The global legal process outsourcing market size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms.
Technological advancements and innovations in the legal industry are expected to offer new growth avenues in the sector, helping law firms inculcate a transparent relationship with clients. Law firms are deploying Natural Language Processing (NLP) and document automation capabilities to fall in line with the reinvention of the legal industry.
Artificial Intelligence (AI) is another factor that has taken the LPO industry to a new level. Software equipped with AI capabilities is garnering utmost importance among lawyers and firms to save their time. Document production and proofreading of documents are efficiently done with the help of automation software. Use of team collaboration software is further streamlining the execution of all documentation processes. All such technological developments have greatly aided lawyers by decreasing costs and increasing convenience.
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Electronic discovery (e-discovery) services have grown in prominence, which can be attributed to amendments by the Federal Rules of Civil Procedure, making Electronically Stored Information (ESI) such as e-mails, e-calendars, and voicemails discoverable on handheld devices in litigation. The development of ESI will reduce the complexity and cost of e-discovery processes and is expected to simplify large-scale complex litigation processes.
Further key findings from the study suggest:
- On-shore outsourcing is expected to grow at a significant rate over the forecast period, owing to benefits such as enhanced data security and sophisticated service delivery models
- The litigation support segment is expected to register a CAGR of more than 34.0% over the forecast period
- Majority of the LPO providers are emphasizing on maintaining their locally-registered office in U.S. and setting up back offices in Asia Pacific in order to strengthen their foothold in the global market
- Key players in the legal process outsourcing (LPO) market include Clairvolex; Clutch Group; Mindcrest Inc.; and Pangea3.
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Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Information Procurement
1.1.1 Purchased database
1.1.2 GVR’s internal database
1.1.3 Secondary sources
1.1.4 Third Party perspective
1.1.5 Primary research
1.2 Information Analysis & Data Analysis Models
1.3 List of Data Sources
1.4 Research Scope & Assumptions
Chapter 2 Executive Summary
Chapter 3 Market Snapshot
3.1 LPO-Market Snapshot & Key Buying Criteria, 2015 – 2025
Chapter 4 Legal Process Outsourcing Industry Outlook
4.1 Market Segmentation & Scope
4.2 LPO-Market Size and Growth Prospects
4.3 LPO-Value Chain Analysis
4.4 LPO Market dynamics
4.4.1 Market driver dnalysis
184.108.40.206 Cost efficiency
220.127.116.11 Effective utilization of resources
4.4.2 Market restraint analysis
18.104.22.168 Confidentiality risk
4.5 LPO Company Market Share, 2018
4.6 Penetration & Growth Prospect Mapping
4.7 Technology & Legal Services
4.8 Business Environmental Analysis Tools
4.8.1 PEST analysis
22.214.171.124 Political landscape
126.96.36.199 Economic landscape
188.8.131.52 Social landscape
184.108.40.206 Technology landscape
4.8.2 Porter’s five force analysis
220.127.116.11 Threat of new entrants
18.104.22.168 Bargaining power of suppliers
22.214.171.124 Bargaining power of buyers
126.96.36.199 Threat of substitutes
188.8.131.52 Competitive rivalry…….continue..
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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