Legal Process Outsourcing Market – Growth Analysis 2017-2024

by | Published on Jul 3, 2017 | Legal Process Outsourcing

Legal Process OutsourcingLegal process outsourcing services include legal transcription, legal research, drafting of legal documents, and other paralegal services. According to a recent market research report from Global Market Insights, Inc., the value of the Legal Process Outsourcing (LPO) Market value is set to exceed USD 40 billion by 2024.

Key factors expected to drive the LPO market during the forecast period (2017-2024) include

  • Increasing requirement for efficient legal departments to manage process-oriented and high volume legal work
  • Cost-efficiency
  • Technological advancements such as the use of AI (Artificial Intelligence) by legal process outsourcing firms for data processing, which has contributed towards significant revenue growth

The main challenge impacting market growth is the security concern associated with the LPO model. Technologically advanced legal process outsourcing companies are addressing their clients’ confidentiality and security concerns by implementing globally standard certifications and processes, such as Six Sigma and ISO 27001.

The service segment in this market includes e-discovery and patent support service services.
Legal Process Outsourcing

  • The e-discovery services market is expected to grow at a significant CAGR of over 40% from 2017 to 2024. The factors responsible for this growth include the increasing use of digital systems by businesses and outsourcing of meta data rich electronic documents. Outsourcing companies help legal departments identify and generate information from this data quickly and cost-effectively.
  • The patent support service segment is expected to witness growing demand due to the need to outsource qualitative tasks such as IP litigation and proof-reading. Outsourcing these tasks allows large organizations to free up their employees to focus on high-value activities.

Based on location, the onshore market is to witness high growth over the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore. Onshore outsourcing also offers benefits such as shared regulatory framework, which streamlines business processes.

Recent Posts

Legal Process Outsourcing: A Strategic Approach to Legal Operations

Legal Process Outsourcing: A Strategic Approach to Legal Operations

When it comes to running a successful law firm, efficiency, accuracy, and cost-effectiveness are paramount. When don't have the time, manpower or resources to complete your routine, daily tasks, it can impact your operations significantly. Legal process outsourcing...

Growth Prospects for the Legal Process Outsourcing Market

Growth Prospects for the Legal Process Outsourcing Market

Legal process outsourcing (LPO) refers to the practice of delegating legal tasks and processes to external service providers, located within the same country or in different countries. A subset of business process outsourcing services, LPO has gained popularity as a...

The Benefits of Legal Process Outsourcing for Small Law Firms

The Benefits of Legal Process Outsourcing for Small Law Firms

Managing a law firm, similar to any business, requires juggling numerous tasks that can distract core aspects of the legal profession. The landscape of legal functions is also experiencing profound changes driven by several factors. The rise of remote working,...

Share This