Press release
Comprehensive analysis on Legal Process Outsourcing Market | Key Players are: Integreon, Inc., UnitedLex Corporation, Elevate Services Inc., Pangea3 LLC, Axiom Law
Legal Process Outsourcing (LPO) Market size is set to exceed USD 40 billion by 2024; as per a new research report by Global Market Insights, Inc.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 is characterized by the need to reduce the cost of legal services. Escalating demand for e-discovery services due to the demand for digital services by the businesses. The companies in the industry are focusing on acquiring certifications such as ISO 27001 and ISO 9001. Furthermore, various LPO providers are adopting a hands-on approach on training their staff on specific legal engagements, consisting on involving corporate legal professional to directly focus on such learning initiatives. Some key companies include UnitedLex Corporation, Pangea3 LLC, Integreon, Inc., Axiom Law, Elevate Services Inc., etc.
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.
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.
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.
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The onshore LPO 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.
The Philippines LPO market share will be driven by the decreasing cost of legal services accompanied with the infrastructure which makes it an excellent offshoring destination.
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Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definition and forecast parameters
1.2. Data sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. LPO industry 360 degree synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Service trends
2.1.4. Location trends
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
3.6.2. Europe
3.6.3. Asia Pacific
3.6.4. Latin America
3.6.5. MEA
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
Chapter 4. LPO Market, By Service
4.1. Global LPO market share by service, 2016 & 2024
4.2. Contract drafting
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 - 2024
4.3. Compliance assistance
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 - 2024
4.4. E-discovery
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 - 2024
4.5. Review & management
4.5.1. Market estimates and forecast, 2013 - 2024
4.5.2. Market estimates and forecast, by region, 2013 - 2024
4.6. Patent support
4.6.1. Market estimates and forecast, 2013 - 2024
4.6.2. Market estimates and forecast, by region, 2013 - 2024
4.7. Litigation support
4.7.1. Market estimates and forecast, 2013 - 2024
4.7.2. Market estimates and forecast, by region, 2013 - 2024
4.8. Others
4.8.1. Market estimates and forecast, 2013 - 2024
4.8.2. Market estimates and forecast, by region, 2013 – 2024
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