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Legal Process Outsourcing Market Analysis by Current Trends, Growth Opportunity and Future Estimations 2024

Author : Ronak Bora | Published Date : 2020-09-14 

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 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.

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.

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The swift expansion of legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support. E- discovery service market is set to record a shooting CAGR of 40% over 2017-2024. Increasing deployment of digital systems in the businesses is the major factor that is influencing the market trend. Outsourcing the electronic documents that are produced by these digital systems and fetching the meaningful information out of it is actually a troublesome job for the in-house legal department. These firms instead integrate their business model with LPO which considerably reduce their time and cost. Growing inclination toward legal research and IP monitoring for cost effectivity is providing significant growth opportunity to patent support services of LPO market.

Onshore based legal process outsourcing market is gaining a popularity over offshore based. The credit to this fact can be given to the shared regulatory framework on which onshore LPO works. Onshore LPO industry is anticipated to generate commendable revenue, driven by the adoption rate by organizations where there is an inter-connected business model.  i.e. the firms which work conjointly with companies that belong to the same country.

E-discovery services demand is projected to grow substantially at 40% CAGR owing to increasing use of digital systems by enterprises and outsourcing of e-documents containing crucial data. Companies are focusing on acquiring crucial certificates such as ISO 9001 and 27001 and legal process outsourcing market service providers expedite these processes which helps enterprises to get their work done in lesser cost and time. Patent support service is expected to foresee a significant growth in forecast timeframe, this growth is attributed to increasing inclination towards IP monitoring and cost 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 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 players competing in this industry 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.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Methodology

1.1.1.   Initial data exploration

1.1.2.     Statistical model and forecast

1.1.3.     Industry insights and validation

1.1.4.     Definition and forecast parameters

1.2. Data sources

1.2.1.   Primary

1.2.2.     Secondary

Chapter 2. Executive Summary

2.1. LPO industry 3600 synopsis, 2013 - 2024

2.1.1.   Business trends

2.1.2.     Regional trends

2.1.3.     Service trends

2.1.4.     Location trends

Chapter 3. Legal Process Outsourcing Market Insights

3.1. Industry segmentation

3.2. Industry growth landscape, 2013 - 2024

3.3. Industry ecosystem

3.3.1.   Vendor matrix

3.4. Technological & innovation landscape

3.4.1.   Evolution of LPO

3.4.2.     LPO vs BPO

3.4.3.     Technology Assisted Review (TAR)

3.4.4.     Artificial Intelligence (AI)

3.4.5.     Automated Meta-Data Contract Abstraction

3.5. Regulatory landscape

3.5.1.   SRA Code of Conduct 2011

3.5.2.     The Limited Liability Partnership Act, 2008

3.5.3.     Data Protection Act 1998 (DPA).

3.5.4.     EU Data Protection Directive (Directive 95/46/EC)

3.5.5.     Information Technology Act, 2000

3.5.6.     ISO 9001 Certification Achieved for Quality Management System

3.6. Outsourcing industry landscape

3.6.1.   North America

3.6.2.     Europe

3.6.3.     Asia Pacific

3.6.4.     Latin America

3.6.5.     MEA

3.7. Cost savings overview

3.8. Industry impact forces

3.8.1.   Growth drivers

3.8.2.     Industry pitfalls & challenges

3.9. Growth potential analysis

3.9.1.   Business models

3.10.     Porter's analysis

3.11.          Competitive landscape, 2016

3.11.1. Strategy dashboard

3.12.     PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/legal-process-outsourcing-lpo-market-size

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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