In recent years, the legal industry has experienced a global paradigm shift in legal services and this new model is known as legal process outsourcing (LPO), which involves transfer of the work of attorneys, paralegals and other legal professionals to external vendors located domestically and overseas. Legal transcription services are among the services highly utilized from external providers. LPO is gaining popularity as it minimizes costs, increases flexibility and thereby improves efficiency of attorneys and law firms.
Analysis of the Legal Process Outsourcing Market
According to the report published by Grand View Research, Inc the legal process outsourcing market is expected to grow and reach $ 27.19 billion by 2024. Outsourcing enables organizations to manage their workforce and time efficiently, and also helps them to focus on core activities in the organization. The popular destinations of LPO are South Africa, Philippines, and India. This is because the time difference helps in providing a continuous workflow.
In 2008, the Wall Street Journal had pointed out that around 79,000 legal jobs based in the US may be moved offshore by 2015. Today, many law firms opt for legal process outsourcing and utilize low cost workers and automated software as well as update repetitive tasks that need significant documentation and paperwork.
- Offshore outsourcing is estimated to reach a CAGR of over 30% from 2016 to 2024 and it is predicted that there will be an increased demand for legal process outsourcing to India and the Philippines.
- Litigation support is expected to gain prominence accounting for over 20 percent of the revenue shared by 2024 as most of the firms hire outside consultants for expert investigation litigation support in order to win high profile cases.
- Key players in legal process outsourcing are Axiom Law, Elevate services Inc, UnitedLex Corporation.
- In order to strengthen the foothold in the market, majority of LPO providers are maintaining their physical presence in the US along with back offices in the Asia Pacific region.
In the report, the legal process outsourcing market is categorized on the basis of location, service and region.
- LPO location outlook: On shore outsourcing and offshore outsourcing
- LPO Service outlook: Contract drafting, review and management, compliance assistance, e-discovery, litigation support, patient support, others.
- LPO Regional Outlook
- North America
- Asia Pacific
- Latin America
- North America
In today’s technology driven world, legal practice management can be made more efficient with the support of outsourced solutions such as legal transcription services. Outsourcing providers now function more as business partners providing insightful solutions that work for their clients. The team providing the service are well-informed, educated and trained in the particular field to ensure the right solutions. It is only natural therefore that the LPO market is set to grow phenomenally in the coming years.