Legal Process Outsourcing Market : Eminent Players – CPA Global Ltd, UnitedLex Corporation, Integreon, Inc., Pangea3 LLC, Axiom Law, Elevate Services Inc., Epson Electronics America, Inc., LexSphere, Infosys Limited, Integreon Managed Solutions
Increasing legal expenses of corporates will bolster global legal processing outsourcing (LPO) market share, owing to the need to manage legal tasks like legal research, documentation, administration services, and others. It is estimated that global LPO industry size will surpass USD 40 billion by 2025.
Rapidly improving education level across developing nations has helped expand the knowledge of legal procedures, while higher disposable incomes and booming enterprise profits have allowed access to better counsel services.
How has the rapid globalization activities contributed towards increased LPO industry share?
With the rise in prevalence of multinational companies across the globe, there has been higher affordability among these businesses to outsource their legal activities to skilled and well-experienced professionals. Through outsourcing, companies are assured of reliable, on-time and superior quality of legal work.
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Offshore legal process outsourcing facilitates several benefits such as guaranteeing continuous operations by maintaining a 24/7 model, enhanced flexibility, global expertise and improving a law firm’s efficiency and reducing the turnaround time. For instance, U.S. and India have approximately 12 hours of time difference, this allows round the clock operations thereby reducing the service delivery time.
Stimulated regulations by the government along with surging awareness among the public and general counsels are vital factors steering the legal process outsourcing market trends. Key companies providing LPO services include UnitedLex corporation, Integreon, Axiom Law and Pangea3 LLC, among various others. Consistent requirement for applications such as contract drafting, collaboration, patent drafting, litigation document management, and portal websites is benefiting the companies significantly.
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Is the growing digitalization of records worldwide propelling LPO industry outlook?
With respect to the types of service, LPO market is classified into compliance assistance, contract drafting, E-discovery, patent support, review and management, and litigation support. E-discovery could emerge as a profitable revenue terrain for legal process outsourcing industry over time.
Reportedly, the global demand for e-discovery services is poised to grow consistently at 40% CAGR due to the increasing adoption of digital technology by many enterprises and outsourcing of e-documents containing confidential and critical data.
Lately, companies are striving to acquire crucial certificates like 27001 and ISO 9001 to prove their credibility and increase their consumer base. With the help of legal process outsourcing market service providers, these processes become reliable and turn out to be cost-effective.
What are the key factors driving Asia Pacific legal process outsourcing market forecast?
Regionally, Asia Pacific is expected to significantly contribute towards LPO market size. Countries like India, China and Philippines are increasingly being preferred for outsourcing the legal activities. Additionally, the presence of substantial number of English-speaking lawyers along with the low service fees will support the industry scale.
Philippines, in particular, comprises of a huge Business Process Outsourcing (BPO) industry and is a preferred destination for outsourcing of LPO services. Advantages such as low cost of legal services, presence of good infrastructure, ease of doing the business and the availability of skilled people are supplementing the growth of legal outsourcing services.
The country widely serves clients from developed countries like Europe, U.S., Australia, and New Zealand. The Government of Philippines has launched Special Economic Zones Act that will provide tax exemptions, incentives and other pivotal benefits that will boost foreign investments and commercialize enterprise developments in the region, generating greater outsourcing opportunities.
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