technology for allowing employees to securely access resources from their homes. Communication channels made a significant difference in the impact of pandemic on the legal process outsourcing market. As law professionals were adapted to working from one space, in-person communication was easy and simple. The pandemic enforced companies to optimize traditional channels to have seamless communication and other operations.
Frequently Asked Questions (FAQ) :
Legal Process Outsourcing Market Scope
