Legal Process Outsourcing (LPO) Market Size to cross $40bn by 2024
Published Date: September 16, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Legal Process Outsourcing Market size is set to cross USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing legal expenses of corporates and the need to efficiently manage tedious legal tasks, such as documentation, legal research, support services for administration, and others, have created significant growth potential in the legal process outsourcing market. The organizations outsourcing their legal activities get benefitted from the access to trained and well-experienced professionals to manage the tasks. The availability of a wide pool of talent lessens workloads of in-house legal teams and enables them to focus on high priority work. The offshore legal process outsourcing provides advantages, such as different time zones, allowing law firms and organizations to leverage the benefits 24/7. For instance, the U.S. and India have around 12 hours of difference in time, which facilitates the operations 24/7 and highly reduces service delivery times.
E-discovery services are witnessing a rapidly growing demand in the legal process outsourcing market. The e-discovery allows firms to collect and produce electronically stored information for investigation or lawsuit. It includes voicemails, databases, presentations, emails, documents, websites, and other sources of information. The growing use of digital processes by businesses, penetration of digitization technologies, and an enormous amount of electronically stored data are creating higher growth potential for e-discovery services in the LPO market.
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Contract drafting plays a vital role in businesses as it involves sales agreements, employee contracts, real estate purchase contracts, and confidentiality contracts. Contract drafting is one of the complex tasks, which involves writing terms & conditions, legal obligations, and others. Contract drafting services are being growingly used for preventing voidable & illegal contracts, proper understanding of the terms of agreement, and preventing the breaches of contract.
Technology Assisted Review (TAR) and automated meta-data contract abstraction are some of the advanced technologies enabling greater automation of tasks in the legal process outsourcing market. The organizations are increasingly using the TAR for electronically classifying legal documents with the help of a computer software. This technology dramatically reduces the cost and time required for human review of the documents. Automated Meta-Data Contract Abstraction technology is capable of finding important information from thousands of contracts, eliminating the need for highly intensive manual research expensive processes.
Browse key industry insights spread across 120 pages with 67 market data tables & 20 figures & charts from the report, “Legal Process Outsourcing (LPO) 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 (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Czech Republic, China, India, Japan, South Korea, Australia, Philippines, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
UnitedLex Corporation, CPA Global Ltd, Pangea3 LLC, Integreon, Inc., Axiom Law, Epson Electronics America, Inc., Elevate Services Inc., LexSphere, Integreon Managed Solutions, Infosys Limited, Lexplosion Solutions Pvt. Ltd., Legal Advantage, and Cobra Legal Solutions Mindcrest are some of the companies in the legal process outsourcing market. Technological developments are making companies to adopt advanced solutions for analyzing and managing legal data services. In August 2018, CPA Global acquired two leading data & analytics solutions, Citation Legal and Filing Analytics. These solutions provide business intelligence for major Intellectual Property law firms. The company is focusing on providing better insights to its customers for Intellectual Property decision making. In August 2017, Litigation Services, LLC entered into a strategic partnership with Blueprint Trial Consulting to expand its offerings with Blueprint’s graphics consulting, jury research, and litigation consulting services.
The Asia Pacific countries hold a strong presence in the legal process outsourcing market. The Philippines, for instance, has a large Business Process Outsourcing (BPO) industry and is one of the highly preferred destinations for the legal process outsourcing. The benefits, such as ease of doing business and availability of skilled people, are driving the industry growth in the country. The country serves clients from the U.S., Europe, New Zealand, and Australia. The government of the Philippines has provided Special Economic Zone Act for the provision of tax exemptions, incentives, and other benefits to boost foreign investments and commercial enterprise developments in the country, creating a greater number of opportunities for the outsourcing service sector.
The companies adopting LPO services are facing difficulties in maintaining the balance between onshore and offshore services. The onshore services provide benefits, such as cultural compatibility and better accessibility, to service providers. However, onshore services require very high costs due to similar economic environments compared to offshore services. Offshore services can significantly reduce legal expenses with lower wage rates and the availability of a wide talent pool. But these services can create risks, such as poor communications, resulting in lower productivity. These concerns can affect the growth of the legal process outsourcing market to some extent.
The LPO market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2013 to 2024 for the following segments:
- Contract drafting
- Compliance assistance
- Review & Management
- Patent Support
- Litigation Support
The above information is provided on a regional and country basis for the following:
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)