Credence Research states the interest of a new study on Legal Process Outsourcing Market. The Legal Process Outsourcing Market is expected to Exhibit Rapid Growth during the Forecast Period. The research report, named “Legal Process Outsourcing Market – Growth, Future Prospects, and Competitive Analysis, 2018- 2026,” estimates the historical performance and the current standing of this market, emphasizing especially on the dynamics of the need and supply of Legal Process Outsourcing.
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Overview:
The third-party services industry is growing rapidly with organizations recognizing the perks of outsourcing set of activities which are not part of their core business. Legal process outsourcing (LPO) is a practice wherein a company, organization or law firm procures legal services from an external service provider. LPO involves outsourcing numerous legal services such as bookkeeping & billing, contract management, general litigation support services, legal researches and legal transcription among others legal services. Adoption of LPO services enable completion of time-consuming legal work with high efficiency and reduced costs. Outsourcing legal processes can help companies save more than 50% of the total costs required for in-house legal processes. As a result, LPO market is set to demonstrate robust growth over the forecast period.
With constant rise in service industry, the outsourcing services has demonstrated immense growth over the period of time. Rising legal expenses has made corporate firms more inclined towards outsourcing certain legal practices in order to minimize overall cost. For instance, in 2009, Rio Tinto plc., a global mining firm, awarded a contract to India-based LPO provider CPA Global for conducting its legal processes. With effect of this contract, Rio Tinto plc. managed to save US$ 8 Mn per year which accounts for nearly 1/5th of the company’s legal costs. With growing offshore LPO services sector, the demand for legal process outsourcing is bound to remain strong over the forecast period. Offshore outsourcing accounted for the largest share in the overall LPO market. Advancing communication technology has enabled higher value legal work as well as legal support services to be outsourced offshore, making it most prominent segment. On the other hand, significant number of companies employing onshore resources to ensure more accurate solution facilitating deep customer understanding.
India is leading the LPO market as it is the most common location for LPO service providers. Most LPO providers reduce the cost for their clients by locating their human resources in countries such as India, Philippines and China among others having cheaper resources. Significant revenue share of offshore LPO in India, Philippines and China is generated from the companies based out of North America and Europe. Increasing preeminence on the provision of law services is expected to escalate the demand LPO services in Asia Pacific region over the following years. On the other hand, the U.S. and the U.K.-based clients also demand onshore outsourcing for deep understanding of process, thereby driving the demand for onshore LPO market.
The global legal process outsourcing (LPO) market is segmented on the following basis:
- Location:
- Offshore
- Onshore
- Engagement Model
- On-demand Services
- End-to-end Services
- Services:
- Contract Management
- Compliance Assistance
- E-discovery
- Litigation Support
- Patent Support
- Others (Legal Research, Intellectual Property Services, Bookkeeping & Billing etc.)
- Geography:
- North America
- U.S.
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- Japan
- China
- South Asia
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East & Africa (MEA)
- North America
Key players identified in global legal process outsourcing (LPO) market include but are not limited to:
Integreon, Inc., UnitedLex Corporation, Elevate Services, Inc., Pangea3 LLC, Axiom Global, Bodhi Global Solutions, Morae Global Corporation, Cobra Legal Solutions LLC, CPA Global, Mindcrest, Inc., QuisLex, Inc. and others.
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The study research also considers many sections of the Legal Process Outsourcing Market completely on the basis of the product type and application, considering their current as well as historical performance across the globe. Moreover, the report also shows the growth trajectory of each of the sections, global as well as in each of the regional segments, representing a descriptive analysis of the overall industry.
The study paper also speaks about the present as well as upcoming ventures in the Legal Process Outsourcing Market at length, making this knowledge of special value for businesses, consultants, and stakeholders functional in this market.
Further, the report analyzes the competitive aspect of this market by reviewing the profiles of the key market participants in a bid to determine the current hierarchy.
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The report added new project SWOT analysis, investment feasibility analysis, and investment return analysis.
Reasons for Buying Legal Process Outsourcing market:
This report provides pin-point analysis for changing competitive dynamics
It provides a forward looking perspective on different factors driving or restraining market growth
It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
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