About Legal Process Outsourcing (LPO)
Stringent and Complex Regulatory in which businesses operate and growing cost of compliance due to diligence is driving the Global Legal Process Outsourcing Market. Legal outsourcing is also known as Legal Process Outsourcing (LPO) which is defined as a practice of a law firm or corporation which obtains legal support services from an outside law firm (LPO provider). Common services that are offered are agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services. Offshoring LPO legal work to lawyers based overseas for conducting and applying domestic law to achieve quality results at low costs.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 26.0% |
The market is fragmented by few key players who are involved in enhancing product portfolio in order to gain a competitive edge over their competitors and expand their geographical presence across the globe and consequently improve the market share.The Players having a strong hold in the market are Clutch. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Legal Process Outsourcing (LPO) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Clutch Group (United States), American Discovery (United States), Amstar Litigation Support (United States), Cobra Legal Solutions (United States), QuisLex (United States), Axiom law (United Kingdom), Elevate Services Inc. (United States), Pangea3 LLC . (United States) and UnitedLex Corp. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Integron Inc. (United States), Mindcrest, Inc. (United States) and SmithDehn (India).
Segmentation Overview
AMA Research has segmented the market of Global Legal Process Outsourcing (LPO) market by Type (Litigation Support, Contract Drafting, E-Discovery, Patent Support and Others), Application (BFSI (Banking, Financial Services & Insurance), Government, Automotive, Healthcare & Life Sciences and Others) and Region.
On the basis of application, Contract drafting segment is dominating the market in the year 2023On the basis of geography, the market of Legal Process Outsourcing (LPO) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Legal Process Outsourcing (LPO) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Many organizations are focusing on implementing risk management solutions to manage risks which will drive the rate of revenue generation in the LPO service market. and Alignment of legal services and procurement.
Market Growth Drivers:
Increased requirement of proficient legal department to deal with process-oriented and high volume of legal work., Rise in the cost of legal proceedings has lead companies to outsource LPO services, Cost efficiency and technological advancement and favorable government policies and Existence of a large number of professionals who offer legal services at lower remuneration.
Challenges:
Security concerns, confidentiality, Ethical Implications are the challenges faced by the LPO market.
Restraints:
Concerns over the increase in legal cost and the efforts of Corporation is hampering the global LPO market.
Opportunities:
Increased demand for intelligent technology like AI to obtain information from unstructured data along with understanding and reading it as a human is providing opportunities to manufacturers in the market of LPO to outsource these services.
Market Leaders and their expansionary development strategies
In April 2019, EY to Acquire Pangea3 from Thomson Reuters, Expanding Its Global Legal Services, these acquisitions further its depth and capacity to serve corporate legal departments worldwide and will bolster the ability of EY Law practices to help clients transform their practices and deliver meaningful value to their businesses.
In July 2022, UnitedLex, a leading technology and legal services company,has launched of Luma, a purpose-built application to help corporate legal teams create digital efficiencies and deliver sustainable value. Luma is the latest milestone in the company’s mission to create measurable value for its global client base of Global Fortune 500 legal departments, at a time when markets are contracting, workforce challenges persist, and legal executives are expected to continue doing more with less.
The companies in the industry are focusing on acquiring certifications such as ISO 27001 and ISO 9001.
Key Target Audience
Legal process outsourcing companies, Legal process outsourcing service providers, System integrators, Research and development companies, Market research and consulting firms, Solution providers, Technology standards organizations and Technology investors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.