Legal Process Outsourcing (LPO) Market in E-discovery services are expected to grow at a significant CAGR of over 40% from 2017 to 2024. This growth is attributed to the rapidly growing usage of digital systems by businesses and outsourcing of electronic documents which contain an enormous amount of data and meta-data. For identifying and generating this information often proves to be troublesome for the in-house legal department. These operations aid in reducing the time consumed and are cost-effective.
Legal Process Outsourcing (LPO) Market has encountered rapidly changing dynamics over the recent years, where the LPO, once dubbed as a cost-cutting exercise for the company has expanded its portfolio into an innovative and essential business model for the firms. The process has not only helped the corporate entities to minimize the costs but has also assisted them in optimizing their overall operational efficiency.
Offshore legal process outsourcing services include outsourcing of legal services to LPO organizations in other jurisdictions. Offshore outsourcing is dominating the market currently. However, onshore legal process outsourcing (LPO) market is projected to flourish during the forecast timeline owing to growing demand from law firms and safety benefit that it offers over offshore legal process.
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The remarkable expansion of the legal process outsourcing (LPO) market is clearly evident from its increasing spectrum of services which has come a long way so far, starting from litigation support, document review, e-recovery to contract drafting, compliance assistance, and patent support. Contract review service segment of the legal process outsourcing market is poised to generate a heavy business in the years ahead. The credit of this fact can be given to the huge value these M&As and contracts hold for the company, in which even a slight price trigger if neglected can have a large impact on the entire value chain of the organization.
The Asia Pacific legal process outsourcing (LPO) market is expected to witness a significant growth owing to the emergence of countries such as China, India and Philippines as the preferred destinations for outsourcing as well as availability of substantial number of English speaking lawyers and lower fees. Furthermore, the Philippines LPO market share is expected to increase owing to declining cost of legal services along with good infrastructure.
LPO Market by Service
- Contract drafting
- Compliance assistance
- Review & Management
- Patent Support
- Litigation Support
LPO Market by Location
Europe is one region which holds a prominent position in the global legal process outsourcing (LPO) market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO 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.
Legal process outsourcing (LPO) market is set to undergo a rapid evolution in the next seven years. The industry which was valued USD 3 billion in 2016, is slated to record a massive revenue of USD 40 billion by 2024. 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 players competing in legal process outsourcing (LPO) 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.
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