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.
Related Press Release@ Legal Process Outsourcing Market Report
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
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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