Legal Process Outsourcing Market in E-discovery services to grow at 40% CAGR from 2017 to 2024

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Legal Process Outsourcing Market to hit 40bn by
2024 Global Market Insights Inc.
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Key Insights from Legal Process Outsourcing
Market

• Increasing requirement for efficient legal
  departments to manage process-oriented and high
  volume legal work is anticipated to drive the
  legal process outsourcing market over the
  forecast timeframe. Rapid increase in the cost of
  legal proceedings has led the companies to
  outsource these services. Cost-efficiency is one
  of the major factors benefitting the LPO market
  landscape.
• Technological advancements in the Legal Process
  Outsourcing Market have contributed towards the
  significant revenue growth. AI (Artificial
  Intelligence) is an important tool for extracting
  valuable data enabling firms to concentrate more
  on client work through increased bandwidth
  resulting in efficient delivery of services with
  high accuracy levels. Rising demand for
  intelligent technology to obtain information from
  unstructured data along with understanding and
  reading it as a human is anticipated to propel
  the growth of AI in the legal process outsourcing
  market.

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Continued...

• The security concern associated with the LPO
  model is anticipated to challenge the industry
  growth over the forecast timeframe. Major
  providers are addressing the confidentiality and
  security concerns by implementing globally
  standard certifications and processes, such as
  Six Sigma and ISO 27001.
• E-discovery services are expected to grow at a
  significant CAGR of over 40 from 2017 to 2024.
  This growth is attributed to the rapidly growing
  usage of digital systems by businesses and
  outsourcing of electronic documents which contain
  an enormous amount of data and meta-data. For
  identifying and generating this information often
  proves to be troublesome for the in-house legal
  department. These operations aid in reducing the
  time consumed and are cost-effective.
• The demand for patent support services in the
  legal process outsourcing market will witness
  significant growth owing to the rising
  inclination towards IP monitoring and legal
  research for better cost efficiency. This is done
  to deliver intellectual property portfolios of
  the clients to guide them on any possible
  infringements or threats.

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Continued...

• The onshore LPO market size will flourish over
  the forecast timeframe. This is due to rising
  demand from various law firms and European
  corporations inclination towards services to be
  provided onshore, rather than offshore.
  Increasing operational cost in South Africa and
  India coupled with altering European Union (EU)
  data protection laws are also limiting the types
  of services which can be offshored which is
  further escalating the demand for onshore
  services.
• The Philippines LPO market share will be driven
  by the decreasing cost of legal services
  accompanied with the infrastructure which makes
  it an excellent offshoring destination.
• The legal process outsourcing market is
  characterized by the need to reduce the cost of
  legal services. The companies in the industry are
  focusing on acquiring certifications such as ISO
  27001 and ISO 9001. Furthermore, various LPO
  providers are adopting a hands-on approach on
  training their staff on specific legal
  engagements, consisting on involving corporate
  legal professional to directly focus on such
  learning initiatives. Some key companies include
  UnitedLex Corporation, Pangea3 LLC, Integreon,
  Inc., Axiom Law, Elevate Services Inc., etc.

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U.S. LPO market size, by location, 2016 2024
(USD Million)

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360 Analysis

• By Location Trends
• The onshore legal process outsourcing market is
  anticipated to witness high growth over the
  future, as it is considered a comparatively safer
  alternative in comparison to outsourcing
  offshore. It offers benefits such as shared
  regulatory framework, which streamlines the
  business processes. It is a profitable option for
  organizations that desire working together with
  companies within the same country.
• By Region Trends
• India legal process outsourcing market size will
  grow significantly from 2016 to 2024 due to the
  presence of numerous English speaking lawyers
  whose incomes are lesser than those of their U.S.
  based counterparts. Indian service providers have
  also worked to address the necessary requirements
  to target UK and U.S. based clients.
• Competitive Market Share
• Industry participants in legal process
  outsourcing (LPO) market include Integreon, Inc.,
  UnitedLex Corporation, Elevate Services Inc.,
  Pangea3 LLC, Axiom Law, etc. The players are
  focusing on offering higher-value services such
  as supporting compliance management.

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