The size of legal process outsourcing market is forecast to rise at 35% CAGR to reach USD 40 billion by 2024. Growing need for efficient legal firms to manage high volume and process-oriented legal services is expected to boost the industry growth Growing need to minimize legal processing costs have led companies to look for alternatives such as outsourcing. These process outsourcing firms process electronic data using e-discovery and various software tools and provide expertise in ESI processing, data formats and review platforms, thus improving process efficiency. Furthermore, the high costs associated with carrying out legal work is driving the LPO market growth. —
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Legal Process Outsourcing Market is set to undergo a rapid evolution in the next seven years. Studies show that LPO market has created a paradigm shift in the business model of the firms by changing their way of conducting ongoing legal work. Legal process outsourcing is a core strategy that is widely adopted by both government and private entities. Rapid increase in the legal proceeding costs has led the companies to outsource these services via LPO services. Cost cutting is one of the prime factors driving the LPO industry trends.
The e-discovery service is also set to offer lucrative avenues for the legal process outsourcing market globally. Digitization, which has established its roots across every industry can be quoted as the major driving factor behind the escalating legal process outsourcing market trend. The electronic documents produced through digital means in an organization leads to a huge influx of data from which deriving meaningful insights can be a troublesome task for the legal in-house teams. The firms thus align these legal activities to skilled professionals via LPO which is a reasonable and efficient business model. On these grounds, this service is estimated to exhibit heavy gains in the coming seven years with a CAGR estimation of 40% over the period of 2017-2024.
The legal process outsourcing market has gained importance in large scale enterprises which have developed their own in-house legal departments. These enterprises are looking to secure their back-end services for their internal operations. Outsourcing helps these organizations in reducing their efforts, decreasing time consumption and cost saving.
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Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore legal process outsourcing market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing market. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.
The players competing in this legal process outsourcing market include Axiom Law, UnitedLex Corp., Pangea3 LLC, Elevate Services, QuisLex Inc, Integreon, and Mindcrest Inc. These industry participants are engaged in mergers & acquisitions in order to expand their service portfolio. Customized services along with value additions and pricing strategies are some of the key differentiators that service providers are adopting to capture larger market share.
Major Point From Table Of Content:
Chapter 4. Legal Process Outsourcing Market, By Service
4.1. Global LPO market share by service, 2016 & 2024
4.2. Contract drafting
4.2.1. Legal Process Outsourcing Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 - 2024
4.3. Compliance assistance
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 - 2024
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5. Review & management
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
4.6. Patent support
4.6.1. Market estimates and forecast, 2013 - 2024
4.6.2. Market estimates and forecast, by region, 2013 – 2024
4.7. Litigation support
4.7.1. Market estimates and forecast, 2013 - 2024
4.7.2. Market estimates and forecast, by region, 2013 – 2024
4.8.1. Market estimates and forecast, 2013 - 2024
4.8.2. Market estimates and forecast, by region, 2013 – 2024
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