Legal Process Outsourcing (LPO) Market Research Report: Market Analysis on the Future Growth Prospects and Market Trends Adopted by the Competitors, Regions with Forecast by 2023

Dallas, TX -- (SBWire) -- 09/07/2018 --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.

Legal outsourcing, also known as legal process outsourcing (LPO), refers to the practice of a law firm or corporation obtaining legal support services from an outside law firm or legal support services company (LPO provider). When the LPO provider is based in another country, the practice is called offshoring and involves the practice of outsourcing any activity except those where personal presence or contact is required, e.g. appearances in court and face-to-face negotiations. When the LPO provider is based in the same country, the practice of outsourcing includes agency work and other services requiring a physical presence, such as court appearances. This process is one of the incidents of the larger movement towards outsourcing. The most commonly offered services have been agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.

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Industry participants in legal process outsourcing (LPO) market include Clutch Group, American Discovery, Amstar Litigation Support Cobra Legal Solutions, 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. In addition, these industry participants concentrate on process, people and geographic capability and strategic alliances to gain prominence.

Over the next five years, it is projected that Legal Process Outsourcing (LPO) will register a 30.0% CAGR in terms of revenue, reach US$ 21000 million by 2023, from US$ 4360 million in 2017.

This report presents a comprehensive overview, market shares and growth opportunities of Legal Process Outsourcing (LPO) market by product type, application, key companies and key regions.

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To calculate the market size, Publisher considers value generated from the sales of the following segments:

Segmentation by product type:
Individual
Type II

Segmentation by application:
Commerical
Application 2

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Some Points From Table of Content:
1 Scope of the Report
2 Executive Summary
3 Global Legal Process Outsourcing (LPO) by Players
4 Legal Process Outsourcing (LPO) by Regions
5 Americas
6 APAC
7 Europe
Continued…

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