Global Legal Process Outsourcing Services Market: Snapshot
The wave of outsourcing has swept across a wide spectrum of industries world over, and the law industry is no different. The key motivations for outsourcing in various sectors has been cost-savings and reduced risk factors in the backdrop fiercely competitive landscape. Adoption of legal process outsourcing (LPO) services has enabled the players in the industry to embark on cost-saving measures while focusing on their core competencies. In developed nations, LPO services are increasingly preferred by corporations and businesses to outsource in-house legal work, usually less sensitive and routine part of their legal departmental work, to regions where the legal task can be performed with considerably less cost. This ensures that legal firms to which the service is outsourced can take care of routine legal work of their clients without any hassle and with the best expertise, considerably at lower costs.
The ability of LPO service providers to work under tight guidelines to finish the work allotted is an attractive proposition for their demand. Furthermore, the demand for various specialist legal services, such as contract drafting and commercial analysis, has also gathered pace in the market over the past few years.
The variety of tasks that LPO service providers engage in include legal documenting and drafting, offering analysis and research to legal firms, onsite support, process engineering expertise, and transactional services. The attractive strides that the LPO service market has taken in recent years has made the outsourcing of even intricate legal matters effective with a dedicated team which may include well-versed paralegals and subject-matter experts. The notable benefits of flexibility and scalability that law firms gain by outsourcing their in-house legal work is one of the primary factors boosting the uptake. The market has also greatly benefitted from the automation of processes and streamlining of workflows in the legal industry.
Global Legal Process Outsourcing Services Market: Overview
The global legal process outsourcing (LPO) services market is driven by the increasing proliferation of risk management practices. There are several challenges faced by companies across the globe, which includes risk factors pertaining to technological, economic, and operational factors in internal and external businesses. This is expected to push companies across the globe to opt for legal process outsourcing, which allows companies to focus on other important aspects of their businesses, which can otherwise be obstructed on account of key resources being used for handling legal processes.
Legal process outsourcing offer risk management processes and legal outsourcing services, which can help ward off potential business threats. Thus, many organizations are implementing risk management solutions, which are proving to be beneficial for them. This is expected to heighten the demand for legal process outsourcing services, to handle and manage risks.
Global Legal Process Outsourcing Services Market: Key Trends
It is estimated that contract management outsourcing will hold key shares in the market during the forecast period. The reason behind the increasing demand for contract management outsourcing is its use in several processes such as the review and analysis of contracts, summarization of contracts, contractual risk analysis, paper and electronic document integration, and for quality management processes. In addition to this, contract management solutions also help in the verification of the contracts to check if they are ready for auditing.
Global Legal Process Outsourcing Services Market: Market Potential
Predictive coding integration with legal process outsourcing services is expected to push the growth of the market in the coming years. LPO services are being delivered by making use of predictive coding technology. Advanced analytics are also being used by legal process outsourcing services for their delivery. Both predictive coding technology and advanced analytics are being used to co-ordinate IT departments and litigation support so as to manage the litigation support services cycle. Companies such as Legal Advantage combine accuracy, dependability, and client service for retaining their clients.
Global Legal Process Outsourcing Services Market: Regional Outlook
On the basis of geography, the global legal process outsourcing services market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Of these, North America not only led in this market in the past but is also leading currently, and will continue to do so in the coming years. It is the presence of a large number of prominent players in North America, which is expected to be behind the high growth of the legal process outsourcing services market. These players are offering legal services at very low wages and this is encouraging an increasing number of organizations to adopt legal process outsourcing services, thus boosting the growth of the market in the region.
Global Legal Process Outsourcing Services Market: Competitive Landscape
The global legal process outsourcing services market is highly diversified. The market is also characterized by intense competition. There exist a large number of international and regional players operating in the legal process outsourcing services market. Players are adopting the strategy of beating each other by competing in the pricing of legal services provided. Players are also striving to expand their product portfolio. Some of the other areas of focus by key players include IT security, compliance, innovation, acquiring domain expertise, and offering LPO service quality. All these factors are keeping vendors in constant competition and is encouraging the growth of the global legal process outsourcing services market.
Some of the key players in the global legal process outsourcing services market are Clutch, Capita, Infosys, Capgemini, Cobra Legal Solutions, Integreon, Cobra Legal Solutions, QuisLex, Mindcrest, UnitedLex, CPA Global, HCL Technologies, Exigent, Legal Advantage, NewGalexy, LegalBase, Nextlaw Labs, WNS, and Wipro.
This post was originally published on Market Reports