The
global legal process outsourcing (LPO) market is expected
to reach USD 27.19 billion by 2024, according to a new report by Grand View Research,
Inc. Outsourcing legal activities allows organizations to manage workforce and
time efficiently and helps them to focus completely on core business
operations, which are responsible for revenue generation.
Countries
such as India, South Africa, and the Philippines, which are popular
destinations for LPO, have a significant time difference between Europe and the
U.S. This time difference helps in providing a continuous workforce, whenever
required.The cost of legal services in markets such as India is far lesser than
that in North America. The per hour outsourcing costs in India is estimated to
be as low as USD 10, which is expected to considerably boost the savings.
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| Canada Legal Process Outsourcing market by service, 2014 - 2024 (USD Million) |
Additionally,
outsourcing work to offshore locations ensures continuous operations since they
follow 24-hour work cycles, thus ensuring the completion of a time-consuming
work with high efficiency. In November 2008, Wall Street Journal quoted that
around 79,000 legal jobs based in the U.S. are expected to be moved offshore by
2015. As the allocated tasks are usually repetitive, LPO providers work with
set protocols and Key Performance Indicators (KPI) in place. LPO firms utilize
low-cost workers and automated software as well asupdate repetitive tasks that
involve significant documentation and paperwork.
Browse full
research report on Legal Process Outsourcing Market:
www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
Further key
findings from the study suggest:
- Offshore outsourcing is expected to grow at a
CAGR of over 30% from 2016 to 2024, owing to the increased demand for
these services in India and the Philippines
- Litigation support is anticipated to gain
prominence, accounting for over 20% of the revenue share by 2024, as most
of the firms hire outside consultants for expert investigative litigation
support in order to win high profile cases
- Some of the key players in the legal process
outsourcing market include Axiom Law, Elevate Services Inc., Pangea3 LLC,
UnitedLex Corporation, and IntegreonInc.
- In order to strengthen the foothold in the
market, a majority of LPO providers are maintaining their physical
presence in the U.S. along with back offices in the Asia Pacific region
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the Legal Process Outsourcing market
based on location, service, and region:
Legal
Process Outsourcing Location Outlook (Revenue, USD Million, 2014 - 2024)
- Offshore
outsourcing
- On-shore
outsourcing
Legal
Process Outsourcing Services Outlook (Revenue, USD Million, 2014 - 2024)
- Contract
drafting
- Review
and management
- Compliance
assistance
- E-discovery
- Litigation
support
- Patent
support
- Others
Legal
Process Outsourcing Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Philippines
- Latin
America
- MEA
Access Press
Release By Grand View Research: www.grandviewresearch.com/press-release/global-legal-process-outsourcing-lpo-market
About Grand
View Research:
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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