The Global Market for Legal Process Outsourcing is Projected to Reach US$12.1 Billion by 2024
Focus on Cost Reduction &
Supplementary Capacity for Unanticipated Legal Needs Drives Adoption of Legal
Process Outsourcing, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Legal Process Outsourcing (LPO) market. The global market for Legal Process Outsourcing is
projected to reach US$12.1 billion by
2024, driven by the growing need among enterprises to
increase operational efficiency, reduce costs, and increase flexibility and
scalability.
The legal process outsourcing (LPO)
phenomenon, which gained momentum towards the end of the twentieth century,
transformed the way of conducting legal businesses. Also referred to as legal
services off-shoring and legal process off-shoring, LPO is the practice of
outsourcing paralegal, administration and basic legal support services to a
vendor that holds expertise in the field. LPOs generally involve relocation of
legal services to cost-effective markets with skilled and specialized work
force in order to reduce costs and minimize losses. Companies are leveraging
LPO to achieve cost savings, enhance service levels, focus in-house workforce
on core workloads, and create supplementary capacity for unanticipated legal
needs. Besides cost reduction, outsourcing legal processes enable organization to maintain a lean workforce and have access to advanced technology and
local expertise in other nations.
Currently, LPO is the fastest growing
sub-sector under the Knowledge Process Outsourcing category. The concept of LPO
is gaining momentum due to instability in global economy and the resulting need
to reduce costs along with government-driven market liberalization and
increasing pricing pressure from clients. Apart from supportive government
policies, growth in the LPO market is also propelled by increasing awareness
among general public and counsels. In addition, technology applications like
offering secure enterprise-class software with features including
collaboration, document management and portal website present new opportunities
for vendors. One of the latest trends in the LPO market is increasing focus on
predictive coding that is used in document review and e-discovery. The
integration of the technique allows companies to reduce costs related to
e-discovery as well as identify and produce electronically-stored information. E-Discovery
and patent support are the most widely outsourced legal processes. Also growing
in popularity is outsourcing of other legal services such as contract
drafting/review and litigation support.
As
stated by the new market research report on Legal Process Outsourcing, India represents the
largest market worldwide. The country is also forecast to emerge as the fastest
growing market with a CAGR of 23.7% over the analysis period, led by skilled
and cheap labor as evidenced by the presence of a large pool of English
speaking, U.S. and U.K-graduated lawyers working at relatively lower wages;
technological capability; flexibility in working hours; robust infrastructure;
and faster time-to-market. In addition, the legal system in India is based on
the English common law, like legislative frameworks in the U.S., the U.K and
Australia. The Philippines ranks as another major market for LPO. Patent support is forecast to emerge as
the largest as well as the fastest growing service category with a CAGR of
27.6% over the analysis period given the growing focus on disruptive innovation
and the ensuing emphasis on protecting intellectual property rights. E-Discovery
represents the second largest service market in terms of revenue.
Major
players in the market include American Discovery, Amstar Litigation Support,
Cobra Legal Solutions, LLC, CPA Global Limited, Elevate Services Inc.,
Evalueserve, Ltd., Infosys BPM Ltd., Integreon, Inc., Lex Outsourcing,
Mindcrest, Inc., Morae Global Corporation, QuisLex, SmithDehn India, Thomson
Reuters Corporation, UnitedLex Corporation, and Wipro Limited, among others.
The research report titled “Legal
Process Outsourcing (LPO): A Global Strategic Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, strategic industry activities of major companies
worldwide. The report provides market estimates and projections in US$ Million
at the Service Provider’s levels for major geographic markets – India, the Philippines and Rest of World. The global market for Legal
Process Outsourcing is also analyzed by service type – Litigation Support,
Contract Drafting, E-Discovery, Patent Support, and Other LPO Services.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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