Legal Process Outsourcing Market Outlook 2024 – Onshore Segment is Projected to Witness High Growth

The onshore legal process outsourcing market is anticipated to witness high growth over the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore. It offers benefits such as shared regulatory framework, which streamlines the business processes. It is a profitable option for organizations that desire working together with companies within the same country. Furthermore, subcontracting in the same country also delivers advantages such as shared regulatory framework.

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Offshore legal process outsourcing services include outsourcing of legal services to LPO organizations in other jurisdictions. Offshore outsourcing is dominating the legal process outsourcing market currently. However, onshore 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.

The legal process outsourcing market is growing at a rapid rate due to the growing demand to minimize costs by law firms and corporate legal departments to increase flexibility and expand their in-house capabilities. With the rising concerns related to legal expenses in countries such as the U.S. and UK, corporate firms seek to outsource certain legal proceedings through their legal representatives to cut costs. In addition, cost saving is the major attraction for western firms outsourcing their legal work to countries such as India owing to the affordability, efficiency and availability of skilled personnel.

The LPO market size has gained significance in large enterprises, which have their own inhouse counsel and legal departments and is not only limited to law firms. These companies are seeking opportunities to secure their back-end services to provision their internal operations. This is a remarkable shift in the legal process outsourcing market and determines how essential it is for organizations to evaluate their business processes, and recognize areas they need to outsource operations to confirm costs are minimized and process efficiencies are maximized.

The security concern associated with the LPO model is anticipated to challenge the industry growth over the forecast timeframe. Major providers are addressing the confidentiality and security concerns by implementing globally standard certifications and processes, such as Six Sigma and ISO 27001.

Legal Process Outsourcing 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.

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The Asia Pacific industry 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 Legal Process Outsourcing Market share is expected to increase owing to declining cost of legal services along with good infrastructure.

Industry participants include Integreon, Inc., UnitedLex Corporation, Elevate Services Inc., Pangea3 LLC, Axiom Law, etc. The players are focusing on offering higher-value services such as supporting compliance management. They are expanding their offerings beyond litigation and regulatory investigation support services to contract management to offer varied services to their customers.

Some Points From Table Of Content: –

Chapter 4. Legal Process Outsourcing Market, By Service

4.1. Global legal process outsourcing market share by service, 2016 & 2024

4.2. Contract drafting

4.2.1.   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. E-discovery

4.4.1.   Market estimates and forecast, 2013 – 2024

4.4.2.     Market estimates and forecast, by region, 2013 – 2024

4.5. Review & management

4.6. Patent support

4.7. Litigation support

4.8. Others

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