Legal Process Outsourcing (LPO) Market Size, Status and Forecast 2021-2027 - Valuates Reports

The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027. Key drivers of the LPO market include the need to cut high legal costs and increase operational efficiency. Further, the real estate crunch and lack of commercial space available to organizations have led to employee downsizing and outsourcing non-core tasks to LPOs which in turn will drive the growth of the LPO market during the forecast period.

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Trends Influecing the Growth of LPO Market
High legal costs and increase in operational efficiency

Legal services are costly and involve a lot of complexities as customers are price sensitive. Firms in order to survive want to cut costs and focus more on their core tasks. They want to outsource non-core activities such as file management, legal research, intellectual property services, etc to other service providers. This leads to cost savings and proper time management. Developing countries such as India have skilled workers who are fluent in English and offer legal process services at much cheaper rates. Hence firms are outsourcing their routine work to LPOs to focus more on their core competencies. Thus high legal costs and the need to increase operational efficiency will drive the growth of the LPO market during the forecast period.

Real estate crunch and lack of commercial space

The growing urbanization has led to the lack of real estate availability across the world. Legal firms and corporates are facing a shortage of commercial space for carrying out their business activities. They are downsizing their staff in order to cut costs and avoid additional expenses on infrastructure. This has led to the outsourcing of certain jobs to LPOs especially in developing countries where payment is cheap. Thus the growing real estate crunch has increased the outsourcing of non-core legal services which will ultimately expand the growth of the LPO market in the coming years.

Variety of services offered by LPO firms and advent of artificial intelligence

Earlier outsourcing legal work was only restricted to patents. But LPOs have now developed themselves into a fully mature market. The services offered by them have extended rapidly into other specialized areas such as legal research, intellectual property, contract review, document drafting, due diligence, risk management, litigation, transcription, e-discovery, etc. In addition to it, Artificial Intelligence has reduced the cost of high volume low-value legal tasks such as document review so that LPOs can target high proceed law firms. Technology has ensured that LPOs are also able to deliver cost-efficient services at high-level expertise. Thus increase in service and the emergence of artificial intelligence in the LPO industry will boost the growth of the LPO market during the forecast period.

By Type
File Management
Intellectual Property Services
Legal Research Service

By End User
Law Firm
Enterprise
Government
Others

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