An increasing number of businesses and law firms are considering outsourced solutions to get their legal tasks done by experienced hands at affordable prices. These legal process outsourcing services help corporate legal firms and law firms to reduce their operational costs, get high-quality services and focus more on their core business. According to the report from Global Market Insights, the global legal process outsourcing (LPO) Market size that exceeded USD 8 billion in 2020, is expected to reach USD 30 billion by 2027. The market is predicted to grow at over 22% CAGR during the forecast period 2021 to 2027.
Key drivers that boost the growth of this market are –
- High demand for precise legal assistance at affordable costs
- The high cost of legal services in Europe, the U.S., and the UK
- Cost savings to companies in North America
- Focus on core competencies in Europe
- Growth of the outsourcing and offshoring services in Asia Pacific countries
- Development of broadband and communication infrastructure in Latin America
- Rise in number of SMEs in the MEA
At the same time, factors that restrain the market growth are – potential security breaches and lack of quality and supervision.
The report has segmented the market, by service and by location. By legal process outsourcing service, the market is divided into
- Contract drafting
- Compliance assistance
- Review & management
- Patent support
- Litigation support
Growing penetration of digitalization across the legal sector is expected to increase the demand for e-discovery services. Owing to the high demand for affordable and streamlined e-discovery services that accelerate the review and analysis of Electronically Stored Information (ESI), and the increasing amounts of digital data in the U.S. across all the industry verticals, the e-discovery market in the U.S. is projected to expand at more than 25% CAGR through 2027.
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By location, the market is divided into onshore and offshore. The high cost of hiring legal services in several countries is supporting the offshore LPO market. Regions and countries covered in the report include North America (U.S., Canada), Europe (UK, Germany, France, Italy, Spain, Poland, Czech Republic), Asia Pacific (China, India, Japan, South Korea, Australia, Philippines), Latin America (Brazil, Mexico), MEA (GCC, South Africa).
Rising number of highly skilled legal professionals in India is expected to offer strong market growth opportunities. With the rising number of highly qualified lawyers specializing in different legal sectors and possessing fluent English-speaking skills, the availability of proficient lawyers well-versed with the regulations operational in the region and the availability of skilled personnel coupled with the expanding corporate sector, the Indian market size is set to achieve growth of around 27% through 2027.
The Asia Pacific LPO market that accounted for above 55% of the global revenue share in 2020, is expected to witness steady growth till 2027 on account of the rising number of law firms and businesses in Europe and North America outsourcing their legal service requirements to offshore companies. Law firms in countries including India, Australia, and the Philippines are focusing on hiring highly skilled personnel to offer high-quality services to international organizations. The onshore market in Asia Pacific will also gain traction with the development of the corporate sector and the strengthening of the regulatory landscape in several APAC countries.
Key players operating in the market include Acumen Legal Services Pvt. Ltd., ADEC Innovation, Amstar Litigation Support, BODHI Global Solutions, Clairvolex Knowledge Processes Pvt. Ltd., Cobra Legal Solutions, LLC, Datascribe Technologies Inc., Elevate Services Inc., Evalueserve SEZ, Infosys Limited, Kensium BPO, LawScribe, Inc., Lexplosion Solutions Pvt. Ltd., Morae Global Corporation, Pangea3, and Wipro Limited. Players focus on expanding their regional presence to ensure high profitability and a stable position in the global LPO market.
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