DUBLIN--(BUSINESS WIRE)--The "Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global legal process outsourcing market reached a value of US$ 11.61 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 61.71 Billion by 2027, exhibiting a CAGR of 30.50% during 2022-2027.
Companies Mentioned
- Clairvolex
- Clarivate
- Cobra Legal Solutions LLC
- Elevate Services Inc.
- Ernst & Young Global Limited
- Infosys Limited
- Integreon Inc.
- Lex Outsourcing
- Mindcrest Inc. (DWF Group)
- Morae Global Corporation
- QuisLex Inc.
- UnitedLex Corporation.
Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Legal process outsourcing (LPO) is a practice adopted by a law firm or corporation to acquire legal support services from an offshore service provider. It increases the efficiency and quality of legal procedures and allows organizations to focus their in-house legal workforce on higher-value activities. It is supported using software tools and electronic discovery, which manages large data and reduces the time and cost incurred on legal work. Some of the widely offered services by LPO include agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.
The rising need for drafting agreements, contracts, meeting minutes, and letters for clients represent one of the key factors driving the market. Moreover, stringent cyber, tax, and intellectual property laws in several countries mandate companies to comply with industry standards. This, in turn, is propelling the growth of the market. In addition, there is an increase in the utilization of predictive analytic tools to reduce turnover time, integrate artificial intelligence (AI) tools with legal outsourcing services and improve business efficiencies of the financial firms. This, along with the growing focus of corporate organizations on core competencies, is positively influencing the market.
Apart from this, there is an emergence of several outsourcing destinations for LPO with significant cost reductions. This, in confluence with the increasing awareness about the availability of virtual law assistants and law process automation, is contributing to the market growth. Furthermore, leading market players are currently undertaking several initiatives to acquire non-disclosure agreements and certifications. They are also focusing on building strong service level agreements (SLAs), which are projected to strengthen the growth of the market.
Key Questions Answered in This Report:
- How has the global legal process outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global legal process outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the location?
- What is the breakup of the market based on the services?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global legal process outsourcing market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Legal Process Outsourcing Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Location
7 Market Breakup by Services
8 Market Breakup by Organization Size
9 Market Breakup by End Use Industry
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/8embzt
