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(USGovernment-News.Com, November 16, 2018 ) Global Legal Process Outsourcing (LPO) Market Insights, Forecast to 2025 Report presents the worldwide Legal Process Outsourcing (LPO) Market analysis with in depth study of manufacturers, region, type and application and its future scope in the industry.
This report focuses on the global Legal Process Outsourcing (LPO) status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Legal Process Outsourcing (LPO) development in United States, Europe and China. In 2017, the global Legal Process Outsourcing (LPO) market size was 4550 million US$ and it is expected to reach 35900 million US$ by the end of 2025, with a CAGR of 29.5% during 2018-2025.
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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.
The LPO market size has gained significance in large enterprises, which have their own inhouse counsel and legal departments and is not only limited to law firms. These companies are seeking opportunities to secure their back-end services to provision their internal operations. This is a remarkable shift in the legal process outsourcing market, and determines how essential it is for organizations to evaluate their business processes, and recognize areas they need to outsource operations to confirm costs are minimized and process efficiencies are maximized.
Security concerns and breech of ethical codes are the major challenges which will hinder the LPO market growth. This is due to the concern of the companies regarding the transfer of confidential information while sending it to the providers. Furthermore, the hazards associated with the illegal practice of law has made various consumers uncomfortable about using LPO providers.
The e-discovery services market will grow significantly over the forecast timeline due to the rising demand from law firms to outsource activities which are less in value, in order to target tasks such as delivering tactical legal advice. Organizations are more inclined towards managing core responsibilities, and outsource transactional operations that do not necessitate high degree of expert knowledge.
Patent support service segment is anticipated to witness growing demand in the legal process outsourcing market due to the need to outsource qualitative tasks, such as IP litigation and proof-reading, which aids large organizations by releasing up their employees from such tedious tasks so that they can concentrate on high-value tasks.
The onshore legal process outsourcing market is anticipated to witness high growth over the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore. It offers benefits such as shared regulatory framework, which streamlines the business processes. It is a profitable option for organizations that desire working together with companies within the same country. Furthermore, subcontracting in the same country also delivers advantages such as shared regulatory framework.
The offshore LPO market will witness growth owing to the need to outsource legal activities to countries such as India, Philippines, and South Africa. This outsourcing is done due to the presence of large number of efficient lawyers whose pay scales are much lower than the ones in countries such as the U.S.
India legal process outsourcing market size will grow significantly from 2016 to 2024 due to the presence of numerous English speaking lawyers whose incomes are lesser than those of their U.S. based counterparts. Indian service providers have also worked to address the necessary requirements to target UK and U.S. based clients. Favorable government initiatives associated with the LPO market such as Foreign Direct Investment in 100% equity of the firm in LPO / BPO enables foreign companies to establish their subsidiaries as private limited companies with minimum liability over shared investment.
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.
The following manufacturers are covered in this report, with sales, revenue, and market share for each company: QuisLex, Unitedlex, American Discovery, Thomson Reuters, Clutch Group, Integreon, CPA Global, Cobra Legal Solutions, Elevate Services, Infosys, Evalueserve, Amstar Litigation Support, Cogneesol and others.
· To study and analyze the global Legal Process Outsourcing (LPO) market size (value & volume) by company, key regions, products and end user, breakdown data from 2013 to 2017, and forecast to 2025.
· To understand the structure of Legal Process Outsourcing (LPO) market by identifying its various sub segments.
· To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
· Focuses on the key global Legal Process Outsourcing (LPO) companies, to define, describe and analyze the sales volume, value, market share, market competition landscape and recent development.
· To project the value and sales volume of Legal Process Outsourcing (LPO) submarkets, with respect to key regions.
· To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
In this study, the years considered to estimate the market size of Legal Process Outsourcing (LPO) are as follows:
· History Year: 2013-2017
· Base Year: 2017
· Estimated Year: 2018
· Forecast Year 2018 to 2025
For the data information by region, company, type and application, 2017 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
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