The legal process outsourcing (LPO) industry has been growing rapidly in recent years, enabling law firms and corporate legal departments to benefit from reduced costs and increased flexibility while also expanding their in-house capabilities. Also referred to as legal outsourcing, LPO refers to the practice of a law firm or corporation obtaining legal support services from an outside law firm or legal support services company (LPO provider). The most commonly offered LPO services include agency work, document review, legal research and writing, drafting of pleadings and briefs, and patent services.
Based on the report published by LP Information, the global Legal Process Outsourcing (LPO) market size will reach US$ 24100 million by 2024, from US$ 4550 million in 2019. The market is expected to register a 32.0% CAGR in terms of revenue during this forecast period 2019-2024.
This global market is segmented on the basis of product type, application, key companies and key regions. By product type, the market is divided into offshore outsourcing and onshore outsourcing. By application, the market includes eDiscovery, Patent Support, Litigation Support, Contract Drafting, Review Management and Others.
Geographically, the market is divided into Americas, United States, Canada, Mexico, Brazil, APAC, China, Japan, Korea, Southeast Asia, India, Australia, Europe, Germany, France, UK, Italy, Russia, Spain, Middle East & Africa, Egypt, South Africa, Israel, Turkey and GCC Countries.
The key manufacturers covered in this report include CPA Global, Capita, QuisLex, Unitedlex, Clutch Group, American Discovery, Accace, Integreon, Cobra Legal Solutions, Infosys, Evalueserve and Amstar Litigation Support.
Other key highlights of this report include:
- As onshore legal process outsourcing is considered a safer alternative compared to outsourcing offshore, the onshore market is anticipated to witness high growth in the future. Onshore service offers benefits such as shared regulatory framework, which streamlines business processes.
- The Indian LPO market size will grow significantly during this period due to the presence of numerous English-speaking lawyers whose incomes are lesser than those of their U.S-based counterparts.
By outsourcing legal processes including data entry tasks to reliable providers, law firms can benefit from access to external talent, reduced turnaround time, cost savings and flexibility.
