Legal Process Outsourcing (LPO) Market size has gained significance in large enterprises, which have their own inhouse counsel and legal.
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- Legal Process Outsourcing (LPO) 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. However, breach of ethical codes, security concerns and hazards associated with malpractice of law are some of the key factors which may hamper the market growth.
Legal Process Outsourcing (LPO) Market will observe a rapid growth with a CAGR of 35% over the forecast timeframe. The industry is expected to surpass 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 Legal process outsourcing market growth.
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Favorable government regulations, growing awareness among public and general counsels are the major factors driving the legal process outsourcing market growth. Moreover, increasing applications such as providing highly secure enterprise software with features such as document management, collaboration, and portal website offers huge growth opportunity for vendors.
However, the market players are concentrating on non-disclosure agreements, acquiring software, maintaining confidentiality and building robust service-level agreements. 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 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.
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.
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