Legal Process Outsourcing (LPO) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast
Albany, NY -- (SBWIRE) -- 06/05/2018 -- In the recent years, consumers have been pushing the downward trend in pricing and this has made corporations struggle for their survival. A growing concern of corporations in this era is increasing legal costs and the efforts to contain this cost have brought about the concept of legal process outsourcing (LPO). Favorable government policies are one of the key factors driving the growth of LPO.
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Further, the rising awareness among general counsels and general public is aiding in the growth of this market. Moreover, increasing technology applications such as offering highly secure enterprise class software including features such as portal website, collaboration, and document management market presents an opportunity for vendors. E-discovery was the most popular platform being deployed in LPO industry while litigation support, intellectual property (IP) support, contract drafting and review are among other major services being offered.
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Electronic documents contain a large amount of data and metadata and identifying and producing this information may often prove burdensome for in-house legal department. Outsourcing of this function helps by reducing efforts, reduces time consumption and proves to be cost-saving. LPO firms process electronic information using e-discovery and other software tools.
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