LPO Market – Industry Trends, Technology, Applications and Growth Drivers to 2024
Favorable government regulations, growing awareness among public and general counsels are the major factors driving the legal process outsourcing market growth. Moreover, increasing applications such as providing highly secure enterprise software with features such as document management, collaboration, and portal website offers huge growth opportunity for vendors.
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The LPO industry has gained importance in large scale enterprises which have developed their own in-house legal departments. These enterprises are looking to secure their back-end services for their internal operations. Outsourcing helps these organizations in reducing their efforts, decreasing time consumption and cost saving.
However, breach of ethical codes, security concerns and hazards associated with malpractice of law are some of the key factors which may hamper the market growth. However, the market players are concentrating on non-disclosure agreements, acquiring software, maintaining confidentiality and building robust service-level agreements.
E-discovery services demand is projected to grow substantially at 40% CAGR owing to increasing use of digital systems by enterprises and outsourcing of e-documents containing crucial data. Companies are focusing on acquiring crucial certificates such as ISO 9001 and 27001 and LPO market service providers expedite these processes which helps enterprises to get their work done in lesser cost and time. Patent support service is expected to foresee a significant growth in forecast timeframe, this growth is attributed to increasing inclination towards IP monitoring and cost efficiency.
Offshore legal process outsourcing services include outsourcing of legal services to LPO organizations in other jurisdictions. Offshore outsourcing is dominating the market currently. However, onshore LPO market is projected to flourish during the forecast timeline owing to growing demand from law firms and safety benefit that it offers over offshore legal process.
The Asia Pacific industry is expected to witness a significant growth owing to the emergence of countries such as China, India and Philippines as the preferred destinations for outsourcing as well as availability of substantial number of English speaking lawyers and lower fees. Furthermore, the Philippines LPO market share is expected to increase owing to declining cost of legal services along with good infrastructure.
The players competing in this industry include Axiom Law, UnitedLex Corp., Pangea3 LLC, Elevate Services, QuisLex Inc, Integreon, and Mindcrest Inc. These industry participants are engaged in mergers & acquisitions in order to expand their service portfolio. Customized services along with value additions and pricing strategies are some of the key differentiators that service providers are adopting to capture larger market share.
Browse key industry insights spread across 120 pages with 67 market data tables & 20 figures & charts from the report, “Legal Process Outsourcing (LPO) Market Size By Service (Contract Drafting, Compliance Assistance, E-Discovery, Review & Management, Patent Support, Litigation Support), By Location (Offshore, Onshore), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Czech Republic, China, India, Japan, South Korea, Australia, Philippines, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Glimpse of Table of Content (ToC)
Chapter 3. LPO Industry Insights
3.1. Industry segmentation
3.2. Industry growth landscape, 2013 - 2024
3.3. Industry ecosystem
3.3.1. Vendor matrix
3.4. Technological & innovation landscape
3.4.1. Evolution of LPO
3.4.2. LPO vs BPO
3.4.3. Technology Assisted Review (TAR)
3.4.4. Artificial Intelligence (AI)
3.4.5. Automated Meta-Data Contract Abstraction
3.5. Regulatory landscape
3.5.1. SRA Code of Conduct 2011
3.5.2. The Limited Liability Partnership Act, 2008
3.5.3. Data Protection Act 1998 (DPA).
3.5.4. EU Data Protection Directive (Directive 95/46/EC)
3.5.5. Information Technology Act, 2000
3.5.6. ISO 9001 Certification Achieved for Quality Management System
3.6. Outsourcing industry landscape
3.6.1. North America
3.6.3. Asia Pacific
3.6.4. Latin America
3.7. Cost savings overview
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.9.1. Business models
3.10. Porter's analysis
3.11. Competitive landscape, 2016
3.11.1. Strategy dashboard
3.12. PESTEL analysis
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In the recent years, consumers have been pushing the downward trend in pricing and this has made corporations struggle for their survival. A growing concern of corporations in this era is increasing legal costs and the efforts to contain this cost have brought about the concept of legal process outsourcing (LPO). Favorable government policies are one of the key factors driving the growth of LPO. Further, the rising awareness among