Press release
Legal Process Outsourcing Global Market Report 2024 - By Growth, Drivers, Size, Share, Forecast To 2033
Legal Process Outsourcing
The Business Research Company offers in-depth market insights through Legal Process Outsourcing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The legal process outsourcing market size has grown exponentially in recent years. It will grow from $14.29 billion in 2023 to $17.83 billion in 2024 at a compound annual growth rate (CAGR) of 24.7%. The growth in the historic period can be attributed to cost efficiency and savings, globalization of legal services, focus on core competencies, demand for specialized expertise, evolving regulatory environment.
The legal process outsourcing market size is expected to see exponential growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to complexity of legal operations, data security and confidentiality needs, legal industry digitization, adoption of flexible working models, legal process optimization. Major trends in the forecast period include focus on cost predictability and transparency, growth in legal analytics and predictive modeling, agile and flexible outsourcing models, emergence of legal tech startups, outsourcing of regulatory compliance and due diligence.
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Market Segmentation:
The legal process outsourcing market covered in this report is segmented -
1) By LPO Services: Contract Drafting, Review and Management, Compliance Assistance, E-Discovery, Litigation Support, Patent Support, Other LPO Services
2) By Location: Offshore, On-shore
3) By Application: Law Firm, Enterprise , Government
Major Driver - Rising Demand For Legal Assistance Fuels Growth In The Legal Process Outsourcing Market
The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others. This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services. The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance. For instance, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.
Competitive Landscape:
Major companies operating in the legal process outsourcing market report are Cognizant Technology Solutions Corporation, HCL Technologies Limited, London Stock Exchange Group plc, McKinsey & Company, Thomson Reuters Corporation, Capita plc, Baker & McKenzie LLP, Axiom Managed Legal Services LLP, Huron Consulting Group Inc., ADEC Innovation, Evalueserve India Private Limited, Gerson Lehrman Group Inc., CTS Corporation, UnitedLex Corporation, QuisLex LLC, Morae Global LLC, Elevate Services Inc., Integreon Managed Solutions Inc., Cobra Legal Solutions LLC, Amstar Litigation Support LLC, The Clutch Group Inc., ClairvoLex Knowledge Processes Pvt Ltd., Mindcrest, Datascribe Technologies Inc., Exactus Corporation, Acumen Legal Services Private Limited, CPA Global Limited, Infosys BPM Ltd., Prism Legal, Bodhi Global Solutions Inc.
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Top Trend - Elevate And Alster Forge Partnership To Enhance Legal Services
Major companies in the legal process outsourcing industry are increasingly turning to strategic partnerships to meet the growing demand for comprehensive solutions that address the strategic and operational needs of law departments and firms. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For example, in September 2021, Elevate, a US-based law company, partnered with ALSP Alster, a Chile-based alternative legal services provider, to offer consulting and services in Latin America. Through this collaboration, they aim to combine their expertise to provide consulting services, operational efficiency, managed services, and digital transformation solutions to the legal community in the region.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Legal Process Outsourcing Market Characteristics
3. Legal Process Outsourcing Market Trends And Strategies
4. Legal Process Outsourcing Market - Macro Economic Scenario
5. Legal Process Outsourcing Market Size And Growth
…..
27. Legal Process Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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