|12-27-2018 06:53 AM CET - Politics, Law & Society||
Legal Process Outsourcing Market By Global Players: UnitedLex Corporation, Clairvolex, Clutch Group, Mindcrest, Epson UK Ltd, Legal Advantage LLC, Integreon, Infosys, Evalueserve, CPA Global, Pangea3 Legal Managed Services, QuisLex
Press release from: Global Market Insights, Inc.
Legal Process Outsourcing Market is set to undergo a rapid evolution in the next seven years. The industry which was valued USD 3 billion in 2016, is slated to record a massive revenue of USD 40 billion by 2024. Studies show that LPO market has created a paradigm shift in the business model of the firms by changing their way of conducting ongoing legal work. Legal process outsourcing is a core strategy that is widely adopted by both government and private entities. Rapid increase in the legal proceeding costs has led the companies to outsource these services via LPO services. Cost cutting is one of the prime factors driving the LPO industry trends.
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Technological advancements in the legal process outsourcing market have contributed towards the significant revenue growth. AI (Artificial Intelligence) is an important tool for extracting valuable data enabling firms to concentrate more on client work through increased bandwidth resulting in efficient delivery of services with high accuracy levels. Rising demand for intelligent technology to obtain information from unstructured data along with understanding and reading it as a human is anticipated to propel the growth of AI in the legal process outsourcing market.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. CPA Global
5. Pangea3 Legal Managed Services
7. UnitedLex Corporation
9. Clutch Group
11. Epson UK Ltd
12. Legal Advantage LLC
Legal Process Outsourcing (LPO) Market size is set to exceed USD 40 billion to grow at 35% CAGR estimation till 2024. Increasing requirement for efficient legal departments to manage process-oriented and high volume legal work is anticipated to drive the legal process outsourcing market over the forecast timeframe. Rapid increase in the cost of legal proceedings has led the companies to outsource these services. Cost-efficiency is one of the major factors benefitting the LPO market landscape.
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The legal process outsourcing market size has gained significance in large enterprises, which have their own inhouse counsel and legal departments and is not only limited to law firms. These companies are seeking opportunities to secure their back-end services to provision their internal operations. This is a remarkable shift in the legal process outsourcing market, and determines how essential it is for organizations to evaluate their business processes, and recognize areas they need to outsource operations to confirm costs are minimized and process efficiencies are maximized.
The Philippines legal process outsourcing market share will be driven by the decreasing cost of legal services accompanied with the infrastructure which makes it an excellent offshoring destination. The onshore legal process outsourcing market is anticipated to witness high growth over the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore.
It offers benefits such as shared regulatory framework, which streamlines the business processes. It is a profitable option for organizations that desire working together with companies within the same country. Furthermore, subcontracting in the same country also delivers advantages such as shared regulatory framework.
Browse key industry insights spread across 120 pages with 67 market data tables & 20 figures & charts from the report, Legal Process Outsourcing (LPO) Market in detail along with the table of contents:
The security concern associated with the LPO model is anticipated to challenge the industry growth over the forecast timeframe. Major providers are addressing the confidentiality and security concerns by implementing globally standard certifications and processes, such as Six Sigma and ISO 27001.
E-discovery services are expected to grow at a significant CAGR of over 40% from 2017 to 2024. This growth is attributed to the rapidly growing usage of digital systems by businesses and outsourcing of electronic documents which contain an enormous amount of data and meta-data. For identifying and generating this information often proves to be troublesome for the in-house legal department. These operations aid in reducing the time consumed and are cost-effective.
The demand for patent support services in the legal process outsourcing market will witness significant growth owing to the rising inclination towards IP monitoring and legal research for better cost efficiency. This is done to deliver intellectual property portfolios of the clients to guide them on any possible infringements or threats.
The onshore legal process outsourcing market size will flourish over the forecast timeframe. This is due to rising demand from various law firms and European corporations’ inclination towards services to be provided onshore, rather than offshore. Increasing operational cost in South Africa and India coupled with altering European Union (EU) data protection laws are also limiting the types of services which can be offshored which is further escalating the demand for onshore services.
Industry participants in legal process outsourcing (LPO) market include ADEC Innovations, Bodhi Global Services, Clairvolex, Clutch Group, Cobra Legal Solutions, CPA Global, Epson UK Ltd, Exigent Technologies, Evalueserve, Infosys, Integreon, Legal Advantage LLC, Lexplosion Solutions, QuisLex, Pangea3 Legal Managed Services, Mindcrest, and UnitedLex Corporation.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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