Legal Process Outsourcing Market Expected To Witness A Substantial Growth Of $117.89 Billion By 2030: Grand View Research Inc.

 

The global legal process outsourcing market size is anticipated to reach USD 117.89 billion by 2030, exhibiting a CAGR of 30.9% over the forecast period, according to a new report by Grand View Research, Inc. Legal process outsourcing provides legal support to law firms and legal organizations at a lesser cost. Even though the work outsourced to LPO providers is primarily process-oriented, there are several niche LPOs that carry out legal services with considerably high levels of analytical skills. These tasks include patent application drafting and legal research, subject to training imparted by the clients. The LPO industry has developed significantly over the years as the number of LPO providers has grown considerably.

Currently, the services are delivered from the LPOs with staff in England, U.S., South America, the Philippines, and Canada. Moreover, the players have expanded from small boutique providers to Business Process Outsourcing (BPO), global consulting, and technology firms. As the LPO players enter the market and the existing players expand their capabilities, it becomes more crucial for the customers to choose an LPO provider best suited for their requirements. Furthermore, offshore outsourcing has been employed to a large extent. The demand for onshore outsourcing is expected to increase during the forecast period as it is an attractive solution for companies that prefer to collaborate with organizations in the same country.

Outsourcing to companies in the same country also provides advantages, such as a shared regulatory framework. Notable industry trends include a preference for on-shore outsourced solutions for better control and security. Furthermore, increased demand by stakeholders for delivering efficient, cost-effective services with the help of unique and innovative methods has resulted in the use of advanced service delivery models, including the use of on-shore locations to deliver LPO services. A majority of LPO service providers have automated solutions that enable efficient language processing and searching within documents. As the legal departments of several corporate organizations lack automation and integrated technology solutions, critical legal tasks, which require detailed document verification, are outsourced to LPOs.

With technology penetrating deeply into internal operations, Artificial Intelligence (AI) is another factor taking the legal industry to a new level. The software solutions enabled with AI capabilities have garnered utmost importance among law firms to enhance their efficiency and reduce timelines. Document production and proofreading of documents are efficiently done with the help of automation software. Team collaboration software is further streamlining the execution of all documentation processes. The significance of all these developments and technologies has attributed a greater value to the LPOs by decreasing their costs and increasing convenience.

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 The LPO providers, once acquainted with the organization’s business procedures, provide numerous services that include contract drafting and management, e-discovery, review & management, compliance assistance, litigation support, and patent support. LPOs have the broad legal expertise and modern technologies that assist the organizations in the objective coding of documents, gathering and synthesizing facts, negotiations, and objective legal research.

Legal Process Outsourcing Market Report Highlights

• Outsourcing agreements are expected to be placed under increased scrutiny owing to the potential for rule changes in the U.S., U.K., and India
• Legal Process Outsourcing is being viewed as the solution for reducing the internal headcount along with cost-saving in the long run
• LPO providers primarily focus on the establishment of back offices or centers in emerging markets of India, the Philippines, and South Africa, among others
• Law firms have started deploying document automation and NLP (Natural Language Processing) capabilities to cater significantly to the reinvention of the legal industry
• Legal regulations differ geographically, which is viewed as a barrier by cautious organizations considering the outsourcing of legal services

Players, such as Mindcrest Inc., QuisLex Inc., Pangea3 (E&Y), and UnitedLex, have been expanding their offerings beyond litigation and regulatory investigation support services to contract management and other corporate services. Vendor selection is one of the key deciding factors for the success of an LPO program. On-shore or offshore outsourcing can be selected based on the type of services to be outsourced. Companies, such as Syntel, support organizations that look for innovative services and solutions to achieve operational competitiveness. Reference checks include investigating and interviewing principal lawyers as well as non-lawyers; in addition, the hiring practices of the vendor are examined to identify the quality of employees.

List of Key Players in Legal Process Outsourcing Market

• Clairvolex
• Clutch Group
• Cobra Legal Solutions LLC
• CPA Global Ltd.
• Evalueserve
• Exigent
• Infosys Ltd.
• Integreon Managed Solutions, Inc.
• Legal Advantage LLC
• Lex Outsourcing
• Lexplosion Solutions Pvt. Ltd.